Learn me: Engagement Rings and Rewards Credit Cards

First of all, NOT A CANOE. I am not a new user, but am using a new profile and pseudonym for this post just in case the woman in question stumbles upon it. Unlikely, but it is possible.

Cliff notes: I need an engagement ring 101 lesson, and are there any good rewards credit cards available right now?

Time has come, I should probably be buying a ring. She'll want diamond, but would not be opposed to man-made (those are still actual diamonds, right?). Budget is $3,000, cause I sure as hell ain't paying 1/4 of my salary on a rock. Would like to keep it around $2,000, but am willing to go up to 3k. Other than the fact that they are shiny, I don't know anything about them. So, what is the 101? What do I need to know?

Second part of the post, financing it. I have about 2k in cash that I could spend right now, as well as an additional 2k in cash that is my emergency fund that I would rather not tap into. I also have an additional 2k coming soon (tax refund 6 months late), but would rather put that towards savings. So I'm still $1,000 short. Which leads me to the credit cards.

It seems like this would be a good way to get some money back on the purchase, and a way to build my credit, which is currently non-existent--I've paid cash for just about everything. Probably will have to get my dad to cosign on the card, which he would have no problem with. So, are there any good rewards cards out there right now?

Cliff notes: I need an engagement ring 101 lesson, and are there any good rewards credit cards available right now?

Smart to put the disclaimer at the top. We'll leave you alone. :-)

I don't have much to add other than color, cut, clarity. Heirloom diamonds reset in a modern band are supposed to save you money.

Oh, my other thought was spending $50 on a CZ off of craigslist/ebay/overstock.com/pawn shop, propose with that in the morning, then take her to a real jewelry shop and getting the real deal in the afternoon, so that she can pick it out.

I'm leaning against this, because I do think that I have decent taste, and I will be taking her best friend shopping to make sure I'm not really messing up--and I'd just like to pick it out.

JoeyM wrote: Heirloom diamonds reset in a modern band are supposed to save you money.

Doubt there are much left, huge family and all. I could try her side though. Probably just going to end up with a "new" one.

Hard to go with the classic round solitaire in a basic gold setting. It should be about the moment, not a shiny pebble anyhow.

You have mail.

I let my fiancee pick out her own ring. Good thing, too - she's got a blue sapphire instead of a diamond. She likes it better. mndsm's right, it's about the moment. Actually, it's really about the actual engagement.

I recently went through this as well, except I already had a credit card with rewards points. I also have a line of credit at the jewelry store so I got 12 months of no interest so I pay that every month with the card then pay on the card. Nice double dipping for points and i didn't have to shell out 3k all at once.

As for the stone itself, like ssomeone mentioned before, heirloom diamond would save quite a bit. After you get above 1 carat the price goes nuts. Between half and 3/4 looks good if you get an appropriately sized band. Don't get a thick ring and an appropriatly sized stone, it'll make it look smaller than it really is.

Pseudonym wrote: Oh, my other thought was spending $50 on a CZ off of craigslist/ebay/overstock.com/pawn shop, propose with that in the morning, then take her to a real jewelry shop and getting the real deal in the afternoon, so that she can pick it out. I'm leaning against this, because I do think that I have decent taste, and I will be taking her best friend shopping to make sure I'm not really messing up--and I'd just like to pick it out.

better hope no one in her family sees you at the mall looking at diamonds with another woman... if that happens, your budget will have to double..

novaderrik wrote:

Pseudonym wrote: Oh, my other thought was spending $50 on a CZ off of craigslist/ebay/overstock.com/pawn shop, propose with that in the morning, then take her to a real jewelry shop and getting the real deal in the afternoon, so that she can pick it out. I'm leaning against this, because I do think that I have decent taste, and I will be taking her best friend shopping to make sure I'm not really messing up--and I'd just like to pick it out.

better hope no one in her family sees you at the mall looking at diamonds with another woman... if that happens, your budget will have to double..

I'm assuming this was meant to be a joke, but in case it wasn't, her family would know what is up and would be able to keep quiet.

Pseudonym wrote:

novaderrik wrote:

Pseudonym wrote: Oh, my other thought was spending $50 on a CZ off of craigslist/ebay/overstock.com/pawn shop, propose with that in the morning, then take her to a real jewelry shop and getting the real deal in the afternoon, so that she can pick it out. I'm leaning against this, because I do think that I have decent taste, and I will be taking her best friend shopping to make sure I'm not really messing up--and I'd just like to pick it out.

better hope no one in her family sees you at the mall looking at diamonds with another woman... if that happens, your budget will have to double..

I'm assuming this was meant to be a joke, but in case it wasn't, her family would know what is up and would be able to keep quiet.

it was kind of a joke... but what if the family knows about this, but some of her facebook friends don't?

After I proposed, my wife said she liked it better that I picked it out and didn't bring her to the store. She liked the surprise.

Did a little tiny bit of research to it. Found out about where the 3 months salary thing came from. I am going to invent something, a disposable widget, and hire the DeBeers marketing team, and they'll convince everybody that they need said widget, and it is appropriate to pay a minimum of whatever I say.

What a crock.

