topic Re: opening a cc for engagement ring purchase in Credit Cards

opening a cc for engagement ring purchase

greasypeanut — Tue, 10 Jun 2014 05:32:38 GMT

Hello All,

I am at that stage of my life and relationship where I will be purchasing an engagement ring. I was thinking about opening a 0% intro interest card with some sort of sign up bonus and buying the ring on that. I will then make sure to pay off the ring before the 0% runs out. Is there any downside to that other than a short term credit hit? I am fortunate enough to be able to pay for the whole ring in cash and not have the purchase put me in any financial bind. But I figure i might as well get something out of it, points or what not.

I was thinking a citi thank you preferred card, any other recommendations?

Best Regards

Re: opening a cc for engagement ring purchase

compassion101 — Tue, 10 Jun 2014 06:08:27 GMT

You'll just take a hit due to increased util but it's effects will be gone once you pay it off. So no worries really except temporary lower score. Credit scores have no memory of util

Re: opening a cc for engagement ring purchase

Anonymous — Tue, 10 Jun 2014 07:10:19 GMT

@greasypeanut wrote:

I was thinking a citi thank you preferred card, any other recommendations?

I'd say Amex Everyday Preferred or a good local FCU for a 20k + limit which if the ring is 10k or less it wouldn't ding your utilization as much as if you maxed out a lower limit card.

Re: opening a cc for engagement ring purchase

Anonymous — Tue, 10 Jun 2014 12:01:45 GMT

@greasypeanut wrote:
Hello All,

I am at that stage of my life and relationship where I will be purchasing an engagement ring. I was thinking about opening a 0% intro interest card with some sort of sign up bonus and buying the ring on that. I will then make sure to pay off the ring before the 0% runs out. Is there any downside to that other than a short term credit hit? I am fortunate enough to be able to pay for the whole ring in cash and not have the purchase put me in any financial bind. But I figure i might as well get something out of it, points or what not.

I was thinking a citi thank you preferred card, any other recommendations?

Best Regards

What are you looking to use the points towards? That is what should really guide you. Depending on the length of your engagement, you could apply for the Amex Platinum, get the 40k bonus MR points and use the airport lounge access for your travels on your honey moon.

If you want miles, you could apply for the Barclay Arrival Plus as they have a 40k bonus miles bonus as well.

I have heard that the Citi TY points are not great, but I used it to charge my tution and get 21 months to pay it off interest free. Plus get the added bonus of points which I will trade in for random giftcards. I havn't really looked at what they have to offer yet, but it was the best 0% interest card I could find.

Re: opening a cc for engagement ring purchase

Anonymous — Tue, 10 Jun 2014 12:31:11 GMT

@greasypeanut wrote:
Hello All,

I am at that stage of my life and relationship where I will be purchasing an engagement ring. I was thinking about opening a 0% intro interest card with some sort of sign up bonus and buying the ring on that. I will then make sure to pay off the ring before the 0% runs out. Is there any downside to that other than a short term credit hit? I am fortunate enough to be able to pay for the whole ring in cash and not have the purchase put me in any financial bind. But I figure i might as well get something out of it, points or what not.

I was thinking a citi thank you preferred card, any other recommendations?

Best Regards

You listed your score as 792.

If you get a new CC and max it, your score may decline significantly.

Whether the 0% financing is worth the score hit is a decision you have to make.

Re: opening a cc for engagement ring purchase

takeshi74 — Tue, 10 Jun 2014 14:45:14 GMT

@greasypeanut wrote:
Hello All,
I was thinking a citi thank you preferred card, any other recommendations?

With these questions the OP always needs to provide criteria to help narrow down the options. Why are you considering the TYP? Understanding that may also help.

