05-15-2013 08:04 PM
If someone with $150K annual income is going to get married and plan to buy a $60K worth of diamond ring for his fiancee.(I wouldn't do that, but obviously some people in love is willing to spend half a year's income to buy that stone).
The problem is, very few banks will issue a credit cards with CL that high. Unless they're certern "flagship" cards like Amex Centurion or Chase Palladium. But the fact is, people with $150K income are not very likely to be eligible for that kind of cards.
So you have to charge that diamond through three or four cards? Though I'm not sure whether the merchants selling these kind of products will allow that, it's not in grocery store anyway.
Thanks for any response.
05-15-2013 08:11 PM
05-15-2013 08:13 PM
Some issuers will allow you to request to let a one time charge go through on a card. It's not difficult to get a limit up that high if you show proof of income and/or assests to support it. I am not sure if they would do it so easily with only 160,000 in in come, though. I thought the standard ring price was one day's worth of income.
05-15-2013 08:13 PM
First off is someone is going to buy 60k worth of Diamonds they wouldnt need a cc or worried about cash back rewards or flyer milage. Second there are diamond dealers that deal with this kind of diamonds and you would be better off paying them cash instead of credit you will get more then what you pay for. This is a case where cash rules over credit as always.
05-15-2013 08:18 PM
An Amex charge card usually has much higher limits, since its NPSL. Some visa / mastercards are NPSL as well, depending on the bank and tier of the card you get. However, it's not sure what is the max they'll let you charge. Also, charge card is due in full in 30 days. You can't finance it over time.
If you're trying to buy something that expensive, you can always call in and ask for a temporary raise. They might do it if you can prove that you're capable of paying it by the time the next statement is out.
Or you insist on putting it on a card, you could always do it in multiple transactions. Swipe the max CL, PIF, and swipe again. Rinse and repeat until you're done.
If you're trying to finance a 150k ring on a card......that's a bad idea, unless you make a very good amount of money. The jeweler might have some financing options that you can find out about.
What I recommend most is the traditional method. Save up, and then buy the ring.
05-15-2013 08:20 PM
not sure about going as high as 60k but blue nile lets you buy with as many cards as you want. I spent a good chunk of change and got quite a bit of cb/miles from all the cards i used.
05-15-2013 08:21 PM
05-15-2013 08:26 PM
buying an engagement ring is one of the rare large purchase that isn't a churn. If you buy a ring, and don't float it on your card just to process the payment, you are leaving hundreds (sometimes thousands) of dollars on the table.
05-15-2013 08:44 PM
I believe the standard for ring purchases is much, much higher than one day's income.
Not to me, which is why I don't reckon I'll ever get married LOL.
05-15-2013 09:00 PM - edited 05-15-2013 09:05 PM
As said already, this should be a cash purchase.
You should purchase loose diamonds and have the ring made.
The full $60k won't be going to one person. It will be spread between the material supplier's and the jewelery designer. All of whom would give you a better deal if you offer cash.
In most state's, buying the raw material over $X,XXX make it a tax free investment rather than a purchase. Again, cash or cash transfer only.
If you walked into a jewlery store to buy a $60k ring and handed them your NPSL card. They would gladly take it and they would enjoy their 90% profit and you would be stuck with a next to worthless ring.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.