Should I buy store credit? (WEIRDEST QUESTION EVER!)

[wishinpink]

I popped on craigslist and someone was selling store credit to a neighborhood B&M shop. I''ve been in this shop before and I like their stuff.

To be more specific- this person is selling their store credit of $5500, to me for $4000. Which sounds like a pretty good deal to me! We weren''t planning on spending so much money, but this seems like a great offer, and gets us value for our money.

My dilemma is this-
1. If I buy the store credit, I fear that the store people will mark up prices, instead of dropping prices slightly, when I try to buy because they know that a) I have to buy from their store and b) I will not be the source of any new money.
2. If I go to the store and pick out everything I like first, get the prices to what I like, and then say hold on brb, and pay with store credit. I''m pretty sure they''ll hate me and when buying something sentimental such as engagement rings, I''d rather have someone''s blessing then have them cursing me as I''m leaving the door.
3. So if I go in, tell them I have store credit, and then they sell me everything full price + complete with normal retail markup, will I really be getting a better deal?


I can''t decide what to do! I like their stuff, I like that it''s in the neighborhood and that they offer free cleaning of jewelry bought there / inspection, but I don''t want to pay some crazy markup just because they know I HAVE to buy there.

What would YOU do?

 

[Upgradable]

How do you "buy" someone else''s credit? Is anyone else confused by this concept?

 

[Fly Girl]

Number 2. But why would they hate you? Your e-ring is just the first of many, many future purchases, which won''t be on store credit. Jewelry stores spend years wooing customers. That''s why they have the free cleaning, etc. I go to my favorite jeweler''s, get my rings cleaned, browse the merchandise, and every once in a while, send in a friend, or buy something for myself.

Be sure they have what you want to buy, before you commit on the store credit.

 

[CharmyPoo]

I would do number 2. If they decide to raise the price after they hear about the store credit, would you really want to buy from them anyways? Make sure you go with the seller to validate the store credit. There are scammers on craigslist.

 

[denverappraiser]

Umm. How about telling them the truth? That’ you’re considering buying a $5500 store credit for $4000 and you’d like to see what they have to offer. Compare that with what you can get elsewhere for your $4000. If they’ve got the best deal, go get your credit and spend it, if they don’t, don’t.

While you're at it, make sure the credit is transferable. It would sure suck to buy it and then find out you can't spend it anyway.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[wishinpink]

Thank you all for your replies and advice so far!

To clarify-
1. Buying store credit- The person and I will meet at the store to transfer the credit from his name to my name and I will bring cash or some other way of paying, so it will may be difficult to scam me. This is also not a chain store, there's only one of it where I live, so this person also must live within the vicinity.

2. I wasn't planning on lying- that would probably be even worse, and I'm not going to lie on a sentimental purchase especially. I'm just wondering how I can get the best deal, since it seems to me that I'm going to get charged "higher prices" than normal people if I buy on store credit simply because they know I HAVE to buy there

3. What am I trying to buy with this money- I'm trying to buy a) a platinum setting b) 2 platinum wedding bands
The budget is $2000 for setting, $1000 for each band. Does this sound reasonable?

4. Why they would not like this- Because a) I'm young and don't have that much disposable income b) I probably won't be buying anything else lol

 

[JulieN]

Date: 9/26/2008 4:38:31 PM
Author: wishinpink
Thank you all for your replies and advice so far!

To clarify-
1. Buying store credit- The person and I will meet at the store to transfer the credit from his name to my name and I will bring cash or some other way of paying, so it will may be difficult to scam me. This is also not a chain store, there''s only one of it where I live, so this person also must live within the vicinity.

2. I wasn''t planning on lying- that would probably be even worse, and I''m not going to lie on a sentimental purchase especially. I''m just wondering how I can get the best deal, since it seems to me that I''m going to get charged ''higher prices'' than normal people if I buy on store credit simply because they know I HAVE to buy there

3. What am I trying to buy with this money- I''m trying to buy a) a platinum setting b) 2 platinum wedding bands
The budget is $2000 for setting, $1000 for each band. Does this sound reasonable?

4. Why they would not like this- Because a) I''m young and don''t have that much disposable income b) I probably won''t be buying anything else lol

4. they don''t have to know that. besides, you''ll always remember them, maybe refer your friends if you have a good experience!

