Programs: UA Silver, Marriot Platinum, Hyatt Platinum
Posts: 13
Check to see if the store where you are getting the ring offers a layaway program. The place where I bought mine allows paying over 6 months with no interest charges. I ended up charging half of the $10k on two different cards to cover spend (including the $5k Ink Plus).
I would be wary of carrying a large balance at those CC rates. If you have good credit, you can probably get a good rate on a personal loan from a local bank or credit union or an online source like Lending Club or Prosper. Better paying 7% over 36-months w/no pre-payment penalty vs 18+% for a CC.
I do, but if I could find a card with no interest for x-months... I'd let it sit there and maybe pay it down over the course of that period instead of taking a big hit on my checking account all at once.
When you say you're looking for low APR, you're not planning on putting a $13k ring on a CC and letting it accrue interest are you?
If so maybe the ink trick then transfer the balances to a 0% for 18 mths Discover, but you're playing with fire carrying that much balance.
No, that would not be the plan. If I could find a card with 0% or low interest for x-months, I'd drop it on there and then pay it off by the time the course of that low or no interest period.
Programs: HHonors Gold, Hyatt Platinum, MP Non-Elite, National Emerald-Executive
Posts: 157
If you can get your hands on a Chase Freedom card (0% interest for 15 months on all purchases) you can get 5 points/$ at Kohls through 12/31/12; they have some pretty expensive stuff for a non-jewelry specialty store. They offer about a half-dozen solitaire rings over $10,000 if you want to take a look. Here's the really good part, if you buy the ring through Chase Freedom's Ultimate Rewards Mall you'll receive 10 points/$ spent on top of the 5pt/$ promo for a grand total of 15 points/$!
The most expensive solitaire they offer is $13,500, so you could deposit 202,500 points into your UR account, then apply for a Chase Sapphire Preferred card (CSP). Once you've done that go to United Airlines and open a free MileagePlus frequent flyer account. Transfer all 202,500 points from the Freedom account to the CSP account, then transfer them again to United. Now you have 202,500 "miles" which is enough for two business class tickets roundtrip anywhere in the world (at the saver award rate). There you go, honeymoon flight taken care of with one purchase!
I know that's a lot of info, but well worth it as long as you don't need to have the ring before Thanksgiving.
(After thought, you'll probably want to apply for the CSP card before buying the ring)
If you can get your hands on a Chase Freedom card (0% interest for 15 months on all purchases) you can get 5 points/$ at Kohls through 12/31/12; they have some pretty expensive stuff for a non-jewelry specialty store. They offer about a half-dozen solitaire rings over $10,000 if you want to take a look. Here's the really good part, if you buy the ring through Chase Freedom's Ultimate Rewards Mall you'll receive 10 points/$ spent on top of the 5pt/$ promo for a grand total of 15 points/$!
The most expensive solitaire they offer is $13,500, so you could deposit 202,500 points into your UR account, then apply for a Chase Sapphire Preferred card (CSP). Once you've done that go to United Airlines and open a free MileagePlus frequent flyer account. Transfer all 202,500 points from the Freedom account to the CSP account, then transfer them again to United. Now you have 202,500 "miles" which is enough for two business class tickets roundtrip anywhere in the world (at the saver award rate). There you go, honeymoon flight taken care of with one purchase!
I know that's a lot of info, but well worth it as long as you don't need to have the ring before Thanksgiving.
(After thought, you'll probably want to apply for the CSP card before buying the ring)
Best credit card to buy an engagement ring with?
