Shopping for the right piece of jewelry — be it a diamond engagement ring or simple pearl necklace — can be daunting enough. Besides the high cost that may take years to save for, the quality measurements used by jewelers can seem arbitrary and overly complicated.
Adding to the complication is how to pay for the purchase. While your first inclination might be to write a big check or even hit the ATM for some big bills, those are actually the last options you should consider. Instead, by using the right credit card for your jewelry purchase, you will come out ahead in a number of ways:
- Pay no interest for up to 15 months (via 0% APR cards)
- Earn cash back on your purchase amount (via cash-back cards)
- Get free travel by earning air miles and points (via air miles cards)
- Build your credit rating when you pay off the purchase (via cards for fair credit)
I’m sure you read that list and thought, “Well that sounds great. How do I get started?” It’s actually quite simple: we’ve done the research and compiled below the cards that are best to use on jewelry purchases. Simply click on your card of choice to visit its official online application:
1. 0% APR Cards for Jewelry Purchases
If you don’t have the money on hand to pay for the purchase, a 0% intro APR card is the way to go. By charging your jewelry purchase to such a card, you won’t have to pay any interest on the purchase for up to 15 months, giving you plenty of time to pay off the purchase without accruing interest:
at Wells Fargo'ssecure website
- 0% Intro APR for 18 months on purchases and balance transfers (fees apply), then a 13.74%-27.24% variable APR; balance transfers made within 120 days qualify for the intro rate and fee
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum Visa card
- Easy access to your FICO® Credit Score with Wells Fargo Online®
- Zero Liability protection for promptly reported unauthorized transactions
- Convenient tools to help create a budget and manage your spending with My Money Map
- $0 Annual Fee
0% for 18 months
0% for 18 months on qualifying balance transfers
2. Cash Back Cards for Jewelry Purchases
If you plan on paying off your jewelry purchase right away, you’ll want to consider using a cash back card. Wouldn’t it be nice to get 1% — or even 5% — cash back on such a big purchase? Not to mention, a nice one-time cash bonus just for using the card? With all that extra cash, you might even be able to thrown in those eye-catching gold earrings you thought you couldn’t afford. Here is the best cash-back card to consider:
at Chase'ssecure website
- New Offer! Double Cash Back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.24-25.99%. Balance transfer fee is 3% of the amount transferred, $5 minimum
- No minimum to redeem for cash back
- Cash Back rewards do not expire as long as your account is open
- Free credit score, updated weekly with Credit Journey℠
- No annual fee
0% Intro APR on Purchases 15 months
0% Intro APR on Balance Transfers 15 months
17.24% - 25.99% Variable
3. Air Miles Cards for Jewelry Purchases
What’s even better than a shiny new silver bracelet? How about a free trip to Hawaii? Or a few nights at the Ritz? Cards like the following are offering ridiculous air miles and travel points that you can use on any airline and at any hotel:
at Discover Card'ssecure website
- INTRO OFFER: Discover will match ALL the Miles you’ve earned at the end of your first year, automatically. For example, if you earn 35,000 Miles, you get 70,000 Miles. That’s $700 towards travel!
- Earn unlimited 1.5x Miles for every dollar spent on all purchases all with no annual fee.
- No Blackout Dates - fly any airline, stay at any hotel.
- Redeem your Miles as a statement credit towards travel purchases.
- Freeze your account in seconds with an on/off switch either on the mobile app or website to prevent new purchases, cash advances, and balance transfers.
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
0% for 14 months
10.99% for 14 months
14.24% - 25.24% Variable
4. “Fair Credit” or “No Credit” Cards
OK, so you may have noticed that the aforementioned cards all require a good-to-excellent credit rating for approval. What if you have a so-so credit rating — are there options for you? Sure there are. This card in particular not only approves those with imperfect credit, but also features a sweet 0% APR deal and significant cash back on your purchase:
- Pay no annual fee
- Get access to a higher credit line after making your first 5 monthly payments on time
- Fraud coverage if your card is lost or stolen
- Use online banking to access your account, even from your smartphone, with our mobile app
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
- Get access to your account 24 hours a day, 7 days a week
Average, Fair, Limited
Why Avoid Jewelry Store Charge Cards?
Your sales rep at Kay or Zales will undoubtedly try to convince you to sign up for a store card to finance your purchase. After all, it’s their job to get you to sign up for it, and they likely makes a nice bonus if you give them all your personal details to apply.
If you’re considering this option, there are five things you’ll want to ask first. In fact, we’ll save you the trouble and answer these questions before you even have to ask them:
- “Will I go 15 months without paying interest?” (Probably not)
- “Will you give me a 1-5% cash bonus on this?” (No)
- “Will I get a free trip to Hawaii out of this?” (No)
- “Can I get approved with bad credit?” (No)
- “Can I use this card anywhere else beside this particular store?” (No)
These days, some store credit cards may offer special financing or purchase rewards, but read the fine print. Your typical retail financing deal will include deferred interest, which means you’ll need to pay off your entire financed amount before the end of the promotional period or you’ll be charged interest on the full amount.
Of course, these answers can all be “yes” if you use a traditional credit card to make your purchase like the ones mentioned above. Not only will traditional credit cards get you big bonuses for your jewelry purchases, but they can get you rewarded for all your other purchases as well.