Present time may be the best for those who are planning to buy an Xbox 360 Elite.

Microsoft announced that starting today, until October 5, if someone purchases an Elite console, he/she will receive a rebate slip worth $50 bucks back.

Microsoft posted a statement saying, “Beginning today through October 5, when you purchase an Xbox 360 Elite for $299, Xbox 360 will put $50 back into your pocket with a limited-time rebate.”

Microsoft’s recent move is seen as an effort to compete with rival Sony’s PlayStation 3.

But, Microsoft’s console is without Bluetooth, Blu-ray and Wi-Fi support.

At present, both Sony’s PlayStation 3 and Microsoft’s Xbox 360 Elite are available with a price tag of around $300.