Post # 62
I have no idea how my FH paid for my ring! He tends to buy everything with his credit card and pay it off by the end of the month, to get airline points, so I assume that’s what he did this time, too. But it was a gift and not really my business! 🙂 That said, I agree with PPs; many people finance things that they simply cannot afford, and then deal with high interest rates and stress when they can’t afford to pay the bills. An e-ring should be about happiness and love, not about worry and stress. So if you are in a position to finance it with 0% interest and benefit in the process, I think that’s awesome. But if your eyes are bigger than your wallet, stick to what you can buy outright.
Post # 63
Fi put all 3 of our rings on his store card… We need to build credit and thought this was a good start. We didn’t have money laying around for my engagement ring either… We’ll be paying it off for a while but that’s okay with both of us.
Post # 64
I totally agree with financing. SO doesn’t have the greatest credit, so I cosigned with him for a 6 month 0% interest credit card through the jeweler. He paid the deposit in cash, and it just makes sense to finance the rest. First off, it helps SO’s credit score a lot. Second, why not spread out the payments even though we have the money? It will definitely be paid in full, so we will not be paying any additional fees.
Post # 65
Interesting, I’ve never heard of a card that charges daily financing. So if the card charges daily financing you basically have to pay it the day you make the charge to avoid it?? The only time I’ve heard of that is if you make a cash advance on the card.
Post # 66
Nope. Fiance and I HATE knowing that we owe money on stuff. He just saved up until he had enough to buy my ring in cash. We did the same with our used cars, etc. It just works for us. We’re pretty simple people anyways.
Post # 67
Fiance and I financed. It was great. We also go 0% intrest for a year. We made our payments, while not taking a giant chunk out of our account. We even paid it off a few months early. It was a nice way to build FI’s credit a bit more and able to spread out our payments with no interest. It was a good decision for us. I dont think it would be good for everyone but it worked for us.