This is a darn good deal!
If you’re not a Discover cardholder and it’s diamond-shoppin’ time, you might want to take a few minutes to consider this option.
First, sign up for your card at discover.com/double – this DOUBLES all cash back for your first year as a cardholder (plus offers no interest for a whole year! See the last portion of the post for more…) So, when you see Discover Deals (the Discover portal) offering 10% back, that makes it an easy 20% back. Zales has 10% back through the end of the year – just be sure to read the fine print, as it says not valid with other offers. But, does that rule really apply? The answer is “YMMV” – your mileage may vary (you’ll see this expression around many travel blogs and deal sites as a disclaimer that the promotion might not work exactly as advertised, so proceed at your own discretion.) Zales is currently offering 15% off on $1,500, but it may not pair with the Discover offer. So, it’s your choice whether or not to take the chance. Let’s do the math and decide.
Just the 15% Off: Assuming you’re buying a $2,000 engagement ring. That would trigger the 15% off, or a $1,700 sticker price. You should probably use a new credit card that has a sign up bonus on $1,000 so you can make progress toward that free honeymoon! However, if you use your Discover card, you’ll get the standard 1% back, doubled to 2%, for an extra $34 off. Your price would be $1,668.
Just the 20% Back at Discover: Assuming you’re buying a $2,000 engagement ring, your price would be $2,000 and you’ll get $400 in cash back through the bonus plus the standard 1%, or $20, doubled to $40. Your price would be $1,580.
Use both, cross your fingers it works: Assuming you’re buying a $2,000 engagement ring, your price would be $1,700 after the 15% discount and you’ll get $340 in cash back through the bonus plus the standard 1%, or $17, doubled to $34. End price is $1,326 – a total discount of about 34% off!
What would I do? I would definitely use the 15% off code and shop through the Discover portal! I could save an ADDITIONAL 16% over just using the 20% portal offer ($1,326 vs $1,580), and will pay an “extra” 6%, at most, if I only get the 15% without the cash back bonus ($1,668 vs $1,580.) The only factor that might change my mind would be a significant travel bonus if I used a non-Discover card on the purchase.
Don’t know what you’re shopping for?
If you need help picking out a stone online, don’t hesitate to ask for help. I also suggest the folks over at Price Scope and the Holloway Cut Adviser as great tools for your search. You should pop in to a store or two to get a feel for your personal preference and corresponding prices to make sure this is the best deal you can find.
I might be poking around for a gift for myself, with these prices…
Obligatory financial responsibility statement
Using a credit card takes responsibility. This card happens to come with 0% interest for ONE YEAR. In other words, if you can’t pay off the purchase in ONE YEAR, don’t make it! The rates skyrocket to 10-20% in the 13th month, which will immediately wipe out any savings from using the card!