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:
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:
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:
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:
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.
Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.