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How to Buy an Engagement Ring With a Credit Card
Posted on Aug 28, 2024
Updated on Dec 12, 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% (15 months on Purchases)
Intro APR on Balance Transfer
0% (15 months on Balance Transfers)
Regular APR
18.49% - 28.49% (Variable)
Balance Transfer Fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Annual Fee
$0
- Earn 20,000 bonus Points after spending $1,000 in the first 3 months of account opening.
- 0% Intro APR on balance transfers and purchases for 15 months; after that, the variable APR will be 18.49% - 28.49%, 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 3 ThankYou® Points for each $1 spent in an eligible Self-Select Category of your choice (Fitness Clubs, Select Streaming Services, Live Entertainment, Cosmetic Stores/Barber Shops/Hair Salons, or Pet Supply Stores). Choose your eligible Self-Select Category on Citi Online or by calling customer service. The default Self-Select Category is Select Streaming Services.
- Earn 5 ThankYou® Points for each $1 spent on Hotels, Car Rentals and Attractions booked on Citi Travel® via cititravel.com; earn 3 ThankYou Points for each $1 spent at Supermarkets, on Select Transit purchases, and at Gas & EV Charging Stations.
- Earn 2 ThankYou® Points for each $1 spent at Restaurants; earn 1 ThankYou® Point for each $1 spent on All Other Purchases.
- No Annual Fee
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Intro APR on Purchases
N/A
Intro APR on Balance Transfer
0% (18 months on Balance Transfers)
Regular APR
18.24% - 28.49% (Variable)
Balance Transfer Fee
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)
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, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.24% - 28.49%, 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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Intro APR on Purchases
0% introductory APR on purchases for 12 billing cycles after account opening. After that, 18.49% - 28.49% variable APR based on your credit worthiness.
Intro APR on Balance Transfer
0% introductory APR on balance transfers for 15 billing cycles after account opening. After that, 18.49%, 23.49% or 28.49% variable APR based on your creditworthiness. Balance transfers must be completed within the first 90 days of account opening.
Regular APR
18.49%, 23.49% or 28.49% variable APR based on your credit worthiness.
Balance Transfer Fee
Intro fee of either $5 or 3% of the amount of each transfer*, whichever is greater, on transfers made within the first 90 days of account opening. After that: Either $5 or 5% of the amount of each transfer, whichever is greater.
Annual Fee
None
- Special Offer: 0% intro APR on balance transfers for 15 billing cycles and on purchases for 12 billing cycles after account opening. After that, 18.49% - 28.49% variable APR based on your credit worthiness. Balance transfers must be completed within the first 90 days of account opening.
- Bonus Cash Back: Earn $200 Cash Back when you spend $1,000 within the first 90 days after opening your account.
- Earn 3% and 2% Cash Back on your choice of Spend Categories. Plus, you can switch your categories quarterly. Earn 1% Cash Back on other eligible purchases.
- Switch spend categories up to four times a year.
- No annual fee
- Get Visa benefits like cell phone protection when you pay your monthly mobile bill with your card.
- Contactless Payments/Digital Wallet
- Instant credit card replacement
- Must be a resident of CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA or VT.
- *Read terms and conditions for important information about rates, fees, eligible purchases, balance transfers and program details.
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Intro APR on Purchases
N/A
Intro APR on Balance Transfer
N/A
Regular APR
19.49% - 27.49% (Variable)
Balance Transfer Fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Annual Fee
$95
- Earn 60,000 bonus ThankYou® Points after spending $4,000 in the first 3 months of account opening, redeemable for $600 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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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% (15 months on Purchases)
Intro APR on Balance Transfer
0% (15 months on Balance Transfers)
Regular APR
18.49% - 28.49% (Variable)
Balance Transfer Fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Annual Fee
$0
- Earn 20,000 bonus Points after spending $1,000 in the first 3 months of account opening.
- 0% Intro APR on balance transfers and purchases for 15 months; after that, the variable APR will be 18.49% - 28.49%, 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 3 ThankYou® Points for each $1 spent in an eligible Self-Select Category of your choice (Fitness Clubs, Select Streaming Services, Live Entertainment, Cosmetic Stores/Barber Shops/Hair Salons, or Pet Supply Stores). Choose your eligible Self-Select Category on Citi Online or by calling customer service. The default Self-Select Category is Select Streaming Services.
- Earn 5 ThankYou® Points for each $1 spent on Hotels, Car Rentals and Attractions booked on Citi Travel® via cititravel.com; earn 3 ThankYou Points for each $1 spent at Supermarkets, on Select Transit purchases, and at Gas & EV Charging Stations.
- Earn 2 ThankYou® Points for each $1 spent at Restaurants; earn 1 ThankYou® Point for each $1 spent on All Other Purchases.
- No Annual Fee
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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.
