Am I wrong for taking my son’s console after he spent $612 on my card?

My son is 13 and mostly plays online games with the same group of school friends. About three weeks ago I noticed several charges on my credit card from the platform connected to his console. At first I assumed my card had been compromised, but when I checked the purchase history I found dozens of small transactions for skins, virtual currency, and upgrade packs. Most were between $5 and $20, but together they came to $612 over roughly two months. My card had been saved for a game I bought him last Christmas, and apparently purchases could still be made without entering the full password every time.

When I confronted him, he admitted buying everything but said he didnt realize it was “real money every time.” I find that hard to believe because each purchase screen shows a dollar amount, and he had to confirm them. He also deleted several emailed receipts from our shared tablet, which makes me think he knew exactly what he was doing. I took the console, changed all the account passwords, and told him he would not get it back until the full amount was repaid through his allowance, birthday money, and extra paid chores. Based on what he usually gets, that could take six or seven months. I’m not selling it, and he still has access to his phone and can see friends in person, but gaming is done for now.

His father and I are separated, and he thinks I’ve gone way too far. He says our son already apologized, offered to repay some of it, and will be isolated because most of his friends socialize through games. He suggested two weeks without the console and then making him ask permission for every purchase. I think two weeks teaches him that stealing $600 has a temporary inconvenience attached to it. His dad says I’m treating a kid’s mistake like a crime and using money to set an unfair punishment length. Our son has been miserable and keeps saying he understands now, but I’m worried giving it back early will make the whole consequence meaningless. Am I wrong for keeping the console until he repays all $612?