How to Buy an Engagement Ring With a Credit Card — Tips and Strategies

Estimated read time 6 min read

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  • Buying an engagement ring is exciting, but it takes a lot of research.
  • Use a credit card with a 0% introductory APR so you have some time to pay without interest.  
  • There are a few options, but our choice is the Chase Freedom Unlimited®.

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Introduction to Buying an Engagement Ring

Buying an engagement ring is a big deal. It’s a thing that takes research, patience, and decisiveness. Of course, whenever you start thinking about an engagement ring, it’s not long before the cost comes into play.

The Significance of Choosing the Right Ring

Whenever you decide you’re ready to propose to that special someone, how much you spend on the ring, whether you’re resetting a diamond that has been in your family for generations or buying a new one, is a personal decision.

Overview of Financing Options

One thing that’s for sure, though, is that you shouldn’t spend outside of your means. When you’re ready to pop the question, and in a financial position to do so, there are a few ways to pay for an engagement ring. However much you decide to spend, chances are it’ll be a lot.

Financing an Engagement Ring

You do have the option of financing a ring with a loan arranged through your jeweler. Using loans to make major purchases and keep cash on hand can be a smart financial move, and in some cases, the loans offered by your jeweler may fit your needs.

Here are a few of the financing options available through popular jewelers:

  • Blue Nile: Financing is available via Blue Nile’s credit card. Depending on the price of the ring, consumers enjoy 0% APR for the first six or 12 months after purchasing. If you choose a longer payment plan, with equal payments, there’s a 9.99% APR.
  • Ritani: Ritani offers financing via a Synchrony bank credit card. You can choose from the following options: no interest for 12 months, 9.99% APR for 36 months, or 9.99% APR for 60 months.
  • Tiffany & Co.: The brand’s credit card offers a 0% intro APR for 12 months, or a 7.99% APR for 24 months.

However, jewelers’ financing options may not have the best terms or interest rates, and you generally won’t get any cash back or rewards on the engagement ring purchase.

Benefits of Using a Credit Card

Fortunately, there’s another option. Instead of taking out a traditional loan, or financing a ring through a credit card offered by the jeweler, you can use one of the best 0% APR credit card offers for a certain amount of time.

Choosing the Right Credit Card

When you buy the ring, try to find 0% introductory APR. That means that instead of paying cash all at once, you can charge the ring to the card, and pay it off over a bit more than a year without having to pay any interest. As a nice cherry on top, you may even get a sign-up bonus for opening the card, and cash back on the ring itself.

The key is that you make sure you pay off the whole thing before the introductory APR ends and the normal one becomes effective. A great feature is that you have extra flexibility if you go this route. If you come into some extra cash, or decide that you want to just finish the payments from savings, you can pay off the balance in full at any time.

Introductory APRs

While there are a few different cards that offer introductory APRs, a strong option is the Chase Freedom Unlimited®.

It’s one of the best balance transfer credit cards, but in addition to offering a 0% intro APR on purchases and balance transfers for the first 15 months (which goes up to a normal 20.49% – 29.24% Variable afterward), it offers generous earning rates and a welcome bonus offer of additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year). The card earns 5% cash back on travel booked through Chase, 3% back on dining and drugstores, and 1.5% back on everything else.

Plus, if you have a premium card from Chase, like the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, or Ink Business Preferred® Credit Card, you can move points from the Chase Freedom Unlimited® to the premium Chase card. That way, you can do things like transfer Chase points to frequent flyer partners, which is usually a much more lucrative way to use them than redeeming them for cash back.

The Best Credit Cards with 0% APR Offers

Here are some other cards with intro APR periods for purchases:

  • Blue Cash Everyday® Card from American Express: 0% intro APR on purchases and balance transfers for 15 months from account opening, then 19.24% – 29.99% Variable
  • Capital One Quicksilver Cash Rewards Credit Card: 0% intro APR on purchases and balance transfers for 15 months (3% fee for the first 15 months, then 4% at a promotional APR that Capital One may offer you at any other time), then a 19.99% – 29.99% Variable (rates and fees)
  • Capital One SavorOne Cash Rewards Credit Card: 0% intro APR on purchases and balance transfers for 15 months (3% fee for the first 15 months, then 4% at a promotional APR that Capital One may offer you at any other time), then a 19.99% – 29.99% Variable (rates and fees)
  • Citi Simplicity® Card
    0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months ($5 or 3% of the amount of the transfer, whichever is greater for balance transfers completed within 4 months of account opening), then a rate of 19.24% – 29.99% Variable


Buying an engagement ring with a credit card can be a smart choice if you take advantage of rewards, purchase protection, and have a plan to pay off the balance quickly to avoid interest.

Look for cards offering low interest rates, purchase protection, and rewards or cash back on large purchases.

Yes, many credit cards offer introductory 0% APR periods that can be used to finance the purchase without paying interest, provided you pay off the balance before the promotional period ends.

Consider applying for a new credit card with a sign-up bonus that you can earn with the ring purchase, and use a card that offers high rewards on jewelry store purchases.

Look into transferring the balance to a card with a 0% APR balance transfer offer or create a structured payment plan to pay off the balance as quickly as possible.

David E. Slotnick

Senior Reporter