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How to Buy an Engagement Ring With a Credit Card
Posted on Aug 28, 2024
Updated on Aug 28, 2024
When you're about to propose, your finances may not be the top of your mind, but they're still something to think about. An engagement ring and subsequent wedding may prove to be the biggest and most important investments you'll ever make. The average cost of an engagement ring in 2024 ranged from $5,000 to $7,000, however it's not fixed in stone and can vary a lot depending on where you live and what your heart wants.
Maximize a big purchase with the right credit card
Engaging comes with much excitement and planning. And, as with most large and important purchases, it is worth thinking about how best to pay for this purchase. Buying an engagement ring with a credit card can be a smart way to maximize this purchase.
The best cards to buy engagement rings can offer superb rewards and attractive introductory interest promotions. Additionally, the absolute winning options in this space will boast huge credit card welcome bonuses. Lastly, an important factor for a great card for engagement rings is a high credit limit.
Below, we'll go over some of the best credit cards for jewelry financing:
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Intro APR on Purchases
0% Intro APR (15 months)
Intro APR on Balance Transfer
0% Intro APR (15 months)
Regular APR
18.24% - 28.24% Variable APR
Balance Transfer Fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Annual Fee
$0
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
- Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.
- Redeem your rewards for cash at any time.
- Apply and you could get a decision in as little as 60 seconds.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Get a 0% intro APR for 15 months on purchases. Then 18.24% to 28.24% Standard Variable Purchase APR applies, based on credit worthiness.
- No annual fee.
- Terms and conditions apply.
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Intro APR on Purchases
0% (15 months)
Intro APR on Balance Transfer
0% (15 months)
Regular APR
18.74% - 28.74% (Variable)
Balance Transfer Fee
Intro fee 3% of each transfer ($5 min) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 min).
Annual Fee
$0
- Earn 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com
- Plus, as a special offer, earn a total of 5 ThankYou® Points per $1 spent on hotel, car rentals and attractions booked on CitiTravel.com through December 31, 2025.
- 0% Intro APR on balance transfers for 15 months from date of first transfer and on purchases from date of account opening. After that, the variable APR will be 18.74% - 28.74%, based on your creditworthiness. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X ThankYou® Points on All Other Purchases.
- The Citi Rewards+® Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
- No Annual Fee
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Intro APR on Purchases
N/A
Intro APR on Balance Transfer
N/A
Regular APR
21.24% - 29.24% (Variable)
Balance Transfer Fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Annual Fee
$95
- Earn 70,000 bonus ThankYou® Points after spending $4,000 in the first 3 months of account opening, redeemable for $700 in gift cards or travel rewards at thankyou.com
- Earn 10 points per $1 spent on Hotels, Car Rentals, and Attractions booked on CitiTravel.com.
- Earn 3 points per $1 on Air Travel and Other Hotel Purchases, at Restaurants, Supermarkets, Gas and EV Charging Stations.
- Earn 1 Point per $1 spent on all other purchases
- $100 Annual Hotel Benefit: Once per calendar year, enjoy $100 off a single hotel stay of $500 or more (excluding taxes and fees) when booked through CitiTravel.com. Benefit applied instantly at time of booking.
- No expiration and no limit to the amount of points you can earn with this card
- No Foreign Transaction Fees on purchases
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Intro APR on Purchases
0% Intro APR (15 months)
Intro APR on Balance Transfer
0% Intro APR (15 months)
Regular APR
18.24% - 28.24% Variable APR
Balance Transfer Fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Annual Fee
$0
- UNLIMITED BONUS: Unlimited Mile-for-Mile match for all new cardmembers—only from Discover. Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. You could turn 35,000 Miles to 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.
- Automatically earn unlimited 1.5x Miles on every dollar of every purchase
- No annual fee
- Turn Miles into cash. Or redeem as a statement credit for your travel purchases like airfare, hotels, rideshares, gas stations, restaurants and more.
- 0% intro APR for 15 months on purchases. Then 18.24% - 28.24% Standard Variable Purchase APR will apply.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Discover is accepted nationwide by 99% of the places that take credit cards.
- Terms and conditions apply.
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Intro APR on Purchases
0% (15 months)
Intro APR on Balance Transfer
0% (15 months)
Regular APR
19.24% - 29.24% (Variable)
Balance Transfer Fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Annual Fee
$0
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
- Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
Special Travel Offer: Earn an additional 4% cash back on hotels, car rentals, and attractions booked on Citi Travel℠ portal through 6/30/2025. - No rotating bonus categories to sign up for – as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
- No Annual Fee
- Citi will only issue one Citi Custom Cash® Card account per person.
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Intro APR on Purchases
N/A
Intro APR on Balance Transfer
0% (18 months)
Regular APR
19.24% - 29.24% (Variable)
Balance Transfer Fee
Intro fee 3% of each transfer ($5 min) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 min).
Annual Fee
$0
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time.
Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. - Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
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Key features to consider when financing an engagement ring with a Credit Card
Because each credit card is different, as well as your financial standing, it's important to know the key features that you want in a card that may help you avoid high interest rates or earn rewards, which could help with your honeymoon and more.
0% INTRODUCTORY APR OFFER
A 0% introductory credit card might be a good option if you aren't ready to drop a whole paycheck on an engagement ring. The duration of the interest-free period may vary from credit card to credit card, but some of them will waive interest for up to 21 months.
However, if you don't pay off the balance by the end of the promotional period, it will start to accrue interest. Therefore, it's important to pay off as much as possible during the no-interest period.
Please also keep in mind that if you are late with a payment, the issuer may cancel your 0% rate, leaving you paying high interest on the outstanding balance.
REWARDS ON YOUR SPENDING
If your card gives you rewards like cash back, travel points, or miles for spending on it, buying a big item like an engagement ring can really push you forward toward your wedding or honeymoon.
It's likely that an engagement ring purchase won't fall under the bonus earning category with most cards, so it's best to use a card with a solid flat-earning rate to earn maximum rewards on your purchase.
Perhaps the best credit card for making a large purchase is a travel rewards card. These cards let you accumulate points or miles that you can then use to get free flights, hotel stays, and other travel-related expenses.
Points are often worth about 1 cent each, but the value can depend on your card, the card issuer and how you redeem them. Redemption options can include travel, cash back, gift cards or charity.
Furthermore, many rewards credit cards harmoniously blend rewards earning and lucrative sign-up bonuses for new cardholders who meet spending requirements.
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Intro APR on Purchases
0% Intro APR (15 months)
Intro APR on Balance Transfer
0% Intro APR (15 months)
Regular APR
18.24% - 28.24% Variable APR
Balance Transfer Fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Annual Fee
$0
- UNLIMITED BONUS: Unlimited Mile-for-Mile match for all new cardmembers—only from Discover. Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. You could turn 35,000 Miles to 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.
- Automatically earn unlimited 1.5x Miles on every dollar of every purchase
- No annual fee
- Turn Miles into cash. Or redeem as a statement credit for your travel purchases like airfare, hotels, rideshares, gas stations, restaurants and more.
- 0% intro APR for 15 months on purchases. Then 18.24% - 28.24% Standard Variable Purchase APR will apply.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Discover is accepted nationwide by 99% of the places that take credit cards.
- Terms and conditions apply.
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WELCOME BONUS
Credit card welcome bonuses are the quickest way to rack up rewards or bonus cash, especially when you're planning a large purchase. These bonuses are for new cardholders who reach a minimum spending requirement within a specified time frame, usually three to six months. It's typically a one-time payment in the form of a statement credit or points or miles deposited into your rewards account.
With some cards, the bonus will vary with your spending. To put it simply, the bonus depends on how much you spend on your card. These bonuses are typically paid out at the end of your first year, and they can be among the most valuable welcome offers.
Cash back cards welcome offers are typically worth $200, but the best cards can offer bonuses worth $750 or more.
ADDITIONAL INSURANCE
Your credit card may offer additional insurance if your ring is stolen, there is an issue with the product, or it's accidentally damaged. Just make sure your credit card has theft protection or liability coverage for jewelry purchases, as there may be exclusions.
The coverage amount and duration of the protection may vary depending on the credit card. You'll usually be required to file a police report if you are claiming it was stolen. Moreover, it's important to understand that if an item is simply lost, as opposed to stolen, it may not be covered.
ANNUAL FEE
You can find credit cards, such as cash back cards, that come with no annual fee and can offer you great savings on purchases. Fees on credit cards can range from very low to hundreds of dollars. However, the cards with an annual fee often offer elevated rewards and significant advantages that can be valuable to you. And since credit cards with annual fees offer more benefits, they can be worth it for the right cardholder. The key is to figure out if you'll get more value from the card than what it costs.
Additionally, some card issuers may waive a card's annual fee for the first year as an introductory offer.
HIGH CREDIT LIMIT
High-limit credit cards typically have a credit limit of $10,000 or more. Of course, how high your credit limit will be depends on your credit history, income, overall debt, credit-to-income ratio and the card you're interested in, as well as other factors. However, if you're looking to apply for a card with a high credit limit, premium credit cards are your best bet.
Issuers typically do not divulge the range of credit limits they extend to customers. So, you won't know your credit limit until after you apply and are approved for a credit card.
Generally, you can request a credit limit increase every 6-12 months using online services, your issuer's mobile app, or by giving a call to customer service. Increasing your credit card limit can help you boost your credit score, but many issuers may also pull an updated copy of your credit report, which is known as a hard inquiry.
Final word
Buying an engagement ring with a credit card can be a smart choice if you take advantage of rewards, introductory APR promotions, a substantial welcome bonus, and have a plan to pay off the balance quickly to avoid interest.
Although using a credit card to purchase an engagement ring requires a certain discipline and attention, it can be a strategic way to finance what may prove to be one of the biggest and most important purchases you'll ever make.
