How did you pay for the ring?

[Mara]

Great idea Nicrez...this makes it official

Hope I got most of the potential options....post with comments along with your vote.

 

[Mara]

Greg put mine on a low-interest credit card and paid it off within 3 months.

 

[weemodin]

He paid cash. FI is terrified of debt, and we're young, so for us, cash was far and away the smartest option. I say if you can afford it, pay cash -- then it's over and done with, and you can dedicate future disposable income to the wedding, the HM, shoes, etc.
IMO, starting out an engagment in debt can spell problems!

I especially warn against seller-financed deals -- if you do your financing throught the jeweler, the jeweler automatically has a PMSI (purchase money security interest) in your diamond. This is NOT something that they have to tell you about -- it just happens even if it's not in any contract -- even if there is no written contract. That means that if you default on a payment, the jeweler has the right to reposess the ring w/out going through the court system etc. That would really put a damper on the engagement -- "sorry honey, I forgot to make this month's payment on your ring... back to the store it goes!"
Although most sellers will give you a right of redemption (they'd rather have your money than the diamond), they're not required to by law. Buyer beware!

The independent credit card option isn't too shabby of an idea either, provided that the buyer is comfortable w/the iterest that will accrue. You've then got the consumer protection benefits offerd by the card company.

Just my 10 cents.

 

[PlatinumDiamond]

CC. I paid it off when the first statement arrived after purchasing, each time.

I never carry cash, just plastic!

 

[Mara]

Yes we don't carry cash at all...but we pay the card off every month. More miles for travel, and also our other card is Amex Gold which gives AWESOME returns through their points program. So far we have a $300 gift cert that we have not used...am considering Fortunoff.com for some wedding jewelry or something.

 

[pinkangel]

We too used a CC, then paid it off when the statement came in. I don't much like carrying cash either. CC's are okay, as long as you pay them off quickly. Learned that lesson the hard way when I was younger.

 

[Kiz]

30% down (cash) and 70% on a no interest account (merchant's account) to be paid in 10 months. I had the cash to pay all at once but hey a 10 month "same as cash" sounded better.

 

[Nicrez]

Boy paid CASH, which stinks only because if we used MY card, we could have gone to Hawaii on my miles...

I can just imagine the clash of ideals to get him to put it on MY card, though, and I think...Hawaii wouldn't be fun with him all grumpy anyway...

By the way, in the Diamond District in NY, cash can = check, and that can save you on little things like say...oh...tax, or get you a better deal sometimes...

(bad me!)

 

[MichelleCarmen]

We used a credit card, paid payments, got charged interest. . .lol! Not the best planning, but oh well, no biggie! We survived. Now, we'll be paying cash for future purchases (so says my husband who just bought a fancy espresso machine on credit

).

Michelle

 

[Kay]

I never carry significant cash (robbed once) -- everything goes on my AMEX, but I pay it in full every month so there is no interest charge. By putting it on Amex, I get consumer protection plus cash back. For my e-ring, we charged it to my card because FI does not get cash back on any of his cards (silly boy), and then he paid the bill when it came.

 

[Maria D]

We paid cash and my husband still likes to joke that I cleaned him out. Considering we spent just under $2K and he was 31 years old when we got engaged, this only proves that he wasn't a very good saver! He's in much better financial shape after 14 years of marriage to me, LOL.

 

[diamondnovice]

My fiance paid cash but tells everyone how he will be in debt for the rest of his life

 

[tomatoe]

cash (saved previously) on a 1mth layaway plan with intention to pay it off before the one month is up, only waiting for hubby's back-pay to come in

 

[ringbling17]

We used cash (bank wire transfer), when we got the 1.5 ACA and the setting.
When I decided to upgrade, I didn't want to be bothered with going back to the bank and filling out the paperwork and paying the fee, so I just charged the difference on my CC (while at home) and paid the balance off in two months.
We paid for the anniversary ring in cash( debit card) and the LM setting in cash( real money).
I actually only have two credit cards and I don't even carry them with me. I don't even have a department store card, although my husband does have a Macy's and Sears card!
As far as cash, I use my debit card all the time. I almost never carry cash anymore.

 

[StevL]

Uhh, come on guys are we not still paying? The diamond was the least expensive part

but my sweetie is certainly worth more than I could ever give in a lifetime.

 

[Mara]

Haha love the sig Kayla

.




Interesting (and good!) to see that Cash and Fast payment CC are the majority.

 

[jcard71]

I think more people used credit than they care to admit...just my 2 cents..

 

[marriahlyn]

Cash-DH is a banker and credit cards are not allowed in this house

 

[tomatoe]

----------------
On 2/15/2004 10:18:29 AM jcard71 wrote:

I think more people used credit than they care to admit...just my 2 cents..----------------

I couldnt even use credit even if I wanted to, cos I aint from the good old US of A.

 

[Bagpuss]

Real banknotes in his hot little hand!

The bank teller said that she was supposed to ask what such a large amount of money was for (some sort of security reason. I can't remember exactly, but said we didn't HAVE to answer). I was so excited that we were actually going to get the ring that I blurted out 'He's buying me a diamond ring!'

She looked really taken aback at first, then grinned and said, 'God, I wish my husband would do something like that! Congratulations!'

 

[jcard71]

----------------
On 2/15/2004 2:54:53 PM Bagpuss wrote:

Real banknotes in his hot little hand!

The bank teller said that she was supposed to ask what such a large amount of money was for (some sort of security reason. I can't remember exactly, but said we didn't HAVE to answer). I was so excited that we were actually going to get the ring that I blurted out 'He's buying me a diamond ring!'

She looked really taken aback at first, then grinned and said, 'God, I wish my husband would do something like that! Congratulations!'----------------

THAT'S A GREAT STORY!!!!!!!!!!!!!!!

CONGRATS!!!!

 

[jenibear]

We put the diamond and setting on my Sony credit card to get the points

.
He paid off the setting amount when the bill came and I transferred the rest to a 0% credit card. He's making a certain payment each month (above the minimum) to pay it off within the year.
But I don't mind if it must be pushed past a year for another expense we need to pay in cash. That's the beauty of the 0% interest cc!

 

[iceprincess]

Two of our low-interest/no interest credit cards with cash back points. We have the money saved from a year end bonus from fiance's (love saying that!)

job and plan to pay off the balance quickly.