We generally only recommend Musicians Friend Credit Card if you have at least a 630 credit score (otherwise known as a "fair" credit score). The reason being you can get a relatively high APR if you have a low credit score, plus it will be much harder to get approved.
Is Musicians Friend Credit Card a good credit card for me?
Every situation is different, so it's hard to give a blanket recommendation on whether or not Musicians Friend Credit Card is the right card for you.
However, they are known to be relatively generous with their reward points & other perks, so it may be worth it. Keep in mind you may have to acquire a minimum amount of points before you are able to redeem them.
Is Musicians Friend Credit Card worth it?
There are 100s of different credit card options that are best suited to a wide range of situations. Which makes it hard for us to honestly answer whether or not Musicians Friend Credit Card is worth it for you.
We recommend considering the following when looking into getting any credit card (as a starting point at least):
- Are you a responsible spender? You can quickly get yourself into too much debt if you're not responsible with your credit card
- Are there are signup bonuses available with this card?
- What annual fees does it have?
- Are there penalty APRs?
- Does it have an interest free period, and if so, how long is it?
- How does it's APR compare to other cards?
- How does the rewards/points system work?
What are the approval odds for Musicians Friend Credit Card?
The approval odds are going to be heavily dependant on your credit score, income & expenses.
If you have a credit score of 750+, you can basically get approved for most credit cards, including the Musicians Friend Credit Card. But if you have a "poor" credit score, it's going to be a lot more difficult.
What credit score do I need for Musicians Friend Credit Card?
A general rule of thumb is if you have a "good" credit score (670-739) or above, then you're approval odds are relatively high.
Anything below that and the odds go down, you may be able to get approved with a "fair" credit score, but if you have a "poor" score, then it is extremely unlikely you'll be approved (unless the card is secured).
Improve your credit score BEFORE applying for Musicians Friend Credit Card
If your credit score is preventing you from qualifying for Musicians Friend Credit Card, we recommend you call one of our friendly credit experts for a free consultation. We'll review your credit report with you (in real-time), and see if there is anything we can do to help your score.
Once we've improved your score for you, you'll be in a much better place to apply & get approval for Musicians Friend Credit Card. Not to mention all the other benefits that come with a great credit score!
Understanding the Impact of Applying for Multiple Credit Cards
Applying for multiple credit cards may have an adverse effect on your credit score. Each time you apply, it leads to a hard inquiry being made on your report, and this can cause the score to drop slightly. Additionally, having too many credit cards can also reduce your credit utilization ratio - this is the ratio of how much credit you are using in comparison to what is available to you.
Having a large number of cards, each with high limits, may encourage reckless spending which would then lead to an excessively high utilization rate and consequently a lower score.
It's necessary to consider how multiple card applications will affect your credit score before making any decisions. Instead of applying for several at once, it could be more beneficial to apply for only the ones which you require or that give advantageous benefits.
Maximizing the Benefits of Musicians Friend Credit Card
To make the most of your Musicians Friend Credit Card, be sure to use it for all your purchases - particularly those at Musicians Friend. You will then start to accumulate reward points quickly, which can be redeemed for various products and services.
Additionally, take advantage of any special promotions or bonuses the card offers such as bonus points and discounts. As a last tip, make sure you pay off the balance in full each month to avoid accumulating interest charges and maximize the benefits.