Credit Card for Engagement...

Hi Everyone,

Well I have been with my partner for nearly 4 years this May and basically the time has come to 'pop' the question :eek::confused::rolleyes::D (expressions are something like that haha)! The ring has been designed through a friend of a friend and came to a modest $2500. Anyway, since our finances are all together and we both pay attention to what is coming in and out of the bank accounts - I need to find a way to purchase the ring without her knowing. Mainly because I don't want her to know that I am getting ready for the proposal.

So my thoughts were to maybe apply for a credit card that has a long interest free period plus no annual fee, purchase the ring and then once I propose I can just transfer the money needed onto the credit card - then cut it up and cancel the account. Would this work?

I found a Commonwealth Credit Card that has these features:
* 5.99% p.a. for the first 5 months on balance transfers
* Up to 55 days interest-free period on purchases.
* Pay no annual fee for Commonwealth Bank customers who take up a new Low Fee credit card and spend $1000 or more per year

CBA seems like a good choice because I currently have an account with them too.

Personally, I don't really like the idea of getting a credit card. My last one was good to have but I realised that I didn't need one and it would only lead to bad habits. So I have every intention to cancel this card once it has served its purpose!

Thanks everyone,
Andrew.
 
Sounds like a good plan, Andrew.

Can't help you with suggesting a specific credit card, but I can tell you that if you can control your spending, a credit card can be very worth it!

We pay ours off in full every month, and spend somewhere between 3000-4000 pm on it. This is about 50,000 frequent flyer points pa.

OK, so they're not worth what they once were, but with travel and other points earning escapades (with work paying) I can get a free trip fairly regularly!
 
I'll just pop in and say congratulations in advance. :)

Cann't help you with specific cc's, but if you are planning on shutting it down straight away after, it probably doesn't really matter.

DH got a Myer store car once to buy me an anniversary present once (I would have noticed him spending a couple of thou) he had the mail sent to my parents place.
 
Nice idea Andrew and a HUGE congratulations!

From a finance point of view get the lowest limit you can. Don't forget it will show up on your CRAA. A few banks don't use it in servicing but most do.

Can't wait to hear how the proposal goes. x :):):)

Regards JO
 
Don't forget, credit cards produce letters, statements and junk mail. Perhaps use the postal address of a trusted friend or relative.

Just talked to my mother, I can use their PO BOX for all that mail! Thanks for that idea.

I'll just pop in and say congratulations in advance.

Cann't help you with specific cc's, but if you are planning on shutting it down straight away after, it probably doesn't really matter.

DH got a Myer store car once to buy me an anniversary present once (I would have noticed him spending a couple of thou) he had the mail sent to my parents place.

Thanks!

Why not just use cash?

I would use cash if I had enough cash stashed away. If I draw out money to pay by cash then she will know considering I don't usually make 2.5k transactions.

Nice idea Andrew and a HUGE congratulations!

From a finance point of view get the lowest limit you can. Don't forget it will show up on your CRAA. A few banks don't use it in servicing but most do.

Can't wait to hear how the proposal goes. x :):):)

Regards JO

So if it shows up on my CRAA, aslong as I don't default and I do close the account it shouldn't really matter? I will keep it to $2500 if I can, but I'm sure the banks will make every effort to get me to sign up to a $10,000 limit :rolleyes:

Hopefully she says yes :eek:

Congrats Andrew!

Lets just hope she doesnt log into SS

Thanks Nathan. Fingers crossed, I doubt she will though because she "doesn't like public forums"....not sure why, maybe a bad experience lol.
 
I would use cash if I had enough cash stashed away. If I draw out money to pay by cash then she will know considering I don't usually make 2.5k transactions.

Go out with friends for dinner, pay with your credit card, and get the cash back from your friends.
 
Why not just use cash?

Yeah, but where are you going to get the cash from? That's a hell of a lot of "Honey, I need to go out for a drink with the Somersoft people for the next 25 nights and it's about $100 per night...."

You'd basically have to hire a Marquee for $X and jounal $(X+2500) in the books.... hang on, where have I heard that being done before.... :confused::D

Cheers,

The Y-man
 
1. Withdraw cash from account and tell its a surprise, just try and pay for ring close to the time you are going to ask her.

Or


2. Can you borrow from your parents for a short time.

BTW
Brave man designing a ring for future wife to be!

Good Luck
Sheryn
 
Thanks for the tips Sheryn...we had done some previous looking around together and I got a very good idea of what she liked, the guy who made the ring (Forever Diamonds) was an absolute pleasure to work with and he is very talented. Very positive she'll love the ring!
 
You can always use a lame excuse like a "property/investment course".
And have slick answer like:
"You know darling how much I hate these things and swore I'd never go, but this investment is really going to be worth the money, trust me".
 
Piston Broke's idea isn't bad. She may be pee'd off at you, but that could surprise her even more (or just make her think you are a complete doofus who cann't be trusted with money ;) ).
 
Will they allow you to put down a small deposit, with the balance paid the day you pick it up?

Unless she checks the bank every day, you might be able to time this OK.
 
I designed my wife's engagement ring.

When I bought the ring, I was in final year uni working part time in a service station (ie broke). It took 8 months for me to pay it off layby. I went in every week when I got paid and put a few $$ off it.

Perhaps you could try this approach - take small amounts of cash over a long period.
 
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