Home > Credit Card Reviews > 3 Credit Cards That Can Help You Buy an Engagement Ring

Comments 0 Comments

[UPDATE: Some offers mentioned below have expired and/or are no longer available on our site. You can view the current offers from our partners in our credit card marketplace. DISCLOSURE: Cards from our partners are mentioned below.]

If you’re ready to make a big commitment to your partner, you may be considering doing so with a shiny ring in hand. While this is exciting, there’s a lot to consider.

Ideally, you’ve been thinking about this for a while and have set aside some funds so you can pay for the ring in full. Not only would this mean you’re paying with money you truly have, but it would mean you’d also avoid interest fees or going into debt. However, this ideal isn’t always the reality, so it’s important to consider your other options before meeting with a jeweler.

Think about what it is you want in a ring and then shop around at different stores to get an idea of the prices. You may also want to inquire about what each store offers in terms of store credit cards or other financing options, because some of these may be competitive with what you’d find on regular cards.

If you do decide to go with a major credit card to buy your engagement ring, here are some options. (Before applying for any of these, it’s a good idea to know where your credit stands, as it will be reviewed as part of the application process. You can see a snapshot of your credit reports for free, updated every 14 days, on Credit.com.)

1. Citi Simplicity

The Citi Simplicity credit card offers an introductory 0% annual percentage for the first 18 months, giving you a year and a-half to pay off the ring without racking up any interest charges. (Full Disclosure: Citibank, as well as Chase and Discover advertise on Credit.com, but that results in no preferential editorial treatment.) The card comes with no late fees or annual fees. If this is the card you choose, it’s a good idea to make sure the ring is paid off before those 18 months are up, or else you’ll be hit with a 15.74% – 25.74% ongoing variable APR, depending on your creditworthiness.

2. Chase Freedom Unlimited

The Chase Freedom Unlimited credit card not only allows you to have interest-free payments for the first 15 months, but it also rewards you for your spending. You’ll earn a $150 bonus after you spend $500 in the first three months after opening your account and 1.5% cash back on every purchase. There is no annual fee associated with this card and your rewards never expire, as long as you keep your account open. Remember: the APR will increase to 16.49% - 25.24% Variable (based on creditworthiness) after the introductory period ends.

3. Discover it Chrome

With the Discover it Chrome credit card, you’ll receive 1% on all purchases, except at gas stations and restaurants, where you’ll earn 2% back on up to $1,000 combined purchases every quarter. Plus, the card matches the cash rewards you’ve earned the first year of having it. The Discover it Chrome card comes with no annual fee and a 0% introductory APR for 14 months (increases to APR, based on creditworthiness after this time).

At publishing time, the Citi Simplicity, Chase Freedom Unlimited, and Discover it Chrome cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

Image: AntonioGuillem

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team