Do you ever buy jewellery on credit?

[mayerling]

As in with your credit card, or do you always save up first and pay up front?

I've recently fallen in love with a pendant that has a sapphire in a diamond halo, and am trying to decide whether I should save up for it, or give into my impulses and just use my credit card to buy it and just pay later.

What would you do?

 

[Pandora II]

I pay for most things with PayPal or my credit card - however my balance is paid in full every month so I don't really count it as 'credit' as such.

I have a horror of debt (mortgage excepted) so I just couldn't do it. It's a very dangerous path to go down in my mind. If you want something then save for it.

 

[vc10um]

Only because it gets me airline miles...and because I buy online.

I would never buy something I couldn't afford to pay off immediately. (In terms of luxury purchases anyway...education, homes, and cars are on a different scale...)

If I were you, I'd save save save...and, since I'm picky about my colored stones, probably buy the stone first with a budget in mind and then have DanielM set it for me.

But that's just me.

 

[Circe]

I used to: now I don't. I built up 4K of debt during my first year in grad school, because my stipend was delayed, so I basically had to live off the CC for a few months ... and I didn't pay it off until I finished grad school 6 years later, because the combination of interest and my occasionally wanting a treat kept it pretty steady. I probably paid a couple of grand just in interest, over the years! Ugh. Just not worth it, at the end of the day.

 

[Miss Sparkly]

I would put it on layaway if you can. I used to buy on credit until the short sale of our house killed that option. It has been an eye opener not to have instant gratification. It's made me become even more selective about my pieces and what I really want to spend my money on.

My sapphire ring is on layaway. It is such a unique item in a style that I have been watching for years and will likely never see another like it. I will gladly wait for it to be mine.

 

[MichelleCarmen]

If you don't have a living-expense emergency fund set up, I wouldn't put anything on credit.

 

[mayerling]

I would put it on layaway if you can. I used to buy on credit until the short sale of our house killed that option. It has been an eye opener not to have instant gratification. It's made me become even more selective about my pieces and what I really want to spend my money on.

My sapphire ring is on layaway. It is such a unique item in a style that I have been watching for years and will likely never see another like it. I will gladly wait for it to be mine.

I don't know what "layaway" is. I don't think such a thing exists in Europe.

 

[HopeDream]

I always save money first and buy later. I couldn't handle the thought of going into debt for something that's not education or a house. For me, every dollar of accrued interest is a thorn in my side. I do make purchases with my credit card, but them pay it off at the end of the month.

 

[lyra]

No. We do not use our credit card (we only have one) for luxury purchases. For paypal we use direct payment from our chequing account. It is very liberating not to have credit card debt of any kind.

 

[Miss Sparkly]

Traditionally layaway is where you put money down to hold an item, make equal payments and when the item is paid off you are given the item. I used layaway on my piece because I don't have quite enough fun money saved up and it is a way to make sure nobody else got it

 

[jewelerman]

never! i always save and use the reward system when saving for jewelry... when i decide what it is i want then i cut out other stuff in my life to justify getting the piece.I cut out extras like eating out,full priced movies,shopping,magazines,junk food etc.it may take a year but the amount of money you can save is actually impressive(a few movies nights or junk food runs to the market can really add up )and in the end you don't remember the missed entrainment and you have a new diamond ring or Rolex that you own for your trouble and sacrifice!

 

[suchende]

I guess so, in the sense that I am living on student loans. I feel conflicted about it, and in fact, I calculate what it will end up costing me in the end with interest, but the occasional small indulgence is worth it to me.

 

[mrs jam]

never! i always save and use the reward system when saving for jewelry... when i decide what it is i want then i cut out other stuff in my life to justify getting the piece.I cut out extras like eating out,full priced movies,shopping,magazines,junk food etc.it may take a year but the amount of money you can save is actually impressive(a few movies nights or junk food runs to the market can really add up )and in the end you don't remember the missed entrainment and you have a new diamond ring or Rolex that you own for your trouble and sacrifice!

Ditto! I play little games with myself all the time. At the end of a day, I'll add up all the little frivolous purchases I resisted making throughout that day and then transfer that little chunk from my checking to my savings account. It really does add up quickly!

An added perk of being able to pay for jewelry items in cash or bank wire is the discount vendors usually offer for paying in cash vs. charging it to a credit card. I know it's hard to resist the feeling of instant gratification, though.

 

[chemgirl]

I'm probably the dissenting opinion here, but I put everything, including bill payments on my credit card. Its a points card and that's really the only way to make the points pay off. However, I pay my balance regularly so I don't pay interest.

I think I would put jewelry on the card if I didn't have the cash available if and only if I had emergency funds and I knew I would be able to pay for the piece before my next billing cycle. Otherwise its not worth the worry and feelings of guilt I would have from carrying debt for something I didn't need.

