GameStop Offering $50 Trade-In Bonus to Help Offset New PS5 Price Increases, But Only for a Few Days

The cost of the PlayStation 5 (PS5) is increasing, but GameStop is willing to help with the price hike – if you’re fast.

Sony announced it would bump the price fifth-generation PlayStation consoles in the U.S. yesterday, revealing that the PS5 with disc drive, PS5 Digital Edition, and PS5 Pro will each see $50 increases to their base costs starting today. It means you’ll now be paying at least $499 or as much as $749 for a new gaming console, so pop-culture retailer GameStop is introducing a deal to help offset the toll for a limited time.

Shortly after Sony announced its PS5 price increases, the store took to its social media pages, proclaiming, “GameStop has your back.” It adds that a new deal will let players “take that $50 back” by granting an extra $50 bonus to anyone who trades in a PlayStation 4, Xbox One, Xbox Series X | S, or Nintendo Switch toward the purchase of a new PS5.

“We’ve been helping gamers upgrade, trade, and save for decades, and this is just another way we’re keeping you in the game,” GameStop’s message says. “Because when it comes to the next generation, we want to make sure you don’t get left behind.”

That effectively erases the damage Sony’s $50 PS5 price increase will do to your wallet, but the catch is that the offer is only valid for about three days. In small print at the bottom of the deal images shared is a notice that the offer is only valid through August 23, 2025, meaning you’ll have just today, tomorrow, and Saturday to haul any dusty consoles over to your closest GameStop.

The price of the PS5 is not getting any cheaper, so if you’re a PS4 owner who’s been waiting for the right time to upgrade, for example, you’ll want to act fast. However, it is also worth noting that the retailer is notorious for its trade-in credit and cash compensation.

GameStop Pro members looking to hand in a PS4 can only get up to $49.50 in store credit and $34.65 in cash, with non-Pro members only promised up to $45 in store credit and $31.50 in cash. So, the new offer could effectively double the value of your traded-in PS4 if you’re a Pro member, but that’s still only about $100 off of a $500 console. Credit and cash varies for different consoles, with the Xbox Series X tradeable for as much as $297 pre-bonus and the Switch tradeable for as much as $82.50 pre-bonus.

As the U.S. Trump Administration continues to impact the world with its continuously shifting global tariffs, Sony isn’t the first to bump the price of its tech. Microsoft announced steep price increases for its hardware and even some of its accessories in May, with Nintendo following with price increases for its original Switch earlier this month. Sony also increased the price of PlayStation’s in other areas earlier this year.

Michael Cripe is a freelance writer with IGN. He’s best known for his work at sites like The Pitch, The Escapist, and OnlySP. Be sure to give him a follow on Bluesky (@mikecripe.bsky.social) and Twitter (@MikeCripe).