Buying an engagement ring on Credit
Traditionally, the idea is that a man should spend around two to three month’s personal wages on an engagement ring for their partner. This is a tradition that has been around since the 20th century, but times are changing. With the average cost of a jewelery store diamond engagement ring being somewhere in the vicinity of $3,000 – $5,000, it isn’t something that many people can afford to buy without prior planning – well, unless you have a credit card of course!
MasterCard have always hit the nail on the head with their advertising of credit cards – being able to buy the perfect engagement ring, to make sure she says yes when you pop the question, is priceless. Buying your girlfriend’s engagement ring with your credit card can help you have some flexibility in terms of repayments. It is important that when it comes to financing an engagement ring with your credit card, that you repay your balance as quickly as possible to avoid paying a large amount of interest in the long term – do your repayment planning first, always!
Using your credit card to buy an engagement ring
So when it comes to financing the purchase of an engagement ring with your credit card (which fortunately for Prince William, he didn’t have to!), here are some key tips to consider:
- Always make the purchase with a low interest credit card. If you do your research, you may be able to find a credit card offering a 0% purchase rate. This will mean you can buy your engagement ring now, and not have to pay for the purchase until the end of the introductory period.
- Only spend as much as you can afford to repay. Just remember that after you make your purchase, so long as your credit card has 55 interest free days, you can repay the balance within that 55 interest free day period, and not be hit with any interest on the purchase.
- Consider a credit card that has purchase cover insurance. One of the worst things that could happen, is your fiancee losing or damaging their engagement ring. Most Platinum Visa credit cards offer some form of purchase cover insurance which will give you immediate coverage for most new personal items purchased on your credit card again theft, loss or damage for up to 3 consecutive months.
- Only spend as much as you can afford. The whole idea of spending your 2 months wage on an engagement ring, is actually a concept that
- Use a family ring for your engagement. Hell, if Prince William thought it was suitable enough for Kate Middleton to be given an engagement ring that his mother once wore, then it’s suitable for anyone! The sentimental value is something you can’t put a price on, and it can be nice to give your partner an engagement ring that is very symbolic and important to you and your family.
So next time you consider buying an engagement ring with your credit card, take in to account these tips. Living with the stress of a massive credit card bill, if you overspend on an engagement ring, may not be worth the stress burden it could bring to your relationship.