Buying Engagement ring - jewellers take cash only ?

dubdev

Hi there

I put down a deposit for an engagement ring last month and am picking it up next week. I visited the jewellers a few days ago to let them know this and asked how they would like me to pay, and they would prefer cash.

This is a pain as I'll have to make a few withdrawals and is a bit weird given that they took my €1000 deposit by debit card. Anyone know why they would prefer cash, is it to avoid paying credit card fees or is there something else going on?

Thanks

tuisginideach

depends on how well established the jewellery shop is - if well/long-established, then probably safer for them than a debit/credit card. If a fly-by-night, then better for them to get cash!

dubdev

tuisginideach wrote: »

depends on how well established the jewellery shop is - if well/long-established, then probably safer for them than a debit/credit card. If a fly-by-night, then better for them to get cash!

They are based beside Grafton St in Dublin and are open since at least 2012 based on other posts on boards. When you say cash is safer than a card, is this due to the possibility of a charge back etc

Water John

I think we can all work out why they might prefer cash. What amount will your receipt say, €1K or maybe 2 receipts.
What will the sale price be on the books?

tuisginideach

dubdev wrote: »

They are based beside Grafton St in Dublin and are open since at least 2012 based on other posts on boards. When you say cash is safer than a card, is this due to the possibility of a charge back etc

No, in case you 'change' your mind after getting the ring and cancel the transaction in some way/in case card is stolen etc

wandererz

Don't ask them what they prefer. Of course they prefer cash.

Pay by credit card instead. Don't have money on your credit card?? Transfer cash into it from your bank account.
You have more protection and perhaps insurance coverage as well with a credit card transaction.

You could be walking down Grafton Street and you could be mugged. Then your thousands of euro in cash is all lost.
Lose a credit card? No biggy, order another one.

Then when it comes to relationship break-up, divorce, home break-in, theft, insurance claim etc. you have further proof of payment rather than just a jewellers receipt alone.

This marriage thing is and can be fantastic but protect yourself at each step along the way.

As the Tayto ad says "you didn't sell yourself short when you were a kid so why start now".

These folks don't owe you anything. Once the deal is done they are smiling and sometimes cannot be bothered afterwards.

What can go wrong with a ring? (you may ask).
Well, a prong could come loose and hence the diamond falls out and gets lost. Who is liable then? Jeweller will blame it on your good self instead and deny any responsibility or accusations of shoddy workmanship.

In this case a credit card purchase or other insurance can come in very handy.

Sinister Kid

dubdev wrote: »

Hi there

I put down a deposit for an engagement ring last month and am picking it up next week. I visited the jewellers a few days ago to let them know this and asked how they would like me to pay, and they would prefer cash.

This is a pain as I'll have to make a few withdrawals and is a bit weird given that they took my €1000 deposit by debit card. Anyone know why they would prefer cash, is it to avoid paying credit card fees or is there something else going on?

Thanks

If you paid your deposit by card & you wanted to pay the balance by card, why did you ask them what way did they want you to pay? Why didn't you just show up with your card & pay?

dubdev

Sinister Kid wrote: »

If you paid your deposit by card & you wanted to pay the balance by card, why did you ask them what way did they want you to pay? Why didn't you just show up with your card & pay?

Because there are daily spending limits on debit cards and my the value of the ring is worth more than my limits on either my debit or credit card.

Atlantic Dawn

The business could go bust and you be left with nothing with no way of claiming back your cash, with a card payment you can do a chargeback. I'd have no problem paying with cash if I was getting the ring there and then.

dubdev

Atlantic Dawn wrote: »

The business could go bust and you be left with nothing with no way of claiming back your cash, with a card payment you can do a chargeback. I'd have no problem paying with cash if I was getting the ring there and then.

Under what circumstances would you be claiming back your cash though? The ring comes with a GIA cert so I'm confident it is what they say it is. I haven't handed over cash yet and will be getting it the day I do.

Sleeper12

They said that they would prefer cash (wouldn't we all), from what you have said they haven't said that you can't pay by card.
If I were you I'd insist on the card if this suits you best. You've slightly more protection with the card.
If it's a credit card rather than a debit card the will pay quite a lot if fees. This isn't your problem, just saying that this might be why they prefer cash

Sound Bite

The cost of processing and lodging cash now out weights any card charges!!!!

