Xbox One $50 holiday discount now in effect

The Xbox One's $50 holiday price cut has come into effect, so get your mitts on the discounted console and bundles while it lasts.

Xbox One consoles now retail for $349 in the US.

The deal is already available at Amazon, Best Buy, Gamestop, the Microsoft Store and Walmart, according to Major Nelson, and should trickle through to other retailers soon.

Since the $50 discount cut applies to all bundles, you can pick up a specially printed Xbox One with Call of Duty: Advanced Warfare on the cheap, too.

The holiday price cut was announced last month and only applies to the US at this stage. That said, in the UK the Xbox One came down in price about three months after it launched, and again in September.

Microsoft has said the discount is valid through January 3, which means the Xbox One will be cheaper than the PS4 through the all-important holiday shopping season.

This may help Microsoft gain a little ground in a console war which has largely gone Sony's way in the US so far, despite Microsoft's decision to drop the Kinect and lower the global price tag.