The best credit card to buy an engagement ring – The Points Guy

Editor’s Note: This is a recurring post, regularly updated with new information and offers.

If you’re ready to ask questions, congratulations! But first, you’ll want to ask another question: How would you actually pay for the ring?

Based on The Knot .’s Jewelry and Engagement Research, the average engagement ring costs about $6,000. Understandably, you’ll want to maximize a purchase as large as this with the right credit card.

So what’s the best way to pay for it with a credit card? First, decide what is most important to you:

• If you want to pay off the ring over time: Search for cards with the best referral 0% annual percentage offer.
• If you want to get a signup bonus for a large amount of points: Look for cards with great welcome offers.
• If you want to get the best return on your purchase: Look for cards with a solid fixed-rate earnings structure.
• If you want to make sure your ring is protected: Look for cards with great purchase protection.

Here are some of our favorite cards for each category.

Best introductory APR offer

Winner: Capital One Quicksilver Cash Rewards Credit Card

Annual fee: $0

Rewards on your engagement ring: Earn $200 cash bonus after you spend $500 on purchases within 3 months of account opening. You’ll also earn 1.5% unlimited cash back on all purchases, including your ring purchase.

Why we love it: with The capital of a Quicksilver, you will get 0% referral APR for the first 15 months on beginner purchases when you open your account (APR changes 19.74% – 29.74% after that). Also, that cash bonus will help offset a bit of the cost of the ring.

With the average engagement ring costing $6,000, you need to pay at least $400 a month to pay that amount over 15 interest-free months with this card. The best part is that you will also get a 1.5% cashback bonus (about $90 for a $6,000 ring purchase).

For more details, check out our Quicksilver Capital One full review.

For additional options, check out our list of best card with referral offer 0% APR.

Rewards on your engagement ring: Earn 80,000 Chase Ultimate Rewards points after spending $4,000 in the first three months of account opening. This bonus is worth $1,600 per TPG . valuation. In addition to this bonus, you will earn one point for every dollar spent on your ring purchase.

Why we love it: The Chase Sapphire Priority Card recently launched an inflated offer, so if you’re looking to buy an engagement ring and earn a well-deserved bonus, this could be the perfect time. But in addition to the 80,000 point offer, you will also enjoy various bonuses, one Hotel credit $50 annually on bookings made through Chase Travel and the excellent travel protections, all for a reasonable $95 annual fee.

Sapphire Preferred has a purchase protection benefit that covers theft or damage to eligible items purchased with your card in the last 120 days, but you’ll only be refunded up to $500 for each request. That probably won’t come close to covering the full price of the ring.

For more details, check out our Full review of Chase Sapphire Preferred.

Runner-up: Platinum Card® from American Express

Annual fee: $695 (see rates and fees)

Rewards on your engagement ring: Earn 80,000 Membership Rewards® Points after you spend $6,000 on card purchases during the first six months of your card membership. This bonus is worth $1,600 per TPG . valuation. In addition to this bonus, you’ll earn one point for every dollar you buy your ring.

Why we love it: If you’re willing to splurge on a higher annual fee in exchange for additional perks, Platinum Card® from American Express could be a great choice. It has a welcome bonus offer which is definitely 80,000 Membership Rewards Points, but you can aim to get a much bigger bonus through matching card (offers are subject to change at any time) or through introduction. This card not only has a healthy bonus, Amex Membership Rewards it earns some of the most value Transferable rewards you can do it.

Amex Platinum has a lot Great benefitand one thing that is especially helpful when buying rings is purchase protection. When you pay with this card, you’re covered against damage and theft for 90 days from the date of purchase. You may get a refund for the amount charged to the card, up to a maximum of $10,000 per incident ($50,000 maximum per account per calendar year). Registration required for some benefits.*

*Eligibility levels and benefits vary by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. The policies are underwritten by the AMEX Insurance Company.

For more details, check out our full review of Amex . Platinum Card.

For additional options, check out our full list of card with the most valuable welcome bonus.

Why we love it: Buying an engagement ring probably won’t fall under the bonus category with most cards, so you’ll want to use a card with a solid fixed rate of return (like a Unlimited pursuit of freedom) to earn maximum rewards on your purchases. This card earns 1.5% cash back on all purchases, including your ring. But what really sets Freedom Unlimited apart is that those rewards can turn into Final bonus points are transferable if you also have Chase Sapphire Reserve or Chase Sapphire Priority Card. Based Valuation of TPGthis will increase your point value by 2 cents per point.

Freedom Unlimited offers Referral 0% APR on purchase and transfer the balance for the first 15 months your account is opened. While this may give you more time to pay off your purchase, the APR will increase to a volatility of 19.74% – 28.49% based on your creditworthiness after 15 months the first ends. In addition, items you purchase with a manufacturer’s warranty of three years or less will be covered by an additional year of warranty. extended warranty up to $10,000 per claim. You will also be protected against theft or damage to your purchase within the first 120 days, but only for up to $500 per item.

For more details, check out our Chase Freedom Unlimited full review.

Top Cashback: Citi® Double Cash Card

Annual fee: $0

Rewards on your engagement ring: Earn up to 2% back (1% when you buy and 1% when you pay the bill) on all purchases, including engagement rings.

Why we love it: If you are looking for a refund, Citi® Double Cash Card is another great option with a solid fixed rate of return on all purchases. It doesn’t come with a referral purchase APR, sign-up bonus, or purchase protections like Chase Freedom Unlimited, but it doesn’t charge an annual fee and comes with better cashback if you don’t have one. another Chase card to pair with the CFU.

For more details, check out our Citi Double Cash full review.

Travel Rewards Runner Up: Capital One Venture Rewards Credit Card

Annual fee: $95

Rewards on your engagement ring: Earn 75,000 bonus miles after you spend $4,000 on purchases within the first 3 months of account opening. Plus, earn 2 unlimited miles per dollar on every purchase, including engagement rings. This reward is worth $1,388 at TPG’s valuation.

Why we love it: The Capital One Venture Rewards Credit Card is another card with a great fixed interest income structure. While the card comes with a $95 annual fee, you’ll also get a solid signup bonus, extended warranty protection, and flexible change of miles as a statement credit for travel or by transfer to a partner.

For more details, check out our Capital One Venture Rewards credit card full review.

For the Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Benefits Guide for details, when terms and exclusions apply

For additional options, check out our full list of best cashback card And best travel rewards card.

Best for purchase protection

Winner: American Express® Gold Card

Annual fee: $250 (see rates and fees)

Rewards on your engagement ring: Earn 60,000 American Express Membership Rewards points after spending $4,000 on your card in the first 6 months of account opening (see rates and fees). This bonus is worth $1,200 per TPG . valuation. You will also earn 1 point for every dollar purchased with this card.

Why we love it: If you want a card that offers great protection for purchases but aren’t ready to pay Amex Platinum’huge annual fees, the American Express® Gold Card is a great choice. As with the Amex Platinum, you are covered by a 90-day warranty against damage and theft from the date of purchase. You may get a refund for the amount charged to the card, up to a maximum of $10,000 per incident ($50,000 maximum per account per calendar year). Registration required for some benefits.*

*Eligibility levels and benefits vary by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. The policies are underwritten by the AMEX Insurance Company.

For more details, check out our Amex Gold Card full review.

For additional options, check out our favorites card with purchase protection.

For Amex Platinum rates and fees, click This.
For Amex Gold rates and fees, please click This.

Additional reporting by Madison Blancaflor.