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The 6 Best Credit Cards for Buying an Engagement Ring [2024]

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Getting engaged may be one of the most important moments of your life — if you’re ready to pop the question and take that next step with your significant other, you want everything to be absolutely perfect.

You’ve probably got plenty to worry about, such as choosing the perfect ring or how you’re going to propose.

But about that ring: you’ll want to think twice before financing this major purchase through the jewelry company.

In this guide, we’ll show you how to maximize rewards and benefits on your engagement ring purchase, which could help with your honeymoon and more.

Let’s get into it!

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Best Credit Cards for Buying an Engagement Ring

Card Summary

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Card Welcome Offer and Annual FeeEarnings on Ring Purchase
The Platinum Card® from American Express
  • Earn 80,000 points after spending $8,000 on purchases in the first 6 months.
  • $695 (rates & fees)
1x miles on your engagement ring purchase
Capital One Venture X Rewards Credit Card
  • Earn 75,000 miles when you spend $4,000 on purchases in the first 3 months.
  • $395 (rates & fees)
2x miles on your engagement ring purchase and all other purchase
Capital One Venture Rewards Credit Card
  • Earn 75,000 miles when you spend $4,000 on purchases in the first 3 months.
  • $95 (rates & fees)
2x miles on your engagement ring purchase and all other purchases
Chase Freedom Unlimited®
  • Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.
  • $0
Unlimited 1.5% cash-back on your engagement ring purchase and all other purchases
Citi Double Cash® Card
  • Earn $200 cash back after spending $1,500 in the first 6 months.
  • $0
Earn 2% cash-back on your engagement ring purchase and all other purchases
American Express Cash Magnet® Card
  • Earn $200 back after spending $2,000 within the first 6 months
  • $0
  • Unlimited 1.5% cash-back on your engagement ring purchase and all other purchases
  • Access to Plan It, which gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee

What To Look for in a Credit Card for Buying an Engagement Ring

The best cards to buy engagement rings offer superb rewards and flexible repayment terms.

Sure, retailers like Zales and Kay Jewelers usually offer 0% APR financing, but there is little-to-no space for rewards.

Additionally, the absolute winning options in this space will boast huge credit card welcome bonuses. Lastly, an important factor for a great card for engagement rings is a high credit limit.

So, to put yourself in the best position, find yourself a credit card with excellent rewards, attractive introductory APR promotions, a substantial welcome bonus, and a high credit limit!

The 6 Best Credit Cards for Buying an Engagement Ring

Many people who buy engagement rings choose to finance their purchase.

Financing can be a good idea to spread out payments, but most people don’t know that you can both finance and earn rewards!

One strategy is putting your purchase on a rewards credit card and paying it off over time as long as there’s a good introductory APR offer attached. You should also consider looking for the best welcome bonus and pay off the entire purchase if you can afford it.

Here’s a snapshot of our 6 favorite cards for buying an engagement ring. Notice how store cards from merchants such as Zales and Kay Jewelers are absent:

Amex Platinum Card (Best for Welcome Bonus)

BEST LOUNGE ACCESS
The Platinum Card® from American ExpressTerms Apply / Rates & Fees
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Learn More(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.
Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on the Card in your first 6 months of Card Membership.
80,000 points
$1,760
$695
See Pay Over Time APR
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

When it comes to cards that offer top-notch benefits, you’d be hard-pressed to find a better card out there than The Platinum Card® from American Express.

Make no mistake — the Amex Platinum card is a premium card with a premium price tag. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous value in annual statement credits, it can easily prove to be one of the most lucrative cards in your wallet year after year.