 

[wishinpink]

Date: 9/26/2008 4:49:20 PM
Author: JulieN

Date: 9/26/2008 4:38:31 PM
Author: wishinpink
Thank you all for your replies and advice so far!

To clarify-
1. Buying store credit- The person and I will meet at the store to transfer the credit from his name to my name and I will bring cash or some other way of paying, so it will may be difficult to scam me. This is also not a chain store, there''s only one of it where I live, so this person also must live within the vicinity.

2. I wasn''t planning on lying- that would probably be even worse, and I''m not going to lie on a sentimental purchase especially. I''m just wondering how I can get the best deal, since it seems to me that I''m going to get charged ''higher prices'' than normal people if I buy on store credit simply because they know I HAVE to buy there

3. What am I trying to buy with this money- I''m trying to buy a) a platinum setting b) 2 platinum wedding bands
The budget is $2000 for setting, $1000 for each band. Does this sound reasonable?

4. Why they would not like this- Because a) I''m young and don''t have that much disposable income b) I probably won''t be buying anything else lol

4. they don''t have to know that. besides, you''ll always remember them, maybe refer your friends if you have a good experience!

That is true, at least I''m at the age where all my friends are considering the same

 

[denverappraiser]

Date: 9/26/2008 4:38:31 PM
Author: wishinpink

4. Why they would not like this- Because a) I'm young and don't have that much disposable income b) I probably won't be buying anything else lol

There’s a funny thing about the world. Young people almost always get older if you wait a little while and their incomes almost always improve along with gaining a few grey hairs. It would be terribly foolish of a jeweler not to want to cultivate future clients.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[anangel]

I would shop around some and see if you can''t get what you want for around the same price online (online jewelers often have less overhead costs than a store, so things may be a bit cheaper).
I would not want to buy store credit from anyone- I mean, if the purchase goes wrong or the quality isn''t what you expect, you''d just get store credit back.
My next question would be how did the first person end up with the credit? LOL, you really want to buy the credit that someone else got for a purchase that wasn''t what they wanted, needed, etc...?
Sorry- I hate to be skeptical but yeah...

 

[J2K]

Personally, I would suggest going into the store and start looking first... to at least make sure they have what you want. Tell them you have a budget of $5500 and negotiate a price on whatever it is that you like (assuming you find something that you actually want). Take that quote and compare it to what you can get elsewhere/online for $4000. If the deal you negotiated with the B&M is still your favorite, call your salesperson back and tell them that you have "a friend of a friend" offering you store credit and that you''d like to help your friend out and give him the cash and use his credit. I have to believe that this happens all the time at B&M jewelry stores... I know I see it offered on craigslist all the time.

The bottom though, is don''t buy something just because you think it''s a good deal, get exactly what you want that''s within your budget. What''s the saying? If it seems to good to be true... it usually is.

 

[wishinpink]

Date: 9/26/2008 5:25:25 PM
Author: anangel
I would shop around some and see if you can''t get what you want for around the same price online (online jewelers often have less overhead costs than a store, so things may be a bit cheaper).
I would not want to buy store credit from anyone- I mean, if the purchase goes wrong or the quality isn''t what you expect, you''d just get store credit back.
My next question would be how did the first person end up with the credit? LOL, you really want to buy the credit that someone else got for a purchase that wasn''t what they wanted, needed, etc...?
Sorry- I hate to be skeptical but yeah...

Thanks for your advice, and everyone else''s! Skepticism is welcome of course! I''m a little skeptical myself....

 

[wishinpink]

Date: 9/26/2008 5:38:36 PM
Author: J2K
Personally, I would suggest going into the store and start looking first... to at least make sure they have what you want. Tell them you have a budget of $5500 and negotiate a price on whatever it is that you like (assuming you find something that you actually want). Take that quote and compare it to what you can get elsewhere/online for $4000. If the deal you negotiated with the B&M is still your favorite, call your salesperson back and tell them that you have ''a friend of a friend'' offering you store credit and that you''d like to help your friend out and give him the cash and use his credit. I have to believe that this happens all the time at B&M jewelry stores... I know I see it offered on craigslist all the time.