How I saved mucho engagement ring bucks - Back in the day my wife to be and I went to a prominent Atlanta jewelry store on Valentine’s day and put a ring on layaway way way way! nicer than I could afford at the time.

Shortly after that I found someone selling on Craigslist a "jewelry store credit (for this store)" for sale for 1/2 the cost. I dickered on the phone and I think it turned to be 1/5th the cost. I was very cautious and guarded that this could go very badly for me. Anyway, I agreed to meet him inside the store to finalize the deal. All he knew about me was not much! but to meet him at the store, at a specific time.

Got buzzed in, and to my surprise the Jewelry store said it was legit and Sure! I could apply his store credit to my layaway. Paid him the 1/5th in cash and he was happy and left.

I did this Craigslist deal 1 more time and paid the ring off in 3 months. This would normally have taken me several years to do.

I do check Craigslist and see people still selling "Jewelry Store Credits". Remember, Your results may vary and you may simply get mugged in the parking lot.

If you can't pay cash for the ring, it costs too much. I think I paid about $1000 for my wife's ring, it's the "antique" style with lots of flourishes and lots of small diamonds.

I've always wondered about the 3 month thing, it's so stupid. Is it gross? Net? Especially when you consider the racket for something that isn't rare.

If the girl you are with is the outdoorsy type who doesn't mind doing something different, try to find your own diamond, knowing that it if you are lucky enough to do so it will be a small accessory stone. Then have a non-traditional stone as the centerpiece.

edit: if you're all about the experience, and you guys like to travel together, go to Alaska and pan for gold. The few flecks you get could be added to the casting grain when you have a custom ring made. Then the ring would contain both the gold and a stone that you found together.

I proposed to SWMBO last September. I gave her a little necklace thing that I picked up in New Orleans around 1995 and have worn almost every day since. She said that meant more to her than a diamond ring.

I offered to buy her whatever engagement ring she wanted (within a reasonable 4 digit number). She's not a fancy jewelry person, hates regular engagement rings, and was looking at natural diamonds and rings around $400-500 if i remember.

That was the beginning of the year. She hasn't looked or mentioned since, and the wedding is the first weekend of May. Looks like I don't have to buy a ring at all at this point.

z31maniac wrote: If you can't pay cash for the ring, it costs too much. I think I paid about $1000 for my wife's ring, it's the "antique" style with lots of flourishes and lots of small diamonds.

In general, I agree, but in this case I would like to use a credit card for 3 primary reasons:
1: I can pay cash, I just don't want to pay cash entirely.
2: If I can pay it with a rewards CC, might as well get the rewards (and pay off most of the cc immediately).
3: I would like to build my credit up. Note that this is not restoring credit or fixing any prior damage, but starting it in the first place.

Don't spend so much money. I spent a bit less than you are budgeting for, and I got a good one. Clarity and Qualtiy are more important than size. Also you need to know that you can negotiate with these things - A TON. It's better than used car stuff, just ask, you'll get 10-20% off the lsited price easily - more if you play a bit. I asked for a smaller diamond in the same setting, something like 5/8 instead of 3/4, and it dropped the price dramatically and yet she liked it better. Do this in the store, don't buy one online.

RossD wrote: After I proposed, my wife said she liked it better that I picked it out and didn't bring her to the store. She liked the surprise.

I outright asked the GF/soon to be fiance, and she said that she wanted it to be a surprise. We still went out and looked at a lot of rings though since neither of us really knew what she would find most appealing, and that was really useful since what I initially had in mind (a tension fitting ring) was very different from what she gravitated toward when we were looking at them.

I got somewhat fortunate though for reasons I won't explain here for the same reason as the OP posted using a new account, so I can safely say that she WILL be very surprised when the ring is finally done. Just wish it wasn't taking so long... I really wanted for her to have it before we go down to a cousin's wedding in a few weeks, but the odds of that happening are increasingly slim...

In college I had an engagement ring custom made for a girl with very particular requirements based on her religious traditions, size preference, and the abuse she put her jewelry through.

For that ring I bought the ugliest mens diamond ring I had ever seen at a pawn shop. The jeweler took out the nearly perfect stone, mounted it in the new setting, and kept the gold from the old ring as most of the payment. My total buy-in was $650, appraisal claimed it was worth $3k. Sold it at a different pawn shop later for $1200.

If you are under 35, marriage is a bad idea. Just saying.

I bought a ring in Feb, first off do you know her ring size? Does she have any diamond jewelry? If so you may want to look at the cut of the diamonds. Most jewelers have deals with credit card companies, where you only have to pay the minimum balance for a year or 6 months. I spent more then your budget because I found the perfect ring. If you go cheap in the future it might cost you a lot, I know of a lot of folks older then I and have been married for a long time had to purchase another ring that was 20 times more expensive. The ring I bought will never be replaced. Make also sure that your Diamonds are certified, it might cost a little more, but is worth the investment. Stay away from the internet and go to the jewelers and check out the rings. When you purchase the ring, see if they include for free, ring adjustments & insurance.

tuna55 wrote: Clarity and Qualtiy are more important than size to men, or to women who think like men

FTFY. Size, cut, color, clarity, pretty much in that order.

pinchvalve wrote: If you are under 35, marriage is a bad idea. Just saying.

Thank you for your opinion.