Update to my little problem in case anyone had something similar, it seems it was indeed an activation issue. I emailed sony and two days later got an email welcoming me to the sony store (almost two weeks after I registered at the store with my new card). Not sure if my email prompted someone to activate it or if it was automatic, but the card finally went through. Thanks for the help.
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Originally Posted by benham
So you got the credit after you received the 505?
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You get the credit card info immediately after registering and getting approved, and it takes about two weeks for them to ship the card out, so you can order and receive the ebook before you actually get the card.