Pros
  • The best airport lounge access out of any card (by far) — enjoy access to over 1,400 worldwide lounges, including the luxurious Amex Centurion Lounges, Priority Pass lounges, Plaza Premium Lounges, and many more!
  • 5x points per dollar spent on flights purchased directly with the airline or with AmexTravel.com (up to $500,000 per year)
  • 5x points per dollar spent on prepaid hotels booked with AmexTravel.com
Cons
  • $695 annual fee (rates and fees)
  • Airline credit does not cover airfare (only incidentals like checked bags)
  • Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
  • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
  • $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
  • The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
  • $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
  • $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.
  • $189 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
  • Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 year period for TSA PreCheck® application fee for a 5-year plan only (through a TSA PreCheck® official enrollment provider), when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
  • Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
  • Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
  • $695 annual fee.
  • Terms Apply.
Financial Snapshot
  • APR: See Pay Over Time APR
  • Foreign Transaction Fees: None
Rewards Center

American Express Membership Rewards

Hot Tip: Check to see if you’re eligible for a welcome bonus offer of up to 125k (or 150k) points with the Amex Platinum. The current public offer is 80,000 points. (This targeted offer was independently researched and may not be available to all applicants.)

The Amex Platinum card is the best card to use for your engagement ring purchase.

It comes with an enormous welcome bonus, which makes this card especially attractive. We value the welcome bonus at more than $2,000, which could translate to a huge discount on your ring purchase.

In addition, this card has some of the best luxury travel perks — that could definitely come in handy when you’re on your honeymoon.

Enjoy the ability to earn up to 5x Membership Rewards points on flights booked directly with airlines or with AmexTravel.com (up to $500,000 on these purchases per calendar year) and 5x Membership Rewards points on prepaid hotels booked with AmexTravel.com.

Access luxury hotel benefits with the Fine Hotels & Resorts and The Hotel Collection, enjoy the best airport lounge perks with the American Express Global Lounge Collection, and get hotel elite status with Hilton Honors Gold and Marriott Bonvoy Gold Elite status (upon enrollment).

There’s also more than $1,400 in statement credits, including:

Why We Like Earning Amex Membership Rewards Points

Amex Membership Rewards points are the most valuable rewards currency, in our opinion. That means every point you accumulate with Amex Membership Rewards, you can rest assured that you’re getting fantastic ROI.

While you can redeem your points for statement credits, charity, travel via the AmexTravel.com portal, and gift cards, we think that Amex Membership Rewards points are most valuable when you transfer them to Amex transfer partners to book luxury travel.

Capital One Venture X Card (Best for Welcome Bonus & Earning Miles)

Capital One Venture X Rewards Credit CardTerms Apply / Rates & Fees
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Capital One Venture X card is an excellent option for travelers looking for an all-in-one premium credit card.

Learn More(at Capital One's secure site)
The Capital One Venture X card is an excellent option for travelers looking for an all-in-one premium credit card.
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.
75,000 miles
$1,350
$395
19.99% - 29.99% (Variable)
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Excellent (740-840)

The Capital One Venture X Rewards Credit Card is the premium Capital One travel rewards card on the block.

Points and miles fans will be surprised to see that the Capital One Venture X card packs quite the punch when it comes to bookings made through Capital One, all while offering the lowest annual fee among premium credit cards.

Depending on your travel goals and preferences, the Capital One Venture X card could very well end up being your go-to card in your wallet.

 

Pros
  • 10x miles per $1 on hotels and rental cars purchased through Capital One Travel
  • 5x miles per $1 on flights purchased through Capital One Travel
  • 2x miles per $1 on all other purchases
Cons
  • $395 annual fee (rates & fees)
  • Does not offer bonus categories for flights or hotel purchases made directly with the airline or hotel group, the preferred booking method for those looking to earn elite status
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive a $300 annual credit for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Elevate every hotel stay from the Premier or Lifestyle Collections with a suite of cardholder benefits, like an experience credit, room upgrades, and more
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
Financial Snapshot
  • APR: 19.99% - 29.99% (Variable)
  • Foreign Transaction Fees: None
Rewards Center

Capital One Miles

 

One of our favorite cards is the Capital One Venture X card — first of all, the welcome bonus is exceedingly attractive. And you’ll earn 2x miles on your engagement ring purchase!

You’ll even have the ability to earn 10x miles on hotels and rental cars booked through Capital One Travel, as well as 5x miles on flights booked through Capital One Travel.

