An Engagement Ring Can Be An Investment of A Lifetime Here's The Most Effective Method of Paying For It. - Get Jewellery Loan | Worldwide Jewelry Loan Solutions

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Sunday, January 16, 2022

An Engagement Ring Can Be An Investment of A Lifetime Here's The Most Effective Method of Paying For It.

An engagement ring can be an investment of a lifetime Here's the most effective method of paying for it.

The purchase of an engagement ring is an important decision. It's an undertaking that requires diligence, perseverance, and determination. It's as Josh Marion, a vice president at Ritani, an online retailer of diamonds and jewelry, explained during an interview for Business Insider, buying an engagement ring "is a decision on par with buying a car or a house -- you can't just jump into it."

When you begin thinking about an engagement ring, it's not too long before the price comes into play. When you're ready to propose to your particular person how much you'll pay for the ring, regardless of whether you're getting a diamond that's been in the family for generations or purchasing an entirely new one, it's a decision that's ultimately yours. 

There's plenty of advice out there, as well as plenty of schools of thought; however, there aren't any hard or fast rules. Don't follow any person who claims that you have to spend three months' worth of salary or spend a specific amount for each year you've been in a relationship.


Effective Method || Get Jewellery Loan
Effective Method || Get Jewellery Loan



One thing for sure is that you shouldn't go over your budget. If you're looking to ask the question and are financially able to do it, there are several options to purchase the engagement ring. Whatever amount you decide to spend, the odds are that it will be quite a bit, probably the most expensive item you've ever paid. When I got engaged to my (now) wife, I was sure that was the case—not counting grad school or college, obviously.

Be aware that we're focusing on advantages and rewards which make credit cards excellent alternatives, not the cost of interest and late fees that will significantly outweigh the value of any miles or points. It's essential to keep fiscal discipline while using your credit card by paying the balances on time each month, making your payments punctually, and only using what you can repay.

Can you finance an engagement ring?

You have the option of financing your ring using the help of a loan that you can arrange through your jeweler. Using loans to finance significant purchases and having cash in the bank can be an intelligent financial decision. In some instances, the loans provided by your jeweler could meet your requirements.

Here are some of the financing options offered by prominent jewelers:

Blue Nile: Financing is offered through Blue Nile's credit cards. Based on the cost for the item, buyers get 0% APR at the beginning of six, twelve, or 18 months following the purchase. If you opt for a more extended payment arrangement, which includes the option of equal amounts, you'll get a 9.99 percent APR.

Ritani: Ritani offers financing through a Synchrony bank credit card. You can select no charges during 12 months, 9.99 percent APR on 36-months, or 9.99 APR over 60 months.

Tiffany & Co.: The brand's credit card offers an APR that is 0% for 12 months or 7.99 APR for 24 months.

However, the financing options might not offer the best terms or rates and generally aren't eligible for reward or cashback on purchasing an engagement ring.

Other payment options

The first and the most obvious is to save enough money to buy the property in full. But there are a few reasons you might not want to make this decision. In particular, for instance, you might prefer to keep a buffer in case of emergencies instead of spending all of it in one go. That's the reason people invest in things like new cars or appliances.

However, there's another choice that I chose to make. Instead of applying for a traditional loan, for example, or financing your ring using the credit card provided through the retailer, get a new credit card with an introductory rate of 0% when you purchase a set duration.

What was why I chose to use the credit card that had an APR intro offer?

When I purchased the ring, it was opened on an account that offered the introductory rate at 0% during the initial 15-month period. This meant that instead of making a payment in one lump, I could charge the ring on the card and then repay it over a more significant than a year without having to pay interest. 

For a nice cherry over the top of my cake, I was offered a sign-up bonus upon opening the account, and cash returned to the ring, which I could use directly towards paying off the call.

The money was free for purchasing the ring.

It is crucial to ensure that you pay off the entire cost before the initial APR expires and the average APR begins to take effect. In my instance, I chose to play it prudent and split the total cost of my diamond engagement ring into 14. I pay this amount every month. This means I finished with the entire thing a month ahead.

An excellent benefit is that you will have more flexibility if you decide to go with this option. If you find additional cash or decide to finish your payments through savings, you'll be able to make the payment entirely at any point.

The best credit cards for APR 0% offers

Different cards provide APRs that are introductory; however, the one I'd prefer would be the Chase Freedom Unlimited(r).

This is due to providing 15 months for the 0% initial purchase APR (which will increase to a typical 14.99 percent - 24.74% variable APR after that). It also offers 1.5 percent cash back on purchases of all kinds, and an initial bonus of $200 when you spend $500 in the initial three months following the opening of the account (the Freedom Unlimited also recently introduced bonus cash back on eligible purchases such as grocery, travel purchase, and drugstore purchases).

Effective Method || Get Jewellery Loan
Effective Method || Get Jewellery Loan



In other words, if you used the card to fund a purchase of $3,000 that totals $245, you'd receive $245 cashback. 

Additionally, if you own the highest-quality credit card from Chase, for example, such as that of the Chase Sapphire Preferred(r) Card, Chase Sapphire Reserve(r), or Ink Business Preferred(r) Credit Card, You can convert on your Chase Unlimited Unlimited(r) Cashback in Chase Ultimate Rewards points instead and then transfer the points onto the premium Chase card. 

This way, you'll be able to transfer Chase rewards to frequent flyer members, which is generally a better way to make use of the points than redeemed as cashback.

Here are a few other cards that have intro APR for purchases:

Blue Cash every day (r) Card from American Express: 0% APR intro on purchases for fifteen months (then 13.99 percent up to 23.99 percent variable APR) (See the Rates)

Capital One Quicksilver Cash Rewards Credit Card: 0% initial APR for purchases up to 15 months (then a 14.99 percent + 24.99% variable)

Capital One SavorOne Cash Reward Credit Card: Zero percent introduction APR when you purchase for 15 months (then a 14.99 percent variable rate and a 24.99% variable)

Citi Simplicity(r) Card: APR 0% of purchases up to 12 months, and when you transfer balances for 21 months (balance transfer must be made within four months after the account opening) (then the rate is 14.74 percent + 24.74 percent variable)

Bottom line

Whatever way you decide to buy the ring, this is a thrilling moment, but there's plenty of work to do. If you're uncertain where to begin, Ritani offers several guidelines on selecting settings and diamonds and how to purchase the rings. Also, check the Insider Picks for a guide on the top sites to buy engagement rings online.

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