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Frequent Contributor
Posts: 360
Registered: ‎10-17-2012
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How do you buy a diamond ring with CC?

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.

Fide Amex 15K | Barclays Reward 3.5K | Citi Forward Student 5K | Discover IT 12.8K | US Cash Reward 6K | GE Paypal 5.5K | Wal Discover 6K | CapOne 3.5K | Kohl's 0.3K
Valued Contributor
Posts: 1,603
Registered: ‎09-15-2012
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Re: How do you buy a diamond ring with CC?

An Amex charge card may allow you to go that high. There are No Preset Spending Limits on those cards, so all you need to do is convince Amex you are good for it.

In My Wallet: Amex BCP (12/12) $32,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Citi Thank You Premier (6/15) $6,800

Last App: June 27, 2015
Valued Contributor
Posts: 1,994
Registered: ‎01-24-2012
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Re: How do you buy a diamond ring with CC?

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.

New Contributor
Posts: 116
Registered: ‎03-10-2013
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Re: How do you buy a diamond ring with CC?

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.

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: How do you buy a diamond ring with CC?

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. 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: How do you buy a diamond ring with CC?

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.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Valued Contributor
Posts: 1,603
Registered: ‎09-15-2012
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Re: How do you buy a diamond ring with CC?

@navigate

I believe the standard for ring purchases is much, much higher than one day's income.

In My Wallet: Amex BCP (12/12) $32,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Citi Thank You Premier (6/15) $6,800

Last App: June 27, 2015
Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: How do you buy a diamond ring with CC?

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.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Valued Contributor
Posts: 1,994
Registered: ‎01-24-2012
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Re: How do you buy a diamond ring with CC?


SnackTrader wrote:
@navigate

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.

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: How do you buy a diamond ring with CC?

[ Edited ]

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.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


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