The bottom though, is don''t buy something just because you think it''s a good deal, get exactly what you want that''s within your budget. What''s the saying? If it seems to good to be true... it usually is.

I was considering the exact approach you mentioned, but... ahhh I don''t know! I like the store, I like the stuff in the store, I like the price, I feel hesitant though... =/

 

[honey22]

Firstly, does the store ever honour credit transfers? They may not so I would be 110% sure before you spend $4k.

I would also check around online before you committ to make sure you can''t get what you want for less than the $4000 which is quite possible considering the markups at B&M stores.

If not, are you sure they have what you want? I would get a price before you tell them about your store credit, and then confirm you can use the credit.

I still think you can just get what you want for a better price online personally.

 

[wishinpink]

Date: 9/26/2008 6:10:32 PM
Author: honey22
Firstly, does the store ever honour credit transfers? They may not so I would be 110% sure before you spend $4k.

I would also check around online before you committ to make sure you can''t get what you want for less than the $4000 which is quite possible considering the markups at B&M stores.

If not, are you sure they have what you want? I would get a price before you tell them about your store credit, and then confirm you can use the credit.

I still think you can just get what you want for a better price online personally.

Thank you so much for your advice! I will make sure!


Maybe I should just stick with online!

Additional consideration- I am visiting new york next month. Should I even bother to venture into the NY diamond district and get a setting? *scared*

 

[honey22]

Hmmm, I''m an Aussie and can''t remember who exactly is in NY - is GOG located in NY? If so, I would definately make an appointment to view some settings. If you look at the top menu bar you will find a list of Pricescope vendors, try and make appointments to visit them if they are local, and look at some settings in real life. It will give you a much better idea of what you will like, and help you if you need to chose one online at a later date.

I am not sure if you have a stone yet? But you will also have the chance to see some really well cut stones, which will be very helpful if you need to purchase a stone too. If you have never seen true ideal cut stones, they are breathtaking when compared to their maul store counterparts.

 

[crown1]

Date: 9/26/2008 4:19:03 PM
Author:wishinpink
I popped on craigslist and someone was selling store credit to a neighborhood B&M shop. I''ve been in this shop before and I like their stuff.

To be more specific- this person is selling their store credit of $5500, to me for $4000. Which sounds like a pretty good deal to me! We weren''t planning on spending so much money, but this seems like a great offer, and gets us value for our money.

My dilemma is this-
1. If I buy the store credit, I fear that the store people will mark up prices, instead of dropping prices slightly, when I try to buy because they know that a) I have to buy from their store and b) I will not be the source of any new money.
2. If I go to the store and pick out everything I like first, get the prices to what I like, and then say hold on brb, and pay with store credit. I''m pretty sure they''ll hate me and when buying something sentimental such as engagement rings, I''d rather have someone''s blessing then have them cursing me as I''m leaving the door.
3. So if I go in, tell them I have store credit, and then they sell me everything full price + complete with normal retail markup, will I really be getting a better deal?


I can''t decide what to do! I like their stuff, I like that it''s in the neighborhood and that they offer free cleaning of jewelry bought there / inspection, but I don''t want to pay some crazy markup just because they know I HAVE to buy there.

What would YOU do?

what would i do?

i would not buy the store credit. i think the 4000 dollars in your hand is worth more than someone else''s store credit.

 

[wishinpink]

Alright! This is why I LOVE PS. You guys have me convinced- no store credit!

Now I will.. think of new ways of spending my money lol.

 

[jewelerman]

Also ask about service after the sale...what will the store do for you after you have purchased with them...warrenty,trade in,rhodium plate service,cleaning ect. are all service that a customer should ask about before buying with a company.

 

[windy1365]

This sounds like a scam!!

 

[wishinpink]

Date: 9/26/2008 8:51:08 PM
Author: windy1365
This sounds like a scam!!

I''m pretty sure it''s not a scam, but it is definitely buyer beware I am leaning against not doing this for now, but if I do, I''ll be careful! Thanks everyone!

 

[RBD hunter]

The B&M store already has the money and the seller has the credit.
IF the seller is not going to use the credit and
With todays economy
After I checked with the store on their store credit policys along with them having the items you want and you really want them.

I would start on the seller with an offer of $.50 on the dollar.
If you have time on your side, the seller may come around.

the store credit is for a selected store and not a chain like Wal-Mart.

