So you’ve found yourself the perfect girl and the perfect occasion to pop the big question, it’s time to buy the engagement ring now. You don’t want to spend your entire life’s savings on the ring and be penniless right after the wedding. For richer, for poorer – let’s stay richer for now.
Most American’s say that $1,000 to $5,000 is an appropriate amount to be spent on an engagement ring. This makes the average close to $2,000. Let’s find out why you should buy the ring with your credit card and which cards are best for this purchase.
Buying an Engagement Ring on your Credit Card
An engagement ring will cost you a couple thousand dollars in one go. It is very tempting to use up all of the rewards points and miles you have saved up for this purchase. Cash in your credit card rewards and get the ring you wished for.
Occasionally, couples get into a dispute with a jeweler. Having charged the engagement ring to your credit card will make it possible for you to challenge the credit card charge. Such circumstances are quite rare but it’s always better to be safe than sorry.
Some credit cards offer protection for your purchases in case of theft. If you get your engagement ring insured, this safety measure will supplement the insurance. It is important to read the fine print in the terms and conditions section because some credit cards do not include jewelry in their insurance policies and have limits on compensations.
Credit Cards to Buy an Engagement Ring with
Blue Nile Credit Card
The Blue Nile Credit Card provides flexible financing options to its cardholders. If you choose to purchase an engagement ring with this card, you have the added preference of paying it off in time. For example, if the engagement ring costs somewhere between $500 and $1,500 you can pay off the debt in 6 months. If you pay it in full then you won’t be charged any interest! Another one of their payment options are cast for those couples who spend over $2,000 on their ring. This payment option gives them 24-48 months’ time to pay it all off in full as equal payments.
Shane Co. Credit Card
The Shane Co. Credit Card has a promotional package boasting “no interest if paid in full within 6 months”. The Shane Co. Credit Card is specifically designed to cater to your jewelry needs which are apparent from its tagline “Your friend in the diamond business”. This credit card doesn’t have an annual fee or prepayment penalties. Shane Co. Credit Card also has equal payments set up for their customers which allow them to pay off the debt in 24 to 60 months with varying APR.
The bottom line is that buying an engagement ring with your credit card has its advantages but it isn’t wise to spend heavily on anything unless you are absolutely certain you can pay it back in a given amount of time.