Cash or Credit Card for Eng Ring purchases?

[iluvdiamonds2]

What's the pros and cons of paying cash towards a ring (save 3% of cc charges/ discount) vs CC's?

 

[beach]

Depends. Do you have a points/reward credit card?

 

[LALove]

If you use a very reputable jeweler I'd say cash is fine. I'll never use cash again though but I had a bad experience. Awhile back I ordered a custom ring from a local MI jeweler and put 3k down as a deposit. After 2 weeks of no return emails she changed the work order without telling me and made an unapproved cast. Due to this and other shady incidents I canceled the order and she refused to refund me $700 of the down payment- because she had "labor involved in making the [wrong] setting". Had I paid with a cc I could have disputed the charge. For the last large jewelry item I purchased I paid with a 0% cc and have the cash in the bank to pay it off before the intrest rate goes up. An added benefit is I don't have to tie up my money. I wouldn't advise using a card if you don't have the money in the bank though.

 

[kenny]

If I trust the vendor I use wire to save some money.

A credit card offers you more protection if the transaction goes sour.

 

[iluvdiamonds2]

Thank you!! I figured 50% cash would help discount the purchase and this person has a good rep.
Thank you again! More replies appreciated!

 

[Valjean]

Thank you!! I figured 50% cash would help discount the purchase and this person has a good rep.
Thank you again! More replies appreciated!

Like LALove pointed out, it is beneficial to use CC if you have a rewards card. I personally prefer using CC for added protection, benefits and general peace of mind, specially when dealing with online merchants. Sometimes you just never know. Depending on the amount of discount offered vs paying cash/wire, I would usually go for CC.

 

[Imdanny]

If I trust the vendor I use wire to save some money.

A credit card offers you more protection if the transaction goes sour.

My bank wants $80 to do a wire transfer.

Have I been like Rip Van Winkle sleeping for all of these years?

Is this considered a normal wire transfer fee?

I think it's outrageous.

 

[Gypsy]

Danny, my bank is insane about wires too. You have to have the funds in your account for 5 business days before you can wire them! What? If it's MY MONEY I can do what I darned well please, when I please.

Using a wire only makes sense if you save more by doing it than the bank charges you for the wire fee. In some instances this means that wiring funds isn't a great idea.

I've had great dealings with all the vendors I have purchased my jewelry from and have never needed to use a CC for protection. But there have been so many instances on here where a CC would have saved a poster so MUCH aggravation that I have to say that if the vendor is not a vendor that is one that is recommended frequently, or advertises with, PS then I wouldn't use cash. What I mean by that is that PS has functioned as a 'check' on some vendor's at times. Most of the vendors that you see recommended literally depend on the positive reputation they have on here for their income. So the incentive is there to make sure their customer's are happy. Again, while I have never personally needed it, it is a level of security.

I just used a wire for my band from BGD. But if is the first time I have done so. In general I err on the side of caution, if you aren't saving enough to make it worthwhile to you to wire the funds, just use your CC... just in case.

 

[jbawwou]

I just did my first wire to pay for the ring and it was worth it for me. It cost me $25 or $28 I cant remember and I saved quite a bit on the ring due to wire discount. The wire was through that day so I would say it depends on your bank.

 

[tyty333]

If I trust the vendor I use wire to save some money.

A credit card offers you more protection if the transaction goes sour.

My bank wants $80 to do a wire transfer.

Have I been like Rip Van Winkle sleeping for all of these years?

Is this considered a normal wire transfer fee?

I think it's outrageous.

My bank is ridiculous too...cant remember exactly what it was but I went to buy a small BGD stone and it would have
cost me more to wire transfer than what it would have saved me...so I went with the cc which we do get points on.

I suppose on a large purchase it may be worth it though.

 

[Valjean]

If I trust the vendor I use wire to save some money.

A credit card offers you more protection if the transaction goes sour.

My bank wants $80 to do a wire transfer.

Have I been like Rip Van Winkle sleeping for all of these years?

Is this considered a normal wire transfer fee?

I think it's outrageous.

$80 doesn't seem right. I pay $20 to do an international wire transfer (Canada to Asia). $80 sounds a bit much.

 

[rosetta]

$80 seems very steep.

I transferred UK to US for about $20.

 

[SB621]

Dang...$80 seems really high. I just did one last week from my bank and it was only $35.

 

[kenny]

Sometimes if you've dealt successfully with a vendor before and you are not in a hurry they may accept a personal check and ship only after the check fully clears to their satisfaction.
It doesn't hurt to ask.

For wires IIRC my bank charges $25 domestic and $40 international.

 

[kittybean]

$80 seems very, very steep for a wire transfer. At the bank where I have my personal account, they charge $20 for domestic and $40 (I think) for international. At the bank where DH and I have a joint account, domestic wire transfers are free--not sure how much they charge for international. Maybe consider joining a credit union in the future if you're eligible--wire transfers and other fees are usually less than the average bank's rates.

 

[Italiahaircolor]

My husband bought my ering on a CC because the rewards were worth it. He also had the cash in an account, so when the bill came he just paid it off. Best of both worlds...no debt, free airline tickets.

 

[Yimmers]

When I purchased from BGD, since we both used the same banking chain, I just did a bank to bank transfer. No fees.

 

[clgwli]

My bank was insanely high for wire transfers too. Somewhere around $80-90 IIRC. At the time I last did it, the cost didn't bother me as I was dealing with monies in the $15K amount. After looking around I realized that was insanely high and we eventually left that bank for a bunch of reasons.

I think my current bank is about $25 or so. I'd have to double check though.

Last time I did a "cash" purchase the vendor allowed me to send a personal check. I trusted the vendor so getting my money back didn't worry me too much if something wasn't right (which all went perfectly).

If it is a company I don't trust, or do not trust the product I use my credit card.