Engagement Rings and Credit Cards: A Rewarding Match
The right card can give you a long interest-free runway to pay off that diamond, or rewards to fund a honeymoon.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Updated · 2 min read
Written by
Senior Writer/Spokesperson 
Edited by
Managing Editor Editor's note: The following article was written around Thanksgiving, which explains the holiday framing. But the information is good year-round, so we've kept this page up to date.
Brace yourselves: The Thanksgiving-to-Valentine’s-Day #ringselfie parade is coming to Instagram. Are you planning to contribute by buying a sparkly engagement ring for the one you love?
You’re in good company, because the holiday season is a popular time to propose. And while we can’t teach you about the merits of colorless vs. near-colorless diamonds when you're figuring out how to buy an engagement ring, we can help you consider which credit card will make one of the most monumental purchases of your life that much sweeter.
Why even think about credit cards when you’re still debating whether to pop the question on a Jumbotron? Because it’s rare to spend this much money in such a short time (though it is good practice for the soul-crushing expense of wedding planning), and you’re going to need to strategize.
Show the love, spread out the payments
Dropping a whole paycheck at once on an engagement ring may not be possible for you. In that case, consider applying for a credit card with an introductory 0% APR period and charge the ring to that card. You’ll have a nice, long, interest-free window during which you can pay off your credit card balance in more manageable amounts.
The Wells Fargo Reflect® Card offers 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.49%, 23.99%, or 28.24% Variable APR and a $0 annual fee. If you plan to spend, say, $3,000 on a ring, you can skip the budget-busting lump sum payment in favor of smaller monthly interest-free payments.
And there are other options for lovebirds with good credit. The BankAmericard® credit card might be a good option for you, or see our best 0% APR credit cards.
Rewards card + engagement ring = dream honeymoon
If you've been saving up and can manage to pay off the ring in one payment — and if you also have good credit — this is your opportunity to score a big discount on your honeymoon by earning a sign-up bonus with a travel rewards credit card.
Consider, for example, the Chase Sapphire Reserve®, which offers a hefty sign-up bonus: Earn 125,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening. Cardholders also get a $300 annual travel credit, reimbursement for the application fees for NEXUS, Global Entry or TSA PreCheck, and scads of other benefits. However, as with marriage, this card isn’t for the commitment-phobic, on account of its $795 annual fee.
If you're not interested in paying such a large annual fee, take a look at the Chase Sapphire Preferred® Card. It has a fee of $95 and a great bonus offer of its own: Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
Another option might be the Capital One Venture Rewards Credit Card, which phrases its sign-up bonus this way: "LIMITED-TIME OFFER: Enjoy $250 to use on Capital One Travel in your first cardholder year, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening - that’s equal to $1,000 in travel." There's also a statement credit for Global Entry or TSA Precheck application and an annual fee of $95.
And if you're absolutely opposed to any kind of annual fee, you still have options.
Keep in mind, however, that travel rewards credit cards don’t typically have lengthy 0% intro APR periods. So while they can earn you valuable travel rewards on your purchases, they may not be ideal for financing a ring or a honeymoon and paying it off over time. You likely won't want to carry a balance on these kinds of cards.
🤓 Nerdy Tip
Several major jewelry companies — including Kay Jewelers and Zales — offer their own branded credit cards that can help you finance a ring. But with such cards, you're not getting a true 0% intro APR promotion, in which interest is actually waived for a period of time. Instead, these are deferred interest plans, meaning that interest is still accruing in the background. Under these plans, if you can’t pay off the balance in full by the deadline, you’ll owe interest on the entire cost of the original transaction, retroactive to the date of purchase, and at the card's much higher (non-promotional) ongoing APR. What's more, these co-branded cards don't tend to offer any ongoing rewards. The perfect marriage of rewards and 0%
That said, some credit cards do harmoniously blend together a long 0% introductory APR with rewards.
With the Chase Freedom Flex®, you'll get a 0% intro APR on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 18.24%-27.74% Variable APR. But the card also earns 5% cash back on up to $1,500 in combined quarterly spending in bonus categories that change each quarter (you must opt in to the categories each quarter). All other spending earns 1% back.
Plus, there's a nice sign-up bonus: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. The annual fee is $0.
A modest proposal: Let's say you bought a $3,000 ring with the Chase Freedom Flex® in a merchant that qualified in a 5% category and were a brand-new cardholder. You’d earn $75 in rewards on the first $1,500, $15 in rewards on the next $1,500 and the $200 sign-up bonus.
If you also happen to have the Chase Sapphire Reserve® or Chase Sapphire Preferred® Card, you could transfer those Chase Ultimate Rewards® points to one of those cards and potentially earn a higher value per point when redeemed for travel.
Another example: The Discover it® Cash Back card also offers an intro 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 17.49%-26.49% Variable APR. It, too, nets you 5% cash back on up to $1,500 in combined quarterly spending in rotating bonus categories every quarter, when you activate those categories (1% back on everything else). As with the Chase card, past categories have included merchants where you might find yourself a nice ring.
The card offers a unique welcome offer for new cardholders in their first year, which Discover phrases this way: INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. The annual fee is $0.
A modest proposal: Amazon has been a Discover bonus category many times, usually in the fourth quarter of the year. If you bought a $3,000 ring on Amazon as a new cardholder during one of those quarters, you’d earn $75 cash back on the first $1,500 and $15 on the next $1,500. Plus, your cash back would be doubled after the first year, meaning a total rewards return of $180 — and that's assuming you put no other purchases on the card.
With the Bank of America® Customized Cash Rewards credit card, you'll get 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 17.49%-27.49% will apply. The card earns 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases.
It offers $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Its annual fee is $0.
A modest proposal: Your $3,000 Costco ring purchase as a new cardholder could net you $50 on the first $2,500 spent, $5 on the remaining $500, plus the $200 sign-up bonus.
So happy together
You have a lot on your mind as you’re preparing to get engaged. But before you buy a ring, apply for the credit card that will let you maximize this major expense.
Also, don’t forget to protect your investment! Add the ring to your renters or homeowners insurance policy before you propose.
Article sources
NerdWallet writers are subject matter authorities who use primary,
trustworthy sources to inform their work, including peer-reviewed
studies, government websites, academic research and interviews with
industry experts. All content is fact-checked for accuracy, timeliness
and relevance. You can learn more about NerdWallet's high
standards for journalism by reading our
editorial guidelines.
Find the right credit card for you.
Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.