There's no way I would pay cash for any large item. Your receipt is your only record of the transaction and can be disputed too easily.

Laura_A

I bought my ring by card (most of my spending is by card) but my ring ended up being faulty and when I tried to return the jewelers had closed down!! (Not one that had been open a year or two, established - open 20+ years!!) My only option was a charge-back and if I had paid in cash it couldn't have been done and I would have been down thousands with no comeback and a faulty diamond ring!!.. If I was you I would split the amount across the two cards. That should bypass the debit/credit card limits?

Theboinkmaster

dubdev wrote: »

Hi there

I put down a deposit for an engagement ring last month and am picking it up next week. I visited the jewellers a few days ago to let them know this and asked how they would like me to pay, and they would prefer cash.

This is a pain as I'll have to make a few withdrawals and is a bit weird given that they took my €1000 deposit by debit card. Anyone know why they would prefer cash, is it to avoid paying credit card fees or is there something else going on?

Thanks

Pay by credit card, end of. I've paid for expensive items with my cr card (€10k+) and never had any issues and nobody has tried to pass on merchant fees - if they tried I wouldn't deal with them, immaterial anyway.

Always use credit card for items like this, much more protection.

dubdev

Thanks for all your replies. I'm going to look into paying by card. In the likely event that they don't allow to pay by card, what do I do then, given that I've paid a 1000 deposit?

Thanks

IrishAlice

I'm sure they'll let you pay by card, they said they'd prefer cash but not that you couldn't use card.

Plus you've already paid a deposit by card.

If the balance is higher than the limit on your card you could charge up the card with cash and just give the bank a heads up about the purchase. Shouldn't encounter any issues that way.

Like other poster said paying by card gives you a level of protection you won't have with cash.

dubdev

IrishAlice wrote: »

I'm sure they'll let you pay by card, they said they'd prefer cash but not that you couldn't use card.

Plus you've already paid a deposit by card.

If the balance is higher than the limit on your card you could charge up the card with cash and just give the bank a heads up about the purchase. Shouldn't encounter any issues that way.

Like other poster said paying by card gives you a level of protection you won't have with cash.

Good idea. I'm going to use my mam's card as she has a limit higher than the price of the ring. Just had a read of everyone's post and wasn't comfortable carrying around all that cash.

K.Flyer

dubdev wrote: »

Good idea. I'm going to use my mam's card as she has a limit higher than the price of the ring. Just had a read of everyone's post and wasn't comfortable carrying around all that cash.

If its that large an amount she may need to be with you in case they don't accept the card with a different name on it.
Also it might be worthwhile advising the bank of the high value transaction in case they stop it as a security precaution.

super_furry

They might 'prefer' cash but unless they're going to offer you a decent discount for paying cash, I'd do what suits you best.

GingerLily

K.Flyer wrote: »

If its that large an amount she may need to be with you in case they don't accept the card with a different name on it.
Also it might be worthwhile advising the bank of the high value transaction in case they stop it as a security precaution.

Definitely flag it with your bank!

sillysocks

If the amount is higher than your card limit, but you have cash then you can preload that on your credit card and have it in a plus balance before you try to make the payment.

ted1

dubdev wrote: »

Thanks for all your replies. I'm going to look into paying by card. In the likely event that they don't allow to pay by card, what do I do then, given that I've paid a 1000 deposit?

Thanks

Giving that you paid deposit card , if they do t accept payment by card they will have to reimburse you

Graham

ted1 wrote: »

Giving that you paid deposit card , if they do t accept payment by card they will have to reimburse you

I'd be interested in reading the legislation behind that statement before relying on it to get a deposit back.

Mrs OBumble

dubdev wrote: »

Because there are daily spending limits on debit cards and my the value of the ring is worth more than my limits on either my debit or credit card.

I can understand this for a debit card.

But for a credit card? Really???

Graham

Mrs OBumble wrote: »

I can understand this for a debit card.

But for a credit card? Really???

Not many people have a credit card with no limit.

Sleeper12

Graham wrote:

Not many people have a credit card with no limit.

I'm sure she was talking about a daily spend limit. That would be unusual on a credit card.