FINANCE WEDDING RING WITH BAD CREDIT – When I bought my wife’s engagement ring eight years ago, I paid her money. I was a student at that time, but I saved enough money for a full-time job to get a personal $ 2,800 ring.
Today, the engagement ring costs an average of $ 5,764, says The Knot. It is not easy to save a lot of money, especially if you are planning a wedding and other important purchases before starting a common life.
FINANCE WEDDING RING WITH BAD CREDIT
So, buying an engagement ring with a credit card may look good. However, before this time, it is important to understand the advantages and disadvantages of using a credit card for such a large purchase.
If you buy a wedding ring with a credit card, it’s a good idea.
The average interest rate on credit cards is 15.32%, according to the Federal Reserve. At first glance, a credit card transaction may seem like a bad idea. But if you do it right, it could be worth it. Because
You can avoid paying interest
When Lucas Horton sent his request to his wife in 2006, he bought a cheap tire with a credit card. The owner of Valeria Fine Jewelry and Chief of Dallas used the card with a 0% stake in April. He then paid the balance before the end of the promotional period so that he did not want to buy.
“Some cards give a year and a half to pay for a tire without interest,” Horton said. “It must be possible.”
For example, if you receive a Citi Simplicity card that guarantees 0% of your cash balance during a purchase and transfer for 18 months. The $ 5,764 engagement ring requires monthly payments of around $ 320 for debt repayment before the end of the advertising period.
If you manage this monthly fee, you can get an engagement ring with a credit card.
You can buy prizes if you buy something
Some 0% credit cards from April offer a reward for your purchases. For example, Chase Freedom offers a 0% buying and transfer balance for 15 months. In addition, you will receive a $ 150 cash reward after using $ 500 in the first three months and up to 5% of your purchases.
If your engagement ring is over $ 500, you’ll get a $ 150 discount.
This can help you maintain a good score.
The most important factor in the FICO rating is Payment History. This corresponds to 35% of the results. So if you make a big purchase from a credit card and pay it over time, your credit rating can be improved.
Drop before you buy a binding ring with a credit card
Although the idea of paying for meaningless participation makes the ring reasonable, it is easier to say than to do. Here are some possible shortcomings to consider.
The payment plan may go wrong
Even if you want to include your card before the end of the ad period, an unexpected event can affect your strategy. If you have a solid emergency fund, it may not be a problem. If you do not do this, the job or injury may be discouraged in an emergency.
If you do not pay the balance before the end of the campaign, interest-free debt can be converted into a long-term debt.
Minimum payments are attractive
In the example above, you have to pay about $ 320 a month to pay the stamp within 18 months. However, the monthly fee paid by the card is not close to this amount. In fact, the minimum fees are only 1% of the invoice and interest rate.
If you pay the debts, this low minimum payment can be attractive, especially if there is another way to spend your money. If you are unsure whether you can implement your disposal plan, avoid the risk.
Usually, you need good or excellent credit to get a 0% AWR credit card, which is usually 670 or more. If the result is not fully up-to-date, 0% of Apple’s credit card applications may result in a refusal and a credit rating based on a negative impact.
3 extra payment options for engagement ring
If you can’t get a credit card approval or you’re not sure if you want to use your credit card, you can choose from several options. Here are some options for marriage. In addition to paying by credit card.
1. Income and savings
Money is the best way to pay for shopping and most shopping. If you don’t work fast, save as much money as you need to finance the ring. That way you don’t have to do it. New relationship
2. Goldsmith financing.
Some major gems offer loans that are similar to those obtained with a 0% credit card A-W.
“Some of these places are probably the most liberal among those who support them,” Horton said. “So if you do not have enough credit cards [0% APR], it is better to go to one of these special funding locations.
However, these plans delay interest rates. If you do not pay the full bill before the end of the campaign, the lender will charge you for the original purchase date instead of paying the remaining amount.
Therefore, such funding may be even more dangerous than 0 0 AW credit cards if you do not pay the balance on time.
3. A personal loan
Personal loansdo not provide funding, but you can claim low interest rates. The Federal Reserve sets the average interest rate for a 24-month personal loan to 10.22%. This is clearly below the average credit card price.
Personal loans also include monthly payments and payment terms that may be useful if you are concerned about low credit card payments.
You can spend time comparing the best private company loan to see if their offer meets your needs.
Take your time and buy wisely
If you are going to buy an engagement ring with a credit card or something else, make sure you get a good price for the ring. Horton recommends handling small jewelery instead of a large retailer.
“If you only have one man doing the most work, the top is smaller,” he said. And lower goldsmith costs mean lower prices for you.
Pay attention to finance. For example, if you select a credit card, you’ll see different credit cards with 0% A / I before you select one of your credit cards. Before you apply for a personal loan, you need to select different options before selecting one.
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