Synchrony Bank is an online institution that issues several branded credit cards and lines of credit. It is an ideal option for those comfortable taking their entire banking experience online, especially with the different savings account options offered.
The credit cards with Synchrony Bank are notable for not having monthly fees. This feature is buffeted by the often-high APYs associated with each account.
Synchrony Bank is a subsidiary of Synchrony Financial. This company is based in Stamford, Connecticut. Before 2014, they were known as GE Capital Retail Bank, which was an extension of General Electric.
Brands like Walgreens, Amazon, and Lowe’s use this institution’s services. Another popular company that extends its brand recognition to the credit arena with this provider is Musician’s Friend.
What Credit Score Is Needed for Musician’s Friend?
The Musician’s Friend platinum credit card provides above-average approval odds for anyone with a 650 credit score or higher. People with a 720 score or higher typically have the best odds of having their application approved. Synchrony Bank offers a pre-qualification process that doesn’t impact a consumer’s credit score.
The Synchrony Bank Musician’s Friend credit card is a straightforward account that lets you make purchases anywhere.
In 2022, it offered an APR (annual percentage rate) for purchases of 29.99%. The due date is at least 23 days after the close of each billing cycle.
A complete look at the current terms and conditions of this credit card is available online to review.
If you prequalify for the Musician’s Friend credit card, you have an opportunity to accept the offer by completing an application. Once you fill out that information, it could have an impact on your credit score.
The application and pre-qualification process with Synchrony Bank uses 256-bit secure socket layer technology to ensure your personal information remains safe.
If you don’t have a mobile number, you can prequalify for purchases by providing your name, address, and housing situation. You’ll need to provide your SSN or ITIN, birthday, and monthly net income from all sources.
Do I Need a Musician’s Friend Credit Card to Purchase Instruments?
Musician’s Friend provides a wide variety of musical instruments and accessories. It serves as a single destination resource for everything from high school band supplies to what you’ll need for a live gig.
The checkout process is relatively simple when shopping online with Musician’s Friend. After selecting the products that you want and adding them to the cart, you can complete the transaction by inputting a credit or debit card number.
You don’t need to use a Musician’s Friend credit card to complete the purchase. The company allows most items to qualify for four interest-free payments with Klarna. You also have the choice to use lease-to-own options with their progressive leasing program.
The Musician’s Friend rewards program is separate from the credit card issued by Synchrony Bank.
Each purchase awards you points, with a value of $0.01 per point. If you spent $75 on the site, you’d earn 600 reward points that turn into a credit of $6.
That means the Musician’s Friend credit card works like any other line of credit from any issuer.
How to Manage Your Musician’s Friend Credit Card Wisely
Although credit cards can be a helpful financial tool, they can also be the cause of significant stress for individuals and families. Whether you’re working toward better spending habits or the Musician’s Friend credit card is your first application, it helps to avoid debt whenever possible.
Many credit cards come with rewards, but the convenience of swiping and spending makes it easy to accumulate financial obligations. The average revolving credit card debt balance in the United States in 2021 was over $6,000.
If you’re considering using the Synchrony Bank Musician’s Friend credit card for purchases, here are a few steps to take to avoid accumulating significant debts that could affect your long-term financial health.
1. Spend Within Your Budget
The best way to avoid having credit card debt is to pay off the monthly balance. That means your spending must stay within your budget.
If you have more money going out than coming in, it’s harder to keep your obligations under control.
Think of the Musician’s Friend credit card as a tool for building your credit score. It can help you pay for a larger purchase in smaller increments. It shouldn’t be a method of buying things you can’t afford.
2. Pay On Time Each Month
If you cannot pay the balance in full, you’ll need to at least send a payment for the monthly minimum amount each month.
Most banks and credit card issuers let you set up an automatic payment sequence to ensure money moves from your checking to your card before the due date.
If you miss a payment, it can lead to fees that increase your existing balance. Under the 2022 terms of the Musician’s Friend credit card, a missed payment within the first six months is a $41 fee.
The minimum they’ll charge for missing the required date is $30.
3. Keep Your Utilization Ratio Low
When paying off the balance each month isn’t possible, try to maintain a lower utilization ratio. This data point represents how much of your total available credit is in use.
If you have $10,000 in total credit and spend $5,000, your utilization ratio is 50%.
Most credit reporting bureaus would signal that you’re spending is questionable based on that information.
Your utilization ratio should be under 30%. If you want to see the best boost to your credit score, keep it under 10%.
4. Understand the Terms and Conditions
It helps to know the specifics of your credit card agreement when applying for the Musician’s Friend account. Each one has different fees and interest rates to consider, and this information can change at any time.
Many credit cards use a variable APR. That means your costs rise when the core interest rates go up.
The Federal Reserve kept interest rates low for many years to encourage the economy to grow. Inflation in 2022 has seen significant changes to this structure, which is why APY is a critical factor in selecting the best credit cards today.
If the Musician’s Friend credit card fits your financial goals and spending habits, it makes sense to apply for it.
5. Manage Your New Accounts
Since credit cards offer attractive features, rewards, and terms to encourage people to open new accounts, it can be tempting to apply for many of them at once. If you have lots of open accounts, you also have more ways to accumulate debt quickly.
More credit card due dates and balances make tracking your daily spending habits and overall financial picture harder. You could be denied if you decide to open multiple cards within a few months of each other.
Try to limit your credit cards to one new account per year. That allows you to use 0% interest or other introductory bonuses without going beyond what you can afford.
Synchrony Bank Credit Cards List
The current list of available credit cards from Synchrony Bank includes more than 110 options, including Musician’s Friend.
There is a difference between Synchrony credit cards and those considered a “store” credit card. If you want the best deals, consider looking at the PayPal Cashback Mastercard, the Marvel Mastercard, or the BP Visa to support your spending habits.
Some people think that the Musician’s Friend credit card is similar to the accounts issued by Comenity Bank.
This competitor also provides many branded credit card accounts, but they don’t require a hard credit pull as Synchrony does.
That means you can’t take advantage of the shopping cart trick to obtain an account with a soft pull.
If you’re looking for better terms than what the Musician’s Friend credit card offers, Synchrony Bank offers the following options.
| Synchrony Bank Credit Card | Benefits of Using This Synchrony Bank Credit Card |
| Cathay Pacific Visa | If you want to collect travel rewards, this credit card offers several potential benefits. Although it has a large annual fee, you also receive a sign-up bonus. Each purchase earns 1.5x miles on dining purchases and foreign transactions, or 2x miles for purchases with Cathay Pacific. It has no foreign transaction fees. |
| Amazon Prime Store Card | This credit card provides a 5% cash-back opportunity on Amazon for Prime members. It is different than the Amazon.com account meant for non-Prime members. It doesn’t have an annual fee. |
| Sam’s Club Mastercard | You receive 5% back on gas station purchases and 3% at restaurants when using this credit card. There is a maximum amount you can earn in each calendar year, so it isn’t the best option for big spenders. A store card version is available, but that option can’t be used with other merchants. The Mastercard version is usable anywhere that accepts it. You won’t pay an annual fee, but a Sam’s Club membership is required. |
| Verizon Visa Rewards | You can only get this credit card if you’re a Verizon customer. Each purchase earns rewards dollars that are redeemable for the company’s services or products. There are no expiration dates or caps on what you can earn. It delivers a cash-back rate of 4% for grocery and fuel purchases, 3% on dining, and 2% if you pay your Verizon bill with it. |
| American Eagle Outfitters | This credit card is a lot like the Musician’s Friend option. You can earn rewards points for each purchase at the retailer at a rate of 15 per $1. Once you reach 25,000 points, you can earn a $10 reward coupon. This account qualifies for free standard shipping, a coupon for a personal shopping day, and exclusive birthday discounts. |
The Musician’s Friend credit card is a great option for those who want to support this business and need to build their credit.
Other cards from the Synchrony lineup offer cash-back options, exclusive rewards programs, and unique discounts that aren’t available to others.
When you apply for and receive the Musician’s Friend platinum card, you get these published benefits.
- Access to exclusive deals on equipment and instruments.
- Information about special promotions operated by Musician’s Friend.
- Breakings news of “hot new items” in the company’s inventory.
That doesn’t mean it’s better or worse than other credit cards because financing is a personal decision. You need to select a card that’s a good option for your current and future financial situation.
If you want to be at the forefront of music industry news, this perk makes sense. When you want 5% cash-back, it might be better to look at a different choice.
Is the Musician’s Friend Credit Card a Good Option?
The Musician’s Friend credit card has a higher APR, more fees, and fewer rewards than most choices. It’s an excellent option for those who need to build or rebuild their credit, but it could be more expensive to use for those with a 720 credit score or higher.
I’ve had a Synchrony Bank line of credit since 2007, which is when the company was known as GE Capital. The initial credit line they offered me was $100.
It turns out you can’t do a lot with a $100 credit line. I kept it active with an occasional purchase to ensure it was building my credit.
Over the years, they’ve continued to increase my credit as my scores have risen. Today, I have a $3,100 limit, even though I rarely use it.
They give me a 0% interest option for purchases above $199 a couple of times per year, which I used to get a PS5 when they were first released.
When you use credit cards wisely, they can help you become financially secure. This tool establishes a solid history that lets you buy larger items, like a home or a car, without paying a needlessly higher interest rate.
I’ve had great success with my Synchrony Bank credit card. If you choose the Musician’s Friend option, it might do the same for you when managed correctly.
