The Microsoft Xbox 360 Elite may have just dropped in price to $299, but now Microsoft is sweetening the deal by throwing in an available $50 mail in rebate.

The rebate program is good until October 5th of this year and is available on any Elite systems purchased for $299 or higher. Yeah we’re not sure why you would buy it for a higher price either.

With the Sony Playstation 3 Slim dropping to $299 it seems like a strategic deal for Microsoft, either way it’s not a bad deal and you can find the rebate at Xbox.com/eliterebate.com.

Also note that this deal is only valid on U.S. purchases. [SlipperyBrick]