Tiffany & Co was founded in 1873 and is one of the world’s most notable luxury brand selling items ranging from home accessories, jewelry; necklaces, earrings, rings and bracelets. The jewelry is made from mainly diamonds and sterling silver. See Does Tiffany & Co Have Payment Plans?
The luxury nature of their items also means that the price tag will be high. It is for this reason that the company offers a payment policy for their customers to enable them afford and enjoy their products. Tiffany & Co offers payment plans broken down into smaller payments of between 12- 24 months. The payment plans are made possible by the se of credit cards. Through this payment plans there are 3 main methods that make it possible to own one of their pieces.
3 Main Methods
Promotional APR is a service offered by credit card companies that allow for low interest rates on credit cards when the account holder first acquires the credit card otherwise called ‘introduction period’. According to the US law the promotional period is expected to run for at least 6 months. However, depending on the credit card company the period may last for up to 24 months. Longer promotional periods allow for a longer time to pay for a Tiffany’s product at a low interest.
Standard APR (annual percentage rate) is interest charged on your credit card when there is evidence of a balance. It begins after the initial introductory period after opening the credit card. The balance can be as a result of late payment or defaulting payment on the credit card amount. Credit card companies are expected to reveal their standard APR to their card holders. The APR rate may change due to various reasons such as a drop in the financial markets or the company’s own financial challenges. Purchasing and payment of a Tiffany’s product during the expected time period will not trigger interest on the amount used.
An annual fee is the amount used by the credit card company to enable the account holder to keep their account open. It can otherwise be referred to a maintenance fee by the credit card company. The fee is included in the account holders statement and is paid annually depending on the rate of your credit card service provider.
How Tiffany & Co’s Select Financing Plans work?
When deciding to purchase a product using this method, one should first submit their credit card information and current income to be assessed and to determine whether one qualifies for the plan. The assessment allows for the company to decide which financial plan works best for you.
In order to benefit from the promotional APR, certain requirements must be met:
- One should be able to make payments on time
- Pay at least the minimum amount due
- Ensure no payments are returned.
The credit card score of the consumer will determine whether he/she is qualified to use the standard APR financing plan. If one does not complete payment during the stated 12-24-month period, the deferred interest on the amount is disqualified and therefor the standard APR comes into force.
Tiffany & Co financing plan may be the best fit for a consumer if:
- One is able to repay the total amount of the item during the promotional period to allow for deferred interest to apply therefore allowing one to save money.
- One is able to pay the total amount in its entirety within the 12-24 -month period
However, if one is not able to qualify for the Tiffany & Co financing plans there are other options one may look into such as:
- Personal loans
- Use of personal credit cards
- Budget and plan to make a purchase in advance.
Frequently asked questions:
How will the financing plan help me save money?
By breaking a large and costly purchase into smaller monthly payment one is able to properly budget and acquire the item without incurring a huge dent in your finances.
Is it hard to get approval for the financing plans?
Approval for the plans depends on one’s income and credit score meaning if it is seen that you do not default on payment and are able to pay for the item approval will be fairly easy.
Is the payment plan available for all Tiffany items?
The plan is only available for select Tiffany items such as Engagement rings. It is important to contact the company for in depth information on whether the item you want to purchase is available for a financing plan.
How is the financing plan different from personal loan and credit?
The plan allows for zero interest rate on the purchased items provided the payment is made in full without defaulting. This allows for one to save money that could have been used as interest if one used personal loan and credit.