Also, you’ll get a bonus of 10,000 miles every year, starting on your first cardmember anniversary, as well as a $300 annual travel credit for Capital One Travel bookings.

Add onto that the unlimited access to Capital One Lounges and Plaza Premium Lounges, a complimentary Priority Pass membership, and a $100 Global Entry/TSA PreCheck application fee credit, and you’ve got a keeper of a credit card!

Remember that this card also comes with complimentary Hertz President’s Circle status, travel insurance, cell phone protection, no foreign transaction fees (rates & fees), and no annual fees for up to 4 authorized users (rates & fees).

Why We Like Earning Capital One Miles

Capital One miles can be used in a variety of ways, but the single best way to redeem Capital One miles is to transfer them to travel partners for award flights and hotel stays.

That way, you can get outsized value on your travel bookings, instead of settling for cash-back or merchandise at subpar value.

In fact, this is the best way to get excellent value — we believe earning 2x miles is worth a 3.6% return on spending.

Capital One Venture Card (Best Sub-$100 Card for Earning Miles)

Capital One Venture Rewards Credit CardTerms Apply / Rates & Fees
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

Get 2x miles plus some of the most flexible redemptions offered by a travel credit card!

Learn More(at Capital One's secure site)
Get 2x miles plus some of the most flexible redemptions offered by a travel credit card!
Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.
75,000 miles
$1,350
$95
19.99% - 29.99% (Variable)
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent Credit (670-850)

The Capital One Venture Rewards Credit Card is one of the most popular rewards cards on the market. It’s perfect for anyone in search of a great welcome offer, high rewards rates, and flexible redemption options.

Frequent travelers with excellent credit may benefit from this credit card that offers a lot of bells and whistles. And it offers easy-to-understand rewards earning and redemption.

Pros
  • 5x miles per $1 on hotels and rental cars booked through Capital One Travel
  • 2x miles per $1 on all other purchases
  • Global Entry or TSA PreCheck application fee credit
Cons
  • Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
  • Earn unlimited 2X miles on every purchase, every day
  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
  • Enrich every hotel stay from the Lifestyle Collection with a suite of cardholder benefits, like a $50 experience credit, room upgrades, and more
  • Transfer your miles to your choice of 15+ travel loyalty programs
Financial Snapshot
  • APR: 19.99% - 29.99% (Variable)
  • Foreign Transaction Fees: None
Rewards Center

Capital One Miles

The Capital One Venture card is another fantastic way to get rewarded for your engagement ring purchase because you’ll earn 2x miles on this purchase.

You’ll also get 5x miles per dollar spent on hotels and rental cars booked via Capital One Travel.

Maximize your benefits here by using the Global Entry/TSA PreCheck application fee credit, Five Star status with Hertz, and no foreign transaction fees (rates & fees).

Of course, authorized user cards come at no additional cost (rates & fees), and you can also get purchase protection and travel insurance with this credit card.

Freedom Unlimited Card (Best for Cash-back and Intro APR)

Chase Freedom Unlimited®
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!

This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.
Up to $300 cash back
$0
0% Intro APR for 15 months on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

The Chase Freedom Unlimited® is easily one of the best cash-back credit cards on the market. There aren’t many no-annual-fee credit cards that offer multiple great bonus categories like 5% back on travel purchased through Chase, 3% back on dining and drugstore purchases, and 1.5% back on all other purchases.

When paired with other Chase cards in the Ultimate Rewards family, you can transfer that cash back into points if you wish – making it one of the most lucrative cards in your wallet.

Pros
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • 5% back on travel purchased through Chase Travel
  • 3% back on dining and drugstore purchases
Cons
    • 3% foreign transaction fee
  • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
  • Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
  • After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
  • Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
  • Member FDIC
Financial Snapshot
  • APR: 0% Intro APR for 15 months on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • Foreign Transaction Fees: 3% of each transaction in U.S. dollars
Rewards Center

Chase Ultimate Rewards

The Freedom Unlimited card is one of the most underrated credit cards for engagement ring purchases. You can maximize an amazing rewards structure to earn 1.5% cash-back on your ring purchase with this entry-level card:

  • 5% cash-back on Chase travel booked through Ultimate Rewards
  • 3% cash-back on drugstore purchases and dining at restaurants (including takeout and eligible delivery services)
  • 1.5% cash-back on all other purchases

Even better, this card offers a 0% introductory APR perk that you can use to defer interest accrual so you can spread out your payments on this big-ticket purchase.

