Microsoft is following Apple and getting into the credit card business with the Xbox Mastercard.

Launching on Sept. 21, the card rewards users with discounts on console-related purchases through reward points; 5,000 card points are valued at $50 in US currency.

“We know players are interested in getting more value from Xbox, and we’ve heard feedback from the community that they want more ways to get value from their purchases,” Microsoft says.

Each time you spend $1 with the card, you’ll receive at least one point. But the rewards can multiply by “5x” when buying eligible products from Microsoft digital stores. Users can also receive “3x” the reward points when subscribing to qualifying streaming services, such as Netflix and Disney+, or when placing orders on delivery services, including DoorDash and Grubhub.

Reward points can then be redeemed through the Xbox.com store, which will offer gift cards starting at 1,500 Card Points for $15.

Interested consumers will be also able to choose from five credit card designs, “with the option of personalizing it with their gamertag.”

To further entice consumers, the company plans on offering a bonus of 5,000 card points for Xbox Mastercard holders who make their first purchase with the card. Card holders also get three months of Xbox Game Pass Ultimate following their first purchase. (That's only available to new subscribers to Game Pass Ultimate, although Microsoft says the perk can be gifted to friends.)

Microsoft has partnered with Barclays US Consumer Bank to offer the card, which features a 20.99% to 31.99% APR depending on your credit score, according to the terms and conditions. The card also comes with no annual fee.

For now, the company is only launching the credit card to US consumers enrolled into the Xbox Insiders program, which allows people to test beta features for the Microsoft console. The credit card program will be offered in waves to Xbox Insiders throughout the fall, but Microsoft plans on making the card available to all US consumers sometime next year.

Although the reward points will never expire, Barclays notes: “You must have an active Microsoft account, with an Xbox profile, to apply for the Xbox Mastercard… If your Microsoft account is closed, for any reason, you will forfeit Account benefits fulfilled by Microsoft.”