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Paying For Your Diamonds

tocranjo

Rough_Rock
Joined
Jul 12, 2014
Messages
91
Congratulations on saving up to make your upgrade a reality! I know it takes sacrifice and there are so many trade-offs you need to make to stick to the goal.

This goes for diamonds and most purchases I make, I have the cash but I will purchase on the credit card for rewards points or cash back. My credit cards do not have annual fees.

I will take advantage of 0% interest periods for larger purchases, make the minimum payments and pay it off in full when the balance is due. I’d rather keep the cash in my savings account and invest it into stocks where I’ll get a 3-6% dividend or return. The interest on GICs really low but I'll come out ahead.

I will finance with the company if it's 0% interest, it doesn’t impact my credit rating and the account doesn't appear permanently on my credit report. This is not likely since it’s like a department store credit card or loan. But worth asking the question before you apply.

I use Rakuten for additional cash back if it’s available.

Rakuten is my first stop for every online purchase!
 

Fabulous50

Brilliant_Rock
Joined
Jun 30, 2015
Messages
522
With the exception of an engagement ring, which can be quite expensive and a big purchase, I actually don't believe in "saving" for luxury items. If I can't make the purchase outright in cash without "saving" for it, then I can't afford it and I should be "saving" more money for savings/investments. My parents also instilled in me that if I can't afford to lose, break, or ruin something, that also means I can't afford it.

My parents said the same thing. Like most of you, I have used a credit card to buy jewelry pieces from time to time, if I have the cash to pay it off immediately. Once I did a lay away for a similar reason that @RunningwithScissors said above. I found the perfect (to me) stone, my heart shaped diamond, before I had set aside enough to buy it, and I couldn't let it go! I was super tempted to use credit but it didn't feel right,.
 

blingmeupscotty

Brilliant_Rock
Joined
Dec 12, 2016
Messages
606
What is DTLR?

The debt to limit ratio. If your Credit line is $500 for example, and you charge over $250. You get dinged on your credit report because you were using more than 50% of your credit line and they look at that as a way of living beyond your means.
 

grosx2

Rough_Rock
Joined
Nov 12, 2021
Messages
33
I just purchased a diamond from Whiteflash and paid cash, as the 3% savings from the wire transfer discount is better than what I can achieve with any of my credit card rewards.
 

Dmndsr4evr11

Brilliant_Rock
Joined
Dec 9, 2018
Messages
1,292
The debt to limit ratio. If your Credit line is $500 for example, and you charge over $250. You get dinged on your credit report because you were using more than 50% of your credit line and they look at that as a way of living beyond your means.

Thanks. I see. Got it. I use Amex as I want the points. I just pay in full when the bill comes.
 

Ally T

Ideal_Rock
Premium
Joined
Oct 24, 2012
Messages
6,988
Mr T has always used his American Express for all of my jewellery, for the security against the purchase & also the points. His bill is paid in full every month, so technically he pays cash.

He has always said "If we don't have the money, we simply can't have it." That is certainly a mantra that has faired us well over the years!
 
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