Tips for Buying an Engagement Ring with a Credit Card

Engagement rings can be a symbol of promise, love, and in many cases, money. The average amount Americans spent on an engagement ring in 2016 was approximately $6,163, according to Although finding and purchasing the perfect engagement ring is important, it shouldn’t be a reason for your credit score to drop. Here are a few ways to purchase an engagement ring without taking a financial hit.

Make a Budget

Before shopping for an engagement ring, create a budget, and stick to it. Only look at rings that will help you stay within budget. If you go over budget, have a backup plan for additional financing.

Choose Your Financing Carefully

Although most jewelry stores will offer financing options, credit card financing is also an option. There are ways to make the credit card financing process a bit easier.

  1. Know your credit score

    To finance a purchase as large as an engagement ring with a credit card, it is crucial to know what your credit score is and how the purchase will affect it. This can determine when you will pay it off and how long it will take you to do so. If your score will be negatively affected, then this might not be a good financing option for you.

  2. Repair score if necessary

    If you have major dings on your credit history, you'll want to repair it before adding an engagement ring purchase to the mix. Using a credit repair company may help you do this faster. Resources like have a list of ranked and reviewed credit repair companies that can help you choose the right company for your situation.

  3. Open a new credit card account

    According to a article, the average American household is $16,748 deep in credit card debt. To avoid accumulating further debt, especially thousands of dollars from an engagement ring, recommends that people should consider opening a new credit card account. This could provide you an option for a lower interest rate and various sign-up bonuses.

Learn about Credit Card Financing

With credit card financing, there are a few things that you should be cautious about. It may be difficult for you to get a new credit card account if you have poor credit. Although this can be fixed by a credit repair company, it might take more time than expected to open the account and get the physical card in hand. If you're on a deadline to purchase a ring, this may not be the best option for you. If you do choose to finance your purchase with a credit card, make sure you aren’t late on payments. This can damage your credit history and cost you even more money in late fees and interest.

Think Ahead

You can avoid relying on your credit card when purchasing an engagement ring. A article suggests that people upgrade their engagement rings later rather than purchasing something they can’t afford at the time. This allows for greater financial flexibility and assures that you buy within your means.

Don't Take on Too Much Stress

Like every big purchase, buying an engagement ring can be stressful. However, remember that you have options. You can choose where you get the ring, how much you spend, and how you want to finance your purchase. Consider your options carefully and choose the one that will allow you to start the next stage of your life stress-free. After all, it’s good to keep in mind that the ring is not the only thing that matters.

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