 

[arjunajane]

Wishin, just so you know GOG is in Long Island. I would make an appointment there while in your NY - Do not bother with the diamond district, its just not worth it imo., too many dodgy deals..

 

[sang]

I would also be very cautious. In this current economy, it could very well be the B&M itself selling this credit using an "actor" and trying to drum up business. Also, remember that you ONLY benefit from the store credit if you can find something you like that costs AT LEAST $4000 that the store is willing to sell to you for $5500 or less. Otherwise, you would be better off just buying the item yourself (since you can afford up to $4000) or you can''t afford the item even with the store credit (since $5500 sounds outside of your budget).

Since you''re local to the store, I would only pursue the store credit route if you can meet ALL of the following:

1. Make sure the store has what you want.
2. Make sure that what you''re buying is in the price range noted above, otherwise it''s a useless extra transaction that you''re going thru.
3. Get the best price from the B&M -- no need to mention how it''s being paid for. Should make no difference to them.
4. Get the cert / photos from the B&M and post it here...and confirm that it''s an item even worth pursuing.
5. Compare the chosen item & negotiated price with other online dealers.
6. Email / call the NYC dealers that PS''ers often recommend (ERD, GOG) -- see what they have before you make your trip.

If and only if you get to this point and it still looks like you can take advantage of this store credit, would I then:

7. Contact the seller of the store credit for the transaction and meet the seller at the B&M.
8. BEFORE you fork over your $4000, tell the B&M store sales person that you''re going to use store credit while the store credit seller is still there -- if the store approves, then move forward. If the store is not happy, then walk away and you''re not stuck with a $4000 credit at a store you''re not interested in.

IMHO, you''re not going to be able to get past step #5 above so as other people have noted, things that seem too good usually are. I''m not a diamond expert by any means (just bought my first diamond this week) but this is a question that I can finally provide a response to!

Hope this helps,
Sang

 

[wishinpink]

Date: 9/27/2008 8:55:13 AM
Author: sang
I would also be very cautious. In this current economy, it could very well be the B&M itself selling this credit using an ''actor'' and trying to drum up business. Also, remember that you ONLY benefit from the store credit if you can find something you like that costs AT LEAST $4000 that the store is willing to sell to you for $5500 or less. Otherwise, you would be better off just buying the item yourself (since you can afford up to $4000) or you can''t afford the item even with the store credit (since $5500 sounds outside of your budget).

Since you''re local to the store, I would only pursue the store credit route if you can meet ALL of the following:

1. Make sure the store has what you want.
2. Make sure that what you''re buying is in the price range noted above, otherwise it''s a useless extra transaction that you''re going thru.
3. Get the best price from the B&M -- no need to mention how it''s being paid for. Should make no difference to them.
4. Get the cert / photos from the B&M and post it here...and confirm that it''s an item even worth pursuing.
5. Compare the chosen item & negotiated price with other online dealers.
6. Email / call the NYC dealers that PS''ers often recommend (ERD, GOG) -- see what they have before you make your trip.

If and only if you get to this point and it still looks like you can take advantage of this store credit, would I then:

7. Contact the seller of the store credit for the transaction and meet the seller at the B&M.
8. BEFORE you fork over your $4000, tell the B&M store sales person that you''re going to use store credit while the store credit seller is still there -- if the store approves, then move forward. If the store is not happy, then walk away and you''re not stuck with a $4000 credit at a store you''re not interested in.

IMHO, you''re not going to be able to get past step #5 above so as other people have noted, things that seem too good usually are. I''m not a diamond expert by any means (just bought my first diamond this week) but this is a question that I can finally provide a response to!

Hope this helps,
Sang

Wow... that''s such a detailed and awesome plan. THANK YOU! I will do exactly as you say!

 

[sang]

My suggestion of having the "3 parties" meet together (you, credit holder, and dealer) is not to create chaos...but rather to reduce risk. Having said that, here''s another tact that you could take:

Don''t ever buy the store credit -- but rather have the person selling the store credit apply that credit directly to your transaction -- in effect you''re buying the ring together. Then you just pay the credit seller the $4000 and then are responsible for any additional amount above the $5500 credit that you may owe the dealer.

Good luck.