This card also offers basic benefits such as no-cost authorized user cards, secondary rental car coverage, purchase protection, extended warranty, and more.

Why We Like Earning Chase Ultimate Rewards Points

If you have an Ultimate Rewards credit card in addition to the Freedom Unlimited card, you can unlock some amazing value beyond 1.5% cash-back.

That’s because with a card like the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve® you’ll have the ability to convert your cash-back to Ultimate Rewards at a 1% to 1x ratio.

Earning 1.5x points is worth a 3% return on spending in our books, and the absolute best way to get phenomenal value is to transfer your points to Chase travel partners.

Double Cash Card (Best for Uncapped Rewards & Intro APR)

Citi Double Cash® Card
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

Great card for the average spender with no specific focus category; worry-free cash-back earning on everything!

Learn More(at our partner's secure site)
Great card for the average spender with no specific focus category; worry-free cash-back earning on everything!
Earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening.
$200 cash back
$0
0% Intro APR for 18 months on balance transfers, then 19.24% - 29.24% Variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Fair to Excellent (580-850)

The Citi Double Cash® Card has long been one of the top cash-back credit cards on the market, and the card now has the ability to earn Citi ThankYou Points!

This means that cardholders of the Double Cash card will now earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Cash back is earned in the form of ThankYou Points. This means each billing cycle, you will earn 1 ThankYou point per $1 spent on purchases and an additional ThankYou point for every $1 paid on your purchase balance as long as there is a corresponding balance in your Purchase Tracker.

Citi has turned the Double Cash card into a top choice for those who are looking for an everyday, no-fuss credit card.

Pros
  • Uncapped 2% for every $1 spent (1% when you buy and another 1% when you pay)
  • Flexible redemption options
  • No annual fee
Cons
  • No bonus categories
  • 3% foreign transaction fees
  • Bonus Offer: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% – 29.24%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  • Citi Double Cash® Card Travel Portal Limited Time Offer: Earn a total of 5 ThankYou Points per $1 spent on hotel, car rental, and attractions, excluding air travel, when booked through the Citi TravelSM portal on ThankYou.com or by calling 1-800-Thankyou and saying “Travel.” Offer is valid through 11:59 PM Eastern Time (ET) 12/31/2024.
Financial Snapshot
  • APR: 0% Intro APR for 18 months on balance transfers, then 19.24% - 29.24% Variable
  • Foreign Transaction Fees: 3% of the U.S. dollar amount of each purchase
Rewards Center

Citi ThankYou Rewards

The Double Cash card is one of our favorites because you can get an unlimited 2% cash-back: 1% back when you buy and 1% back when you pay (earned as ThankYou Points).

The rewards on this card are uncapped, so you can rest assured you’ll get fantastic rewards no matter how much you spend on your ring.

This card even has a 0% introductory APR on balance transfers, though not purchases.

Other notable benefits include fraud alerts, zero liability for unauthorized purchases, access to Citi Entertainment, and no additional fees for authorized users.

Why We Like Earning Citi ThankYou Rewards

The rewards you earn are called ThankYou Rewards Points — and if you have a card like the Citi Strata Premier℠ Card or the Citi Prestige® Card, you can transfer your points to the full suite of Citi’s travel partners for some sweet redemption value.

With the right credit card pairing, your return on spending is from 2% to 3.2%.

Amex Cash Magnet Card (Best for Cash-back & Plan It Benefit)

American Express Cash Magnet® CardTerms Apply / Rates & Fees
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

Earn consistent 1.5% cash-back on all purchases, with no caps or changing categories to track, and with no annual fee.

Learn More(at Amex's secure site)All information about American Express Cash Magnet® Card has been collected independently by Upgraded Points.

