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Financing Options for Your Engagement Ring | Rare Carat

How to Pay for Your Engagement Ring

Here, we will give you the lowdown on all the different payment options available on Rare Carat.

After all of the searching, research, and help from our awesome Gemologist team you have finally found your perfect engagement ring! As it sits in your cart awaiting to be delivered to its forever finger, excitement rushes over you...the time has finally come! Here, we will give you the lowdown on all the different payment options available on Rare Carat.

The last thing you should worry about is what type of payment method you'll use. There are so many different payment and financing options available, and we are here to break them down for you one by one. If you are concerned about moving ahead with payment, remember that Rare Carat covers you with free 30-day returns. Also, don’t forget to read the latest of our amazing customer reviews. Let's get started!

Credit Card

All major credit cards are accepted, and this is the most common purchase method by far across all online engagement ring shoppers. You may use your credit card directly on Rare Carat or through the PayPal gateway. For payments above $15,000, calling your bank (or American Express) ahead of the payment can help avoid declines.

Cash/Bank Wire

Cash is always a great option, especially for a larger purchase, but not everyone has that kind of dough sitting around waiting to be spent on a ring. Did you know the average engagement ring costs around $6,000 according to Rare Carat's data on American engagement ring shoppers? If you did save up long enough, that's awesome, and a well-deserved 'Paid in Full' price break is in order for you! The wire transfer option saves you some money - essentially we save on the credit card processing fees and that savings gets passed on to you. Just click on the 'wire transfer' option at checkout to get started (wire instructions will be emailed to you once the diamond has been secured by the retailer). We have an orders team on standby for any and all questions pertaining to your order and the checkout process. 

Special Financing

In October 2023, Rare Carat announced a partnership with TD Bank, N.A. to offer 6 month (for lab and natural diamonds) and 12 month (only for lab diamonds) special financing plans.

Restrictions apply. Click here to learn more about the financing plans available and apply.

After applying you will receive documents through the mail (keep in mind in case your purchase is a surprise). You can enroll in online account management to set your account preferences, and receive monthly notifications by email instead of by mail.

Affirm Credit

Another credit option available to you is Affirm - their “buy now, pay later” later model is helpful in knowing exactly what you’ll pay each month with no surprises or fees of any kind (not even late fees). It’s super simple to use, and financing plans can spread over as long as 36 months, depending on your order value. One caveat, they will only finance purchases up to $30,000.

To get prequalified, you can click on the Affirm blue button from your checkout page or set up an account directly on Affirm's site here.

Step One: Pick the diamond and setting you like and hit the Affirm button at checkout.
Step two: Choose how to pay. Select the payment schedule that works for you, then confirm your loan. No hidden fees will ever be charged.
Step three: Make easy monthly payments. They will even send you reminder emails and texts so you never miss a payment.

Karly Bulinski
Karly Bulinski
Karly is one of Rare Carat's GIA Graduate Gemologists, or as we like to call them "Rockstars". She loves her family, dogs, being outside, hiking camping and volleyball.