Should You Buy Jewelry on Credit? 7 Things to Think About

It’s easier than ever to expand your collection with credit jewelers, whether you’ve got a taste for diamonds, pearls, or classic gold chains. The real question is whether buying jewelry on credit is actually a smart idea, and what factors come into play when reaching a decision.

The truth is that most people can safely use credit jewelers to get what they want, but there are some rules required to stay safe and smart. Here are seven things to think about before taking the next step.

1. Determine Your Down Payment

Just like buying a car or a home, acquiring jewelry starts with a sizeable down payment. The more you pay upfront, the more reasonable your subsequent monthly payments will be, or the quicker you can own your jewelry in full.

Your down payment shouldn’t interfere with other financial priorities or hurt your ability to pay down debt. If you are stuck in a swamp of bad credit, a larger initial payment may be required. 

Only work with credit jewelers that give you full transparency into the process and help you figure out a smart strategy.

2. Think in Terms of Monthly Budget

Once your down payment is secured, it’s time to move onto the monthly payment model that will pay down the principal sum over time. Everyone has a unique monthly budget, so include this payment among your rent, utilities, insurance, and grocery needs. 

A $20 or $30 payment doesn’t seem like much when you’ve got your sights set on that beautiful new jewelry, but are you willing to pay that sum many times over for years to come? Perhaps it’s wiser to increase the size of each payment and achieve full ownership sooner than later. (  

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These are the details you’ll need to figure out with your trusted credit jewelers, no matter the nature or scope of the purchase. 

3. Consider the Time of Year

Not every season is optimal for buying jewelry, despite what marketing campaigns might have us believe. In truth, jewelry is priced best for customers in the late Spring and early Summer, while those price tags start rising fast as the holidays near.

Also, remember that jewelry prices fluctuate due to everything from global economics and supply chains to consumer sentiment and random world events. Learn the trends in the marketplace and capitalize when costs are down. 

That’s how you become a player in the jewelry game rather than a passive observer.

4. Develop Personal Accountability

Using credit in any context is a matter of being accountable, and counting on your future self to make smart decisions. Do you have the discipline and future orientation to pay down the debt in an efficient way, with timely payments, and no margin for error?

It might sound easy now, especially as you gaze at your beloved new jewelry. Just remember that following through in the long term is not necessarily so easy, and you need to commit to the correct path moving forward.

5. Brand Loyalty and Bonuses

Every brand claims to value brand loyalty, but few companies genuinely support that statement with policies that benefit the buyer. When browsing credit jeweler options, be sure to choose a company with strong loyalty programs and incentives for you.

Look for customized credit options, VIP awards for on-time payments, special sales events for members, and other bonuses that keep you in the loop. This not only serves to keep you on track with payments, but also to inspire and motivate. 

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6. Comparing Prices and Brands

Never hesitate to compare prices and match brands head to head during your shopping journey. Use all tools to your advantage, from online stores and social media channels to local retailers and personal networks. If you hear about a sale, don’t speculate and wait–go check it out for yourself and see what’s available.

While brand loyalty can take you far, you also need to exercise prudent consumer practices and get the best value possible. There’s nothing wrong with bookmarking an item online, then using search terms on other sites to find a suitable alternative for a better price. 

7. Discounts, Deals, and Special Offers

Credit will help you get more jewelry sooner than later, but that doesn’t mean you can ignore bargains and savings. Always stay tuned to the latest industry news and follow influencers online to score deals at your favorite brands.

On the flip side, beware of deals that seem too good to be true, and pay attention to the financials behind the offer. If you’re being charged major interest over time, it’s still not worth the relatively low price you pay to get started.

Get the Edge with Credit Jewelers

The simplicity of buying jewelry on credit can’t be matched, but there’s a strategy to it all. Know the blueprint in advance to sidestep hazards and use financing to your full advantage. 

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