Re: opening a cc for engagement ring purchase

greasypeanut — Wed, 11 Jun 2014 07:52:18 GMT

Thanks for the replies. I was considering the Thank You preferred as I saw it had a 12month no interest no AF plus what would amount to 200 In rewards. I took a look at citis travel rewards program and though it isn't discounted like CSP it is at the very least on par with sites like expedia. In a perfect world, I wish I didnt have my freedom card as I really like UR points , and UR is great for travel using the CSP. id value the amount of the award over the type. TYP isn't so bad, as long as you redeem $100 at a time for gift cards.

as far as an Amex platinum, the benefits in my opinion aren't worth the AF. I'll have to take a look at that Barclay card

Re: opening a cc for engagement ring purchase

greasypeanut — Wed, 11 Jun 2014 07:54:45 GMT

@Anonymous wrote:
@greasypeanut wrote:
Hello All,

I am at that stage of my life and relationship where I will be purchasing an engagement ring. I was thinking about opening a 0% intro interest card with some sort of sign up bonus and buying the ring on that. I will then make sure to pay off the ring before the 0% runs out. Is there any downside to that other than a short term credit hit? I am fortunate enough to be able to pay for the whole ring in cash and not have the purchase put me in any financial bind. But I figure i might as well get something out of it, points or what not.

I was thinking a citi thank you preferred card, any other recommendations?

Best Regards
You listed your score as 792.

If you get a new CC and max it, your score may decline significantly.

Whether the 0% financing is worth the score hit is a decision you have to make.

I wouldn't / shouldn't max the new card. The ring is going to be in the 5-6k range

Re: opening a cc for engagement ring purchase

Irisa — Wed, 11 Jun 2014 21:45:28 GMT

Have you considered Discover It? I'm not sure if they are offering a sign up bonus at the moment, but they do offer 14months of 0% APR. And from personal experience I can say they are more than okay with customers carrying a balance. At least that's what the auto CLIs I've received suggest.

Re: opening a cc for engagement ring purchase

-NewGuy- — Wed, 11 Jun 2014 21:59:42 GMT

@greasypeanut wrote:
Thanks for the replies. I was considering the Thank You preferred as I saw it had a 12month no interest no AF plus what would amount to 200 In rewards. I took a look at citis travel rewards program and though it isn't discounted like CSP it is at the very least on par with sites like expedia. In a perfect world, I wish I didnt have my freedom card as I really like UR points , and UR is great for travel using the CSP. id value the amount of the award over the type. TYP isn't so bad, as long as you redeem $100 at a time for gift cards.

as far as an Amex platinum, the benefits in my opinion aren't worth the AF. I'll have to take a look at that Barclay card

If you can use MR points then the EDP would be a good option. A 6k purchase would give you 9k MR points, plus the 15k from the sign up. Of course, there are some PRG offers out there with more, just depends on if you plan on keeping this card when the AF comes due.

Re: opening a cc for engagement ring purchase

greasypeanut — Thu, 12 Jun 2014 04:38:41 GMT

with the EDP card, it shows for me that it has 15,000 bonus which is $150 in gift cards, but has the $95 annual fee which doesnt appear to be waived for the first year.

quicksilver offers a $100 intro bonus and 9 month 0%

bofa cash rewards is $100 intro bonus 12 month 0%

looking like citi thank you preferred is my card. $200 intro bonus and 12 month 0% or the barclays card which has a similar offering

thanks for your help guys

Re: opening a cc for engagement ring purchase

JoshNurse — Thu, 12 Jun 2014 04:45:29 GMT

Listen to me please dont ruin your credit. Check the image below. This is a moissanite ring and they look exactly like real diamonds. These are high quality rings. Search around.

Total price in solid white gold and 4 carats = $1945.00

Re: opening a cc for engagement ring purchase

BluePoodle — Sat, 14 Jun 2014 07:15:11 GMT

@JoshNurse wrote:
Listen to me please dont ruin your credit. Check the image below. This is a moissanite ring and they look exactly like real diamonds. These are high quality rings. Search around.

Total price in solid white gold and 4 carats = $1945.00

Women want REAL diamond engagement rings.

Re: opening a cc for engagement ring purchase

JoshNurse — Sat, 14 Jun 2014 07:49:07 GMT

They cant always have what they want and they will never know unless they pawn it one day and its tested.

If they say "aahhh baby thank you so much its soooo amazing. How many carats is this..? " You wont lie when you say 4 carats because thats the actual size/weight..