I looked at the details of the CC.  There are no fees or hidden membership dues.  As long as you make your payments on time, the interest rate is 0% for an introductory period, 15% thereafter.  If you miss a payment or are late, they jump to 32% (ouch!).  The best thing to do would be to get the card, buy the PS3, make your payments on time and pay it off before the 0% interest rate ends.  Then cancel it, cut it up, and thank sony from the bottom of your heart for their generosity.  

Ok im mostly PC gamer, but i like other games. RPGs mostlly Ninteno games are cool I like Mario main games and Kart, Zelda and MP games. I have PS and PS2. I got Game Cube after war in Yugoslavia ended and Nintendo with Red Cross/Crescent Movement sent few thousends GC and GBA for kids who in some way lost something/someone. So excuse me if i show little love for Nintendo, but I owned both sony consols and dont have ABSOLUTELLY NOTHING against sony. I love sony erisccon products. So I'm not fanboy in any way and word has full meaning when i say it to someone. Dont have problem with them except for those blinded ones who keep talking crap. And for the last time it was a joke a non offensive joke

Those details aren't pretty but those aren't the worst ones. The worst detail is the you have to make the purchase by August 31st and there's a decent chance you're not going to get the credit card by then.

As for opening and closing credit cards really quickly, that raises red flags on your credit. I don't know if it would hurt too much with just a one time thing but opening and closing credits like that is just generally a bad idea.

-edit-

And don't take this as a don't get a PS3 statement, just trying to save you some grief.  If you dig the games on the PS3 by all means get it, just don't let yourself be ripped off. 

Go back and re-read it. They will provide instant approval and will give you the credit card number and CCN right there on screen. If you start the process (I did, but aborted) you will get the full T&Cs. They tell you to write down the numbers immediately. The numbers can be used ONE TIME, during that session, only in the Sony online store. After that, you have to wait until you get the card in hand. I'm a cheapskate and I'm always looking for a deal. This one is genuine as long as you don't get in over your head and can't make the payments.

*Edit* -- One more big reason to buy NOW... The chances of getting a PS3 with 5BR movies for 350 bucks is probably 2 years or more away...  No time like the present.  If I had an HDTV, I'd have already ordered a PS3.  Simple as that.  $350 is just too good to pass up.

Guys, quit the flaming now please!

@soriku -  I don't want to see you jump into any "Sony discussion" threads again, and only make snide, flaming comments.

@Montana - you haven't done anything wrong, just defending flaming posts. Don't worry.

@gebx - that initial flaming post was unnecessary. I doubt you have a PS3, and only those with games should really be recommending titles.

@mrshady - this is your only warning from me. That first post was an obvious flame - do it again, and we'll start with a 1-day ban.

...

Everyday I see this board slowly sliding down the slope towards flame hell - and I won't have it :P 

No, you are wrong. You only have to make a purchase by Nov. 31st. You only have to apply by Aug. 31st. I think I am repeating myself, because I already said this.

shams i already said that it was a joke not a flame by any chance and you know it, it was a joke that you could hear at the street with some guys laughing and everything would be cool. I talk with my friends like that most of the time and dont see what problem is now.

You know what the flame is. The flame would be if I said "PS3 suck dont get it, there is no games sixaxis sukcs...." and you want here that from me. I say what i think but NEVER would offence anyone without reason I know that you are Nintendo..... supporter and that you try to remove the image that site is Nintendo biased (although its not and those same people we were talking about started that crap) by baning me cos you think that im Nintendo fanboy and im not, it just happens that I like a lot of there games plus some other reasons but mostly PC gamer with PS and PS2.

And you are probably going to deny it, but I dont care cos you know that this is true

I already apologized to those who can not accept simple joke and ended, but others just couldn't let it go

Wow, this thread turned out well. Glad I wasn't here for the battle.

I'd say buy it... just to piss of everyone telling you not to. But that's probably not the best use of your money.

I've had one since release and I use it for all kinds of stuff. Originally, I used it for Blazing Angels (kind of fun with the motion controls) and Untold Legends. After playing those a while, I for NFS:Carbon and a friend and I have been working off and on some weekends getting it 100%. What else? Motorstorm and some demos from the PSN Store. The DLNA media services have come in handy most recently as a good way to "obtain" my favorite shows on my PC and stream them to the PS3. Since my brother picked up one, I've also used it to chat with him a few times since he lives on the other side of the country.

It all depends on what you want it for. Games? They are coming but the selection isn't all that great now. A media hub? You definitely must own one, and by that I mean yesterday.

Buy it, why wouldnt you? There's nothing holding you back.