Diamond status: Which credit card should I use to buy an engagement ring?

30.08.2024 - 19:46 / thepointsguy.com / Chase Sapphire

If you're ready to pop the question, congratulations! But first, you'll want to ask a different one: How will you actually pay for the ring?

According to The Knot's Jewelry and Engagement Study, the average engagement ring costs around $5,500. Understandably, you'll want to maximize a big purchase like this with the right credit card.

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

Here are some of our favorite cards for each category.

Annual fee: $0 (see rates and fees)

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

Why we love it: With Capital One Quicksilver (see rates and fees), you'll get 0% intro APR for the first 15 months on new purchases starting when you open your account (19.99%—29.99% variable APR after). Plus, that cash bonus will help offset the ring cost a bit.

If you use this card to purchase a $6,000 engagement ring, you'll need to pay at least $400 a month to pay that off over 15 months without interest with this card. The best part is that you'll also get 1.5% back in cash-back rewards (around $90 for a $6,000 ring purchase).

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

Learn more: Capital One Quicksilver

For additional options, check out our list of best cards with a 0% APR intro offer.

When choosing a card for your engagement ring, a welcome bonus can be a great deciding factor, as this welcome bonus can be used to fund your honeymoon.

Annual fee: $95

Rewards on your engagement ring: Earn 60,000 Chase Ultimate Rewards points after spending $4,000 in the first three months from account opening. This bonus is worth $1,230 according to TPG's August 2024 valuations. In addition to this bonus, you'll earn one point per dollar spent on your ring purchase.

Why we love it: The Chase Sapphire Preferred® Card is offering a valuable welcome offer, so if you're looking to purchase an engagement ring and earn a healthy bonus, the timing may be perfect. But beyond earning a solid welcome bonus, you'll also enjoy a variety of bonus categories, a $50 annual hotel credit for reservations made through Chase Travel℠ and terrific travel protections, all for a reasonable $95 annual fee.

The Sapphire Preferred does have a purchase protection benefit that covers theft or damage to eligible items purchased with your card in the past 120 days, but you'll only be reimbursed for up to $500 per claim. That's likely not going to come close to covering the full price of the ring.

For more details, check out our full review of the Chase Sapphire