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Buying an engagement ring is an exciting time, but it takes a lot of research to find the right style and the best financing available. Picking out the right ring is a victory, but paying for it wisely will help you stay out of debt. 

Should I Take Out a Loan For My Engagement Ring?

While it might seem tempting to apply for a loan for an engagement ring, there are several reasons why this is not the best idea. First, taking out a loan means that you’ll need to pay back the money you borrow—plus interest—in addition to paying off your monthly payments on time every month. This can make it really difficult to save up for other big purchases or emergencies that come up in life. You could easily find yourself paying double or triple what the ring costs by choosing this route.

Another reason why taking out a loan isn’t such a great idea is because the interest rates are often higher compared to those offered by credit cards. Credit card companies offer low-interest rates as long as customers pay off their balances each month, which means there’s little to no risk involved with using them! This allows consumers more flexibility when budgeting their finances each month without having worries about incurring additional debt later down the line. 

Thirdly, if your finances change or you suddenly need to take out a separate loan, pay for hospital bills, or refinance your home, a bank or credit union may reconsider the amount available to you. 

Should I Apply for a Card with a Low APR? 

Zero or low percent APR credit cards are a way to finance your engagement ring without having to pay interest on the debt, and if you’re worried about being able to afford the jewelry now that you’re engaged, don’t sweat it: credit cards give you time to pay off your balance over time. The difference between a 0% APR credit card and our preferred credit card at Strickland Jewelers is the special financing available to our customers with approved credit. 

Why Apply for the Wells Fargo American Gem Society Credit Card 

As you can see, there are many options available for financing your engagement ring, but with the American Gem Society Credit Card at Strickland Jewelers, you may be eligible for special financing for up to two years. Plus, as an American Gem Society Credit Card holder, you receive a revolving line of credit for all of your fine jewelry purchasing needs. 

Apply for an American Gem Society Credit Card at Strickland Jewelers in Dothan, AL

Now that you’ve selected the engagement ring your partner has dreamed of, let us help you finance your investment! As a member of the prestigious American Gem Society, Strickland Jewelers is committed to providing the best in fine jewelry and customer service. Learn more about our American Gem Society Credit Card Program by contacting us today!