ETA: the "just pay later" thing doesn't really work for me. I'm constantly saying that I'll just do something later, or wait for tomorrow, or get to it when I have time, but I never get to it. That's why I have a dirty house and guests coming over at 7:00 to watch the hockey game!

 

[Circe]

I will add, though, that I'm like a lot of the people in this thread - I use credit cards, but I never carry a balance anymore. I must say, between the points and the convenience, it's hard to imagine life without them! I mean, given how much stuff I do on the internet alone ....

 

[tyty333]

Same here...it goes on the CC but it all gets paid at the end of the month.

 

[mayerling]

You're all right. Thanks for talking some sense into me. I'd better start saving

 

[Dancing Fire]

If you don't have a living-expense emergency fund set up, I wouldn't put anything on credit.

buying jewelry is an emergency to me...

 

[Asscherhalo_lover]

I have done it, and regretted it. Now that I know better, never again, lol. The only way I do it now is to charge it and pay it just for the rewards points, lol.

 

[diamondringlover]

It depends bigger purchases always go on my credit card and I dont pay them off monthly so it takes me awhile, that is why I dont buy alot of stuff.....smaller stuff no I just pay for them

 

[Amys Bling]

I have once- BUT that was it. I applied for credit at a jewelry store and put my FI's watch on it and paid if off in 6 months- interest free. I wouldn't put it on a credit card with interest unless I am intending on paying it off at the end of the month.

 

[purselover]

We put everything on credit cards for cashback and airline miles BUT we pay the balance in full every single month.

Good luck saving, you'll enjoy it that much more when you get it because you won't have to worry about paying for it!

 

[fleur-de-lis]

As in with your credit card, or do you always save up first and pay up front?

I've recently fallen in love with a pendant that has a sapphire in a diamond halo, and am trying to decide whether I should save up for it, or give into my impulses and just use my credit card to buy it and just pay later.

What would you do?

I'll be the minority voice here: though I have never personally purchased jewellery on rotating credit (though I've PIF'ed same-cycle for CC airline miles, natch), I *CAN* imagine doing so if I came across a one-of-a-kind-estate-steal-of-a-deal-or-auction-love-at-first-sight-so-buy-it-today-or-else-someone-else-will-and-it-will-be-gone-forever piece. But for a new piece in permanent rotation in a shop, delay gratification and save first.

Not only for all those financially prudent reasons which our grandparents tried drilling into our heads, but the psychological benefit of setting and meeting one's goals will infuse the piece with healthy pride in oneself, whereas lingering debt for past decisions takes a little joy out of what should be a wholly good thing.

 

[zoebartlett]

I'd save up for it. I hate using credit cards. I do occasionally but pretty much only for emergencies.

ETA: I should specify. If I was good about paying off the credit card balance off every month or very soon after, I wouldn't really have any issues charging something. I know that I'm not great at doing that consistently, so I try not to charge things. My husband's the same way.

 

[Haven]

I pay for most things with PayPal or my credit card - however my balance is paid in full every month so I don't really count it as 'credit' as such.

I have a horror of debt (mortgage excepted) so I just couldn't do it. It's a very dangerous path to go down in my mind. If you want something then save for it.

I'm with Pandora on this one.

I don't really buy much jewelry, though. But whatever we do buy, we always save up for it first.

 

[iheartscience]

As in with your credit card, or do you always save up first and pay up front?

I've recently fallen in love with a pendant that has a sapphire in a diamond halo, and am trying to decide whether I should save up for it, or give into my impulses and just use my credit card to buy it and just pay later.

What would you do?

I'll be the minority voice here: though I have never personally purchased jewellery on rotating credit (though I've PIF'ed same-cycle for CC airline miles, natch), I *CAN* imagine doing so if I came across a one-of-a-kind-estate-steal-of-a-deal-or-auction-love-at-first-sight-so-buy-it-today-or-else-someone-else-will-and-it-will-be-gone-forever piece. But for a new piece in permanent rotation in a shop, delay gratification and save first.

Ditto fleur-de-lis. For a killer deal I would totally put something on credit. (Provided I could pay it off pretty quickly, of course.) But if it's a regular item, I'd save up for sure.

 

[maplefemme]

CC, no...layaway, yes. I'd consider putting something on CC only if it was something unique like a vintage piece I couldn't duplicate, but only something I could comfortably pay off in a reasonable amount of time. All my layaways have been vintage pieces, if it were something I could get made/buy any time, I'd just save and buy once I'd made my target.
Makes you wonder though, all those people who bought on layaway 6 months ago, before the price increases, did very well

 

[Jennifer W]

I don't use credit and I don't have a credit card, so it's not really an option here. I'm not to be trusted with anything that facilitates buying stuff...