cash check or charge

[LS90]

I''ve been saving with the envelope method, so i literally have the cash in bills to hand over (or wire transfer). But i''m wondering if there is any advantage with depositing it and using a check (so i could stop payment i guess) or using the charge card?

I prefer to save and pay for things with cash, because it''s too easy to use credit. There''s nothing like hand counting out the cash for a car knowing the effort of putting it all in the envelope to begin with.

 

[Ellen]

I would say, it depends. If you go with a well known, reputable vendor, deposit it and do wire transfer, which often gets you a discount on the stone.

If you go with someone you don''t know anything about, and neither does anyone else, I''d put it on a CC.

 

[steph72276]

I would say put it on a credit card and send the payment off immediately. That way just in case something goes wrong, you have an avenue to dispute it.

 

[coatimundi_org]

What about debit/credit? My debit card doubles as a credit, but the meaning is the same. Money comes directly out of my bank account. I''d put the cash in the bank and use my debit card as a credit card. That way you have recourse, paper trail, etc.
Good Luck!
I admire your ability to save!

 

[mrssalvo]

Date: 1/5/2008 10:52:36 AM
Author: Ellen
I would say, it depends. If you go with a well known, reputable vendor, deposit it and do wire transfer, which often gets you a discount on the stone.


If you go with someone you don''t know anything about, and neither does anyone else, I''d put it on a CC.

ditto. the savings for a wire can sometimes be substantial enough that it would be worth it.

 

[MaryAlaina]

Even if I have the cash, I usually charge it because I get mileage or points on my different cards. I pay off the balance when I get the bill.

 

[HEPennypacker]

Date: 1/5/2008 1:48:29 PM
Author: MaryAlaina
Even if I have the cash, I usually charge it because I get mileage or points on my different cards. I pay off the balance when I get the bill.

That''s what I usually do as well. But for the ring, I got a 15-month 0% APR Amex Blue and put it on that. I have the cash to pay it off, but I put it in CDs/high-yield savings accounts until my 15-month period is up. By the time it''s done, I will have saved more than the 5% pricescope discount. Something to consider.

 

[jj970]

Hey, I just recently had the same conundrum...Bought a 3 ct stone from GOG and didn''t know what do.

The savings from wire transfer would have been about $1000.
Even though I had the excellent reviews of GOG from Pricescope, I still didn''t feel entirely comfortable wiring my hard earned cash without any possibility of recourse. CC at least gives me some piece of mind.
Also, I reasoned that I get 1% back on my CC purchase, narrowing the savings even more. I, like the previous poster, get 0% on the card I used, which lasts a year. I put the cash into a 5% saving account which will get me about $1350 over the year.

So, for me, it was really not that hard of a decision. I get the (small) security of putting in my AMEX card, plus I end up saving even more in the end with the rewards and the savings account.

Hope this helps.

 

[surfgirl]

I agree with most of the points already made. However, if you do know the vendor already and can pay in person, sometimes paying cash can be a good negotiation tool to get a further discount on the final price.

 

[MrYoung]

Any time you pay with a credit card, the jeweler will have to pay 3,4 or 5% of the purchase price to VISA or Mastercard

It definately helps the jeweler if you pay cash. And yes, if you must, you can use this as a negotiation tool for this discount (or to split this discount).

Make sure you have a receipt with ALL of the pertienent data- 4cs, metal purity, purchased price (NOT suggested retail value)etc.

 

[diamondseeker2006]

I simply wouldn''t buy from a vendor I didn''t trust to send the wire. So it does all depend on who you''re buying from!

 

[mrssalvo]

Date: 1/5/2008 3:58:53 PM
Author: MrYoung
Any time you pay with a credit card, the jeweler will have to pay 3,4 or 5% of the purchase price to VISA or Mastercard

It definately helps the jeweler if you pay cash.

yes, but most build that into the cost, hence the wire discount. so if someone pays with a credit card they are paying the extra for the cc fee not the vendor.

 

[MichelleCarmen]

Hi,

I''m a huge fan of the envelope method, but ONLY with local purchases. With any items I''m buying online, I use my CC and then just pay the bill off at the end of the month. Even if the purchase is a small $50 online order, I use my CC because I prefer the security of it. For my big ticket purchases, I''d rather loose out on the wire discount savings and get the guarantee my purchase is protected.

 

[nolimits]

As others noted, I think you have to use your cash wisely. Sounds like you *may* have some trust issues with the vendor which given the costs of these little stones I''d rather stay protected, especially if it''s an online purchase from someone you have not done business with before. Others hit the nail on the head, use a card that yields reward bonuses (flyer mileage, cash back, etc) of some sort or one with 0% for a certain time period and stash the cash in a CD/savings account somewhere. Getting 5% should be pretty easy, I can do that on my everyday checking account with a new "paperless" system they are using and have fluid access.

I would NOT use a debit card that is linked to my checking/savings account. Typically it''s much easier to dispute (and get refunded) with a true credit card company vs. the bank.

 

[TNM5]

I too am debating this, but am not debating a wire transfer. I will either do cash in person, or a CC. CC provides the protection many mention, but I feel with cash, you negotiate better locally. Now i have not gotten to the point to see what GOG or ERD would do if I came in with cash in hand, and if it would be better than with even a wire transfer, but it''s worth a shot. Some people do have reasons NOT to put everything on a CC, so we can''t all assume credit is available or that this person''s pay is direct deposited and not some portion being cash.

 

[monarch64]

I dunno...I''m all for cash when it comes to major purchases, but not in the green form...I''d rather write a check or use a debit card so there''s a computer paper trail. And of course I agree with above posters who''ve mentioned the benefits of using a charge to gain miles or points or whatever, then just paying off that charge with the cash once it''s deposited in your bank acct. In the end, you have to make the decision of whether you feel it''s appropriate to pay in cash...good luck!