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3 Credit Cards That Can Help You Buy an Engagement Ring

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If you’re ready to make a big commitment to your partner, you may be considering doing so with a shiny ring in hand. While this is exciting, there’s a lot to consider.

Ideally, you’ve been thinking about this for a while and have set aside some funds so you can pay for the ring in full. Not only would this mean you’re paying with money you truly have, but it would mean you’d also avoid interest fees or going into debt. However, this ideal isn’t always the reality, so it’s important to consider your other options before meeting with a jeweler.

Think about what it is you want in a ring and then shop around at different stores to get an idea of the prices. You may also want to inquire about what each store offers in terms of store credit cards or other financing options, because some of these may be competitive with what you’d find on regular cards.

If you do decide to go with a major credit card to buy your engagement ring, here are some options. (Before applying for any of these, it’s a good idea to know where your credit stands, as it will be reviewed as part of the application process. You can see a snapshot of your credit reports for free, updated every 14 days, on Credit.com.)

1. Citi Simplicity

The City Simplicity credit card offers an introductory 0% annual percentage for the first 21 months, giving you almost two years to pay off the ring without racking up any interest charges. (Full Disclosure: Citibank, as well as Chase and Discover advertise on Credit.com, but that results in no preferential editorial treatment.) The card comes with no late fees or annual fees. If this is the card you choose, it’s a good idea to make sure the ring is paid off before those 21 months are up, or else you’ll be hit with a variable 13.24% — 23.24% APR, depending on your creditworthiness.

2. Chase Freedom Unlimited

The Chase Freedom Unlimited credit card not only allows you to have interest-free payments for the first 15 months, but it also rewards you for your spending. You’ll earn a $150 bonus after you spend $500 in the first three months after opening your account and 1.5% cash back on every purchase. There is no annual fee associated with this card and your rewards never expire, as long as you keep your account open. Remember: the APR will increase to 14.24% – 23.24% (based on creditworthiness) after the introductory period ends.

3. Discover it Chrome

With the Discover it Chrome credit card, you’ll receive 1% on all purchases, except at gas stations and restaurants, where you’ll earn 2% back on up to $1,000 combined purchases every quarter. Plus, the card matches the cash rewards you’ve earned the first year of having it. The Discover it Chrome card comes with no annual fee and a 0% introductory APR for 12 months (increases to 11.24% — 23.24% variable APR, based on creditworthiness after this time).

At publishing time, the Citi Simplicity, Chase Freedom Unlimited, and Discover it Chrome cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

Image: AntonioGuillem

The post 3 Credit Cards That Can Help You Buy an Engagement Ring appeared first on Credit.com.

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