You also forgot to mention you get 2x reward points on new game purchases. Every dollar spent earns you a point. Every 250 points earns a $5 reward certificate. Spend $125 on games, get $5 back. Not a huge thing, but it can add up.
Here's an easier formula.
(.20)x = 120
x = 600
You have to buy $600 worth of new games before the membership starts working for you. Amazon charges me tax, and we all should be reporting newegg purchases for tax collection too, right? So I consider tax to be a given no matter where I purchase from.
I don't factor in the used stuff because 1) I rarely trade in and with a few exceptions, their trade in prices are shit and 2) I rarely buy used.
Thanks to sales on new and the 20%, it's not very difficult to get new games for less than they are used. For example, right now Ass Creed Black Flag is $30 new or $24 if you're unlocked. Yet their used price is $50. Right now there are coupons for $20 off Last of Us and Beyond: Two Souls. After coupons and GCU discount, that's $32 for a new copy.
I was grandfathered into this for $30 because I was already a card carrying member of the magazine incarnation, which also was a great deal. Just last month I got Dynasty Warriors 8 for $8 because of the coupon in the mag. I also got 3DS Etrian Odyssey Millennium Girl for $17. The annual $15 subscription saved me $85 in just one month. I will be sad when it goes away in a couple of months.
The nice thing about this is that it applies to sales (but not price matches) and if CE's are your bag, it applies to them too. Picking up a $150 CE for $120 day 1 is a nice perk.
I just looked through my purchase history and did some math. Since this new version went live in November, I've saved $200. Of course, I am not your typical gamer. I sometimes buy to resell, but that brings up a major limitation to this. You are only allowed 3 copies PER TITLE. Not per system. Per title. Makes gift giving a bit of a pain in the ass. I'm not sure if anyone has been kicked yet, but it certainly can happen.
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