Tiffany Financing Options: Everything You Need to Know

Tiffany & Co. is known for their beautiful jewelry, and they also offer luxurious home decor, accessories and even fragrances. But their high-end items come with high-end price tags. Tiffany’s financing plans make it possible to break a costly purchase into smaller monthly installments over a set period of time at no or reduced interest.

Eligible Tiffany & Co. credit card holders may qualify for 12- or 24-month financing plans. You should also consider your alternative financing options, like opening a personal loan or 0% introductory APR credit card offer to finance your purchase.

How Tiffany & Co. Select Financing works

The Tiffany & Co. credit card offers 12- or 24-month financing plans on qualifying purchases. Either plan may be worth considering if you have a Tiffany & Co. credit card or if you plan on opening one to finance your purchase.

The company website doesn’t provide in-depth qualification requirements for its credit card or payment plans. At the least, you’ll need to submit to a credit check and an assessment of your current income. Once on a payment plan, you’ll need to meet the following requirements to benefit from the promotional APR:

• Make on-time payments
• Pay at least the minimum amount due
• Ensure no payments are returned

Your standard APR will vary based on your creditworthiness and the state of your home residence. If you don’t pay off your full balance within the 12- or 24-month period, you won’t receive deferred interest, but you will be charged the standard APR for the remaining balance.  This is a benefit over many other store credit cards that do charge deferred interest back to the date of purchase.

Are Tiffany & Co.’s credit card payment plans right for you?

If you can get on the Introductory 0% APR for 12 months financing plan, you could save a lot of money on interest, assuming you can repay the entirety of your balance within the promotional period. The lack of deferred interest is a major plus, but this option may be a poor choice for those who plan to carry their debt well after those initial 12 months, as they’ll be charged standard APR on the remaining balance.

The viability of the 24-month plan boils down to the APRs you’re quoted for with other financing options. With an APR of 7.99% APR for 24 months, this financing plan may be a strong contender compared with your credit card’s standard APR, but depending on your credit profile, you may qualify for a personal loan with a lower rate and a longer repayment term.

3 alternatives to Tiffany’s financing plans

Whether you’re shopping for a Tiffany engagement ring or some other finely crafted item, you need to carefully consider your purchase before committing to debt. Take your time in researching your options. Many personal loan lenders and credit card companies allow you to check your eligibility and potential terms with a soft credit check. Comparing these options could save you a lot of money depending on the size of your purchase.

1. Personal loan
2. Credit card
3. Budget and save in advance

1. Personal loan

Personal loans are fixed-rate loans that are repaid in equal monthly installments over a set period of time, typically one to five years. There are few restrictions on how you can use funds, which means you could take out a loan to pay for your Tiffany purchase.

With unsecured personal loans, you don’t need to back the loan with collateral to qualify. Instead, your financial background will be weighed to determine your eligibility and the terms you’re offered. You can expect the following factors to be considered in your application:

• Credit score
• Debt-to-income ratio
• Employment history

Unsecured loan APRs vary wildly based on your credit profile since no collateral is used. Borrowers with a robust credit history and a low debt-to-income ratio will qualify for the most competitive APRs on a personal loan.

If you find it difficult to qualify for an unsecured loan, or if you want a loan with a lower APR, you could consider a secured personal loan, which requires collateral. This collateral may include money in your savings account, or some personal property like your car.

2. Credit card

Using a credit card to finance your Tiffany & Co. purchase may make sense if you can qualify for a card with a 0% APR introductory offer. Some interest-free periods can last up to 20 months, giving you slightly more time to pay off your Tiffany’s purchase without paying any interest at all.

However, you’ll need good or excellent credit to qualify for a credit card with an introductory 0% APR offer. If you don’t qualify for one of these offers, it can be expensive to finance a Tiffany’s purchase with a credit card, and your total repayment cost will be unpredictable due to the variable interest rate.

Revolving credit card debt could also adversely affect your credit by increasing your debt-to-income ratio.

3. Budget and save in advance

Although Tiffany & Co. jewelry is breathtakingly beautiful, there’s really no reason why you can’t budget your money and save in advance, simply making the purchase when you have the funds to do so. This can save you money on interest and fees, and you won’t have to submit to a hard credit check.

You can utilize a budgeting app or a spreadsheet like the one below to come up with a savings plan so you can make your Tiffany’s purchase without taking out debt.

Special financing offers are current as of date of publishing.