Can you “AfterPay Engagement Rings”?
Do you want to buy an engagement ring but don’t have enough to pay for one?
This can be helpful for those who want to purchase a more expensive ring but may not have the funds upfront. Afterpay does not charge interest on their payments, but there may be fees if payments are missed or late. Some retailers may have restrictions on which items are eligible for Afterpay, so be sure to check before making a purchase. It’s important to read the terms and conditions of using Afterpay before purchasing to ensure it fits within your budget and financial situation.
Can you put a diamond engagement ring on a payment plan?
Yes, you can pay off a diamond engagement ring after you’ve bought it on a payment plan. It’s best to speak to your jeweller to find out what type of loan options they have available for financing a ring.
Some people buy a diamond ring on a credit card, but it’s best not to do this unless you can afford to pay off the card.
Where can I use AfterPay?
Holdsworth Bros. Jewellers allows you to use AfterPay to buy an engagement ring for orders up to $2,000, allowing you to split your payment into four instalments. Each instalment is paid every fortnight, so the item will be fully paid in eight weeks.
If you are planning to buy a diamond ring that is more than $2,000 you won’t be able to use AfterPay.
When shopping for an engagement ring with Afterpay, it’s important to choose a reputable jeweler who offers high-quality rings at fair prices.
What is the cheapest way to buy an engagement ring?
If you’re looking to buy an engagement ring but don’t have a lot of money, it’s safer to buy a ring that is within your budget, rather than taking out a loan or paying for it on a credit card if you’re unable to make the repayments.
What is AfterPay?
Afterpay is a payment option that allows customers to pay for their engagement ring in installments. It can be a convenient way to purchase an engagement ring without having to pay the full amount upfront. Founded in 2015, AfterPay is a ‘buy-now-pay-later’ (BNPL) platform that lets you purchase something in advance, staggering the payments out over a period of time. The goal is to provide customers with a means to pay for goods responsibly without incurring interest, fees or extended debt.
Multiple stores, both online and in-person, provide AfterPay as an alternative means of payment. Similarly to credit, it instead has the advantage of interest-free terms (the only costs are the price of the item being purchased and potential late fees). Using Afterpay can help make buying an engagement ring more affordable by spreading out payments over time, but it’s important not to overspend beyond what you can comfortably afford.
How does it work?
You will need to create an account with Afterpay and link it to your preferred payment method (credit or debit card). When purchasing an engagement ring with Afterpay, you will typically be required to make the first installment at the time of purchase. The process is simple. As their website says, “Shop Now. Pay over 6 weeks. Never pay interest”. The cost of a product is broken down into four separate payments, with the first being paid upfront. The other three payments are made separately every two weeks.
Some jewellery stores may have a minimum or maximum purchase amount required to use Afterpay as a payment option.
If payments are made on time, there are no extra fees. However, users will incur late fees if they are unable to make their payments on time. The first late fee is $10, with a further $7 added for any additional late payments.
If a customer misses a payment, they won’t be able to use AfterPay until the payments are up-to-date. Late payment fees are charged but are fixed, capped and do not accumulate over time. Customers are never entrapped in revolving debt and never incur interest.
AfterPay allows you to keep track of your purchases, as well as any incoming late fees, via their app. Setting up an account is easy, and the large number of stores that accept AfterPay make it a convenient option for people who need it.
How much can I spend with AfterPay?
The maximum amount of money you can spend with is different for every user, depending on a series of factors, such as:
Your payment history
The frequency of late payments
How late a payment was made
How often scheduled payments on your account get declined
How often orders get declined due to insufficient funds on the payment method on-file
How long you have been using AfterPay
The amount of declined purchases you’ve had using AfterPay
Using Afterpay can help make buying an engagement ring more affordable by spreading out payments over time, but it’s important not to overspend beyond what you can comfortably afford. Some retailers may have restrictions on which items are eligible for Afterpay, so be sure to check before making a purchase.
Finally, couples should discuss their budget and preferences together before choosing an engagement ring through any payment method, including Afterpay.
Do you have any questions?
If you have any further questions, contact us and we will be happy to accommodate you however possible. At Holdsworth Bros. Jewellers, we believe in removing any unnecessary barriers between you and your dream jewellery.