• Buying an engagement ring is exciting, but it takes a lot of research. Paying for the ring is something you'll need to consider, too.
• There are a few different ways to pay for a ring, including saving and paying outright or taking out a loan.
• One of the easiest ways to pay without depleting your cash reserves — and without having to pay interest or loan fees — is to use a credit card with a 0% introductory APR on purchases. That way, you can take your time to pay without having to pay interest (until the introductory period is over).  
• There are a few options, but our choice for the best card with a 0% introductory APR is the Chase Freedom Unlimited. After the 15-month 0% introductory period, a variable 16.49% - 25.24% APR applies.
• See Business Insider's list of the best rewards credit cards »

Buying an engagement ring is a big deal. It's a thing that takes research, patience, and decisiveness. As Josh Marion, a vice president at Ritani, an online diamond and jewelry retailer pointed out in an interview with Business Insider, buying an engagement ring "is a decision on par with buying a car or a house — you can't just jump into it."

Of course, whenever you start thinking about an engagement ring, it's not long before the cost comes into play. Whenever you decide you're ready to propose to that special someone, how much you spend on the ring, whether you're resetting a diamond that has been in your family for generations or buying a new one, is a personal decision. There's a ton of advice out there, and plenty of schools of thought, but there are no hard and fast rules; ignore anyone who tells you that you absolutely have to spend three months' salary, or that you have to spend a certain amount for each year you've been together.

One thing that's for sure, though, is that you shouldn't spend outside of your means. When you're ready to pop the question, and in a financial position to do so, there are a few ways to pay for an engagement ring. 

Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back. 

Your payment options

However much you decide to spend, chances are it'll be a lot — likely the most expensive thing you've ever bought. When I proposed to my (now) wife, that was certainly the case — not counting college and grad school, of course.

The first, and most obvious, is to save up enough money and buy it outright. However, there are reasons you may not want to do this. For instance, you may want to keep a cash cushion in case of emergency, rather than committing to spending it all at once. After all, that's why people finance things like new appliances or cars.

The next option is to finance the ring with a loan arranged through your jeweler. Using loans to make major purchases and keep cash on hand can be a smart financial move, and in some cases, the loans offered by your jeweler may fit your needs. However, other times they may not have the best terms or interest rates, and you generally won't get any cash back or rewards on the purchase.

Fortunately, there's a third option, which is what I went with. Instead of taking out a traditional loan, or financing a ring through a credit card offered by the jeweler, you can open a new credit card that has a 0% introductory APR on purchases for a certain amount of time. 

Why I used a credit card with an intro APR offer

When I bought the ring, I opened a card that had a 0% introductory APR for the first 15 months. That meant that instead of paying cash all at once, I was able to charge the ring to the card, and pay it off over a bit more than a year without having to pay any interest. As a nice cherry on top, I even got a sign-up bonus for opening the card, and cash back on the ring itself, which I was able to put right toward paying it off.

It was basically free money for buying the ring.

The key is that you make sure you pay off the whole thing before the introductory APR ends and the normal one becomes effective. In my case, I decided to be safe and divided the total cost of the engagement ring by 14. I paid that amount each month, and that way, I was finished paying off the whole thing a month early.

A great feature is that you have extra flexibility if you go this route. If you come into some extra cash, or decide that you want to just finish the payments from savings, you can pay off the balance in full at any time.

The best credit cards with 0% APR offers

While there are a few different cards that offer introductory APRs, the one I would pick now is the Freedom Unlimited card from Chase.

That's because in addition to offering a long 15-month term on the 0% introductory purchase and balance transfer APR (which goes up to a normal 16.49% - 25.24% variable APR afterward), it offers 1.5% cash back on every dollar spent, and a sign-up bonus of $150 after you spend at least $500 in the first three months of opening the card. 

Put another way, if you were using the card to finance a $3,000 purchase, you'd get $195 total cash back.

Plus, if you have a premium card from Chase, like the Chase Sapphire Preferred Card, Chase Sapphire Reserve, or Ink Business Preferred Credit Card, you can turn your Freedom Unlimited'scash back into Chase Ultimate Rewards points instead, and move those points to the premium Chase card. That way, you can do things like transfer Chase points to frequent flyer partners, which is usually a much more lucrative way to use them than redeeming as cash back.

Here are some other cards with intro APR periods for purchases:

• Blue Cash Everyday® Card from American Express: 0% intro APR on purchases for 15 months (then a variable rate of 14.49% - 25.49%)
• Capital One® Quicksilver® Cash Rewards Credit Card: 0% intro APR on purchases for 15 months (then a variable rate of 15.49% - 25.49%)
• Capital One® SavorOne® Cash Rewards Credit Card: 0% intro APR on purchases for 15 months (then a variable rate of 15.49% - 25.49%)
• Citi Simplicity® Card: 0% intro APR on purchases for 12 months (then a variable rate of 16.24% - 26.24%) 

Bottom line

Regardless of which route you choose to go toward paying for the ring, this is an exciting time, but you have a lot of research to do. If you're not sure where to start, Ritani offers a number of guides on picking out diamonds and settings, as well as how to go about actually buying the ring. And check out Insider Picks' guide to the best places to buy engagement rings online.

Click here to learn more about the Chