Microsoft is offering new Xbox 360 Elite consumers a USD 50 rebate until October 5 in the US.
Consumers who mail back proof of purchase can claim the bonus, bringing the price of the console down to USD 249.
Only last month Microsoft dropped the price of the Elite to USD 299, while phasing out the Premium SKU. Sony has also slashed the price of the PlayStation 3 to USD 299 in the region, as both manufacturers continue the battle for consumer dollars in the run up to Christmas.
Depsite the cuts, yesterday Microsoft's Aaron Greenberg said that he didn't expect the sales boost from new prices to last much longer than two months, before the hardware once again relied on the quality of its software to stimulate sales.