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

Earn consistent 1.5% cash-back on all purchases, with no caps or changing categories to track, and with no annual fee.
Earn $200 Back after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership.
$200
$0
0% on purchases for 15 months, from account opening,Ongoing APR: 19.24%-29.99% variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

The information regarding the American Express Cash Magnet® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer. 


Those who are looking for a simple and straightforward cash-back credit card will love the American Express Cash Magnet® Card. With no annual fee to worry about and no bonus categories to fuss over, you can have the peace of mind knowing that you’re earning cash-back rewards on every purchase — without needing to pay anything out of pocket.

Pros
  • 1.5% cash-back on all other purchases
  • No annual fee
  • Rental car insurance
Cons
  • 2.7% foreign transaction fees
  • No category specific bonus categories
  • Earn $200 Back after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $200 back in the form of a statement credit.
  • Unlimited 1.5% Cash Back on your purchases.
  • Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 19.24%-29.99% variable.
  • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
  • Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you’d like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
  • Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.
  • No Annual Fee.
  • Terms Apply.
Financial Snapshot
  • APR: 0% on purchases for 15 months, from account opening,Ongoing APR: 19.24%-29.99% variable
  • Foreign Transaction Fees: 2.7% of each transaction after conversion to U.S. dollars.

The last card we’ll discuss is the Amex Cash Magnet card. With this unfussy card, you’ll get 1.5% cash-back on all purchases with no caps.

There’s usually a welcome bonus on this card, but one of the best benefits is the introductory 0% APR promotion on purchases!

This will help you earn valuable rewards and finance your engagement ring purchase!

Specifically, you’ll have the ability to use Plan It, a perk that splits up select purchases of $100 or more into monthly payments with a fixed fee.

You can access Amex Offers for additional savings, too.

Final Thoughts

The best card to use for an engagement ring purchase will depend significantly on your financial standing.

If you’re able to buy the ring outright without any financing, we would encourage you to consider getting the Amex Platinum card, the Capital One Venture X card, the Capital One Venture card, or the Double Cash card.

The rewards from the welcome bonus and the transaction itself will end up netting you a huge return on your spending.

But if you need to finance your purchase, take advantage of the offers on the Freedom Unlimited card or the Amex Cash Magnet card to earn some rewards while using the introductory APR promotions to spread out your payments!

We hope that you’ve found this complete guide useful on which cards are the best pay for your engagement ring. For your next stage of planning, check out our guide to the best credit cards for weddings and honeymoons.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

Enrollment required through Capital One website or mobile app. Upon enrollment, eligible cardholders will remain at upgraded status level through December 31, 2024.  Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier.  Additional terms apply.

The information regarding the American Express Cash Magnet® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information for the Citi Prestige® Card has been collected independently by Upgraded Points and not provided nor reviewed by the issuer.

For rates and fees of The Platinum Card® from American Express, click here.

Frequently Asked Questions

How much should I spend on an engagement ring in 2022?

In 2022, according to an article published by RealSimple,¹ the average cost of an engagement ring is $3,000 to $5,000.

Can I use my credit card to buy jewelry?

You can absolutely use a credit card to buy jewelry. In most cases, if you can afford to pay it off in a timely manner without accumulating interest, it’s a beneficial decision to use a credit card to buy jewelry. That’s because you can earn some awesome points or cash-back just by putting your purchase on a credit card!

What are the best credit cards to buy an engagement ring?

We recommend using the Amex Platinum card, Capital One Venture X card, Capital One Venture card, Freedom Unlimited card, Double Cash card, or Amex Cash Magnet card to buy an engagement ring.

Should I buy an engagement ring with a credit card?

If you can afford it, you should absolutely do it. You can earn a ton of rewards that will help you offset some of the engagement ring costs or pay for honeymoon travel. And with some credit cards, you can enjoy great rewards and take advantage of introductory financing promotions!

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About Stephen Au

Stephen is an established voice in the credit card space, with over 70 to his name. His work has been in publications like The Washington Post, and his Au Points and Awards Consulting Services is used by hundreds of clients.

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