Why Does the Credit Card For Musicians Look Like the Credit Card for Bankrupted Individuals

Credit cards for bankrupted individuals tend to offer punishing interest rates and late fees because these people have become financial liabilities in and of themselves. Nevertheless, they avail of these cards because it's the only way they could rebuild their credit and earn back the trust of banks and financial institutions. With that said, why does the Credit Card for Musicians have the same amount of punishing interest rates and late fees as the credit card for bankrupted individuals? The answer is simple. Unless you're some sort of pop star, being a "musician" isn't really considered a full-time job of sorts.

It's the Same with Freelancers and Part-Timers

• Having a freelance job where you're your own "boss" and the amount of money you make depends on how many clients you can service and how many gigs you play (in other words, you don't have a regular flow of income) is considered as a questionable means of livelihood by most banks. After all, what if you run out of concerts or gigs to perform as a musician? You don't have tenure, much less health insurance (unless you're paying for it separately).

• This is the main reason why musician credit cards exist. Banks are less willing to lend money to people who are quite likely to default, so to protect their interests, they've instituted cards that have higher interest rates, extra charges, and late fees than usual as a sort of guarantee in case the financial liability they're giving a credit card to defaults on his loans and whatnot.

• Many musicians will probably be indignant in finding out that they're being treated no different to an entrepreneur who has declared bankruptcy, but they should view things in the point of view of the banks. Perhaps if they become super-famous musical legends, they could someday avail of black credit cards instead of musician credit cards, but until then, as far as the banks are concerned, they won't get better cards unless they get a more secure job. Author is an expert  , visit here for more interesting information (