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How to Pay for an Engagement Ring-In 6 Easy Ways

Updated on November 24, 2017
Learn how you can pay for the engagement ring she will love!
Learn how you can pay for the engagement ring she will love!

After being together for a while you have finally decided to get married. You might be wondering how to pay for an engagement ring now. This process can be very exciting but a little bit confusing. So it's a good idea to learn as much as you can before making this type of purchase.

I've helped many couples and individuals in the past select engagement rings while I worked at a jewelry store. Here is some advice as far as paying for it, which can be done in 6 ways: cash, credit card, in-store financing, layaway, debit card and using checks. Below are the pros and cons of each type.



• If you have enough money saved up, then you won't have to worry about getting in debt.

• No need to worry about making payments, or getting any late fees.

• You don't pay interest, so you save money.


•If you pay with cash, and for whatever reason you have to return the ring, don't expect to received the same amount in cash. Most purchases are made with credit cards in jewelry stores, so the chances of them having the same amount of cash in their registers is not very likely. You may need to wait for a check in the mail.

• You'll have to worry about walking around with a big amount of cash.

You can use your credit car to pay her engagement ring.
You can use your credit car to pay her engagement ring.

Credit Card


• You don't need to have all the money saved up in order to buy the ring that you want.

• Fast and convenient. You can just give them your card and be done with it.

• It's easier for tracking purposes.

• If you need to return the ring, it can just be credited back to your card.


• You have debt that you have to figure out how to pay.

• Unless you have a special plan, you'll have interest to pay; so in the long run, you end up paying more for the ring than if you had paid cash for it.

• if you are late on your monthly payment, you will have to pay a fee.

• If the magnetic part of your credit card is worn out, when they swipe it, it might not read all the numbers. They might need to enter the entire credit card numbers manually and may need to make a copy of your card for their records. Depending where you are buying and what kind of employees they have there, they could steal your credit card number.

In-Store financing


• You could qualify for an extra discount, if you use their in-store financing.

• Depending on the store, there are different payment options. For example, you could get free financing with only a small downpayment.

• You can receive special coupons and discounts reminders for any future purchases (this would come in handy for buying the wedding bands or even anniversary gifts)


• Depending on your credit, you may not qualify for it.

• You still have to make payments on it.

• If you forget to make a payment on time you'll have to pay a late fee.

• Some payment plans may include interest.

-Special note:

Ladies please read this section carefully or you could be in danger of paying for your own ring! There were times when I helped different couples pick the engagement ring and try to open an in-store account for the man. In some cases his credit was bad and got declined, but then she applied and got approved. However, in some cases (some very sad ones) the couple broke up and then the woman ended up paying for her own ring!

There was one time when a couple got declined, so they had her mother open an account since she had better credit.They got married and the man went psycho during the honeymoon. The poor woman tried to return the ring, but it was past the time to return or even exchange the ring. Then month after month she would come and make payments on her mother's account on a very expensive ring that obviously she would never want to wear again.

Another time, an older couple came in and he got declined and she got approved. Then as they were buying the ring, they started to pray to have a lasting marriage. However, all that praying din't work out, because they ended up breaking up and she had to pay for her ring!

So from what I've seen, I would not recommend any woman open an account to pay for her ring(some women even had to pay for their wedding bands too, but that's another story). My advice would be to either select something that he could afford or just put it in layaway. You may think that this could never happen to you, but that's also the same thing all those ladies thought.



• No need to have good credit.

• There is no interest to pay or late fees.

• If you are surprising her, this is a good place to keep the ring until you are ready to give it to her.


• The biggest one is that you don't get to take the ring with you, until you finish paying all of it.

Debit Card


• You have enough money save up, and you don't need to walk around carrying all that cash.


• If you need to make a return, that money may not be available right away.

• If you are not careful you may pay an over draft fee.

-Special note:

There is a daily maximum amount that you can use with your debit card. You can have thousands of dollars in your bank account, but for security purposes, it won't allow you to go over that limit.

Check what that limit is before you go into the store. If your purchase is going to be over that limit, call your bank ahead of time and see if you can make that purchase. The last thing you want is to be embarrassed at the register by having someone tell you that your card has been declined, while you know that you have enough money to pay for it.



• Again, no need to carry all that cash with you.


• You can get a fee for any returned checks.

• Sometimes an authorization code might be needed. If so, the sales person will have to call in order to get it, which can take a bit longer to process.

• Depending on what check verification services the store uses, your check may not be accepted. Even if you have more than enough funds in your account this can still happen.

Additional notes:

• Before you buy, make sure you know their return policy (or see if they even have one).

• See if you can use different tender types, pay part cash and the other part with your credit card perhaps?

• If they do have a return policy, will you get your money back or is it for in-store credit only?

• Make sure you get everything in writing, and don't go just by what they tell you.

Now that you know how to pay for an engagement ring, all you have to do is get it!


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