6 Things to Consider Before Purchasing Jewelry on Credit


Picture this: you’re going for a stroll around the city and doing window shopping for your partner. Suddenly, you pass a jewelry store and see this beautiful piece you’ll know they’ll love. As much as you want to buy it right now, you don’t have the money to do so.

However, after inquiring about the accessory, you discovered that you could purchase the jewelry on credit. While it’s a great option, you should consider a few things when working with credit jewelers

1. Do You Need to Make a Down Payment?

Some credit jewelers will require you to make a down payment to secure a particular offer. For example, if a ring costs $2,000, you might have to put in a 10% down payment to get the financing plan you want. Others may not require you to make a down payment at all. 

When purchasing online, you’ll need to complete an application during checkout. Once approved, you’ll find out the terms of your repayment schedule, and your jeweler will get shipped to you. So you’ll need to read the fine print from credit jewelers to see what’s required before purchasing.

2. Are the Monthly Payments Affordable?

It’s all well and good to be on a financing plan. But can you afford the monthly payments? Look at the credit jewelers’ loan terms; will you struggle to pay back the money? The entire reason you’re looking at a financial plan is to ease the payments.

Furthermore, you want to ensure it fits within your budget. You don’t want to be in a situation where you’re repaying of than you can afford. It could result in missed payments and a subsequently lowered credit score.

3. Is There Jewelry Insurance or Warranties?

Jewelry is an expensive investment, and you want to ensure your purchase is protected. Sometimes the piece can get damaged or even lost. So before working with credit jewelers, ask about product insurance. If no insurance is offered, you can always add the piece to your personal insurance for an additional cost.

Warranties are also an essential component when buying jewelry on a financing plan. For example, some retailers may offer a total replacement if your piece gets stolen or damaged by a third party. Once you provide the correct evidence, it should be no problem. Others may require you to bring your piece in for inspection every few months to determine its quality, and if you’ve made the necessary repairs so the warranty isn’t voided.

4. Is There a Return Policy?

There’s always the chance you could break up with a significant other or fall out with a friend you’ve bought jewelry for. You could also face the problem of them not liking what you bought; what happens then? The next step is making a return and getting your money back. 

If you’ve made an in-store purchase, it’s essential to know the return window and when the charge will get removed from your account. Online returns differ because you may have to pay additional fees like shipping or insurance to protect the jewelry if it gets lost in transit. However, they may not accept it if it’s a personalized piece. Some retailers may even accept trade-ins, which could benefit your pockets more, but they may only take jewelry from their store.

5. Will This Help With Your Credit?

The beauty of working with credit jewelers is that it offers the ability to improve your credit. Although you could have a bad history, they may grant you a financial plan opportunity. 

Depending on who you work with, monthly payments tend to be affordable. Since you’ll be able to repay the money, it’ll slowly improve your score. As a result, it could positively impact your ability to secure other loans in the future.

6. What’s the Scope of Your Relationship?

Gifting jewelry is one of the most intricate things you can do for someone because it shows you’ve put thought into the gift. And as you know, these pieces can be somewhat expensive. Of course, you want to give your partner the best, but sometimes that can be the pricier option.

Now we’re not saying cheaper is better but look at your overall relationship. Is this a long-term situation, or do you think things will fizzle soon? There’s no point in buying jewelry on credit if it’s not going to be a long-term situation. If you envision a future with your partner, start small and add to the piece continuously—like adding more stones to an engagement ring or bracelet.

Think In Depth Before Purchasing Jewelry on Credit

Purchasing jewelry on credit can be a wise financial decision. You can get the piece you want while paying back affordable monthly installments and impacting your credit score. But research diligently to see if it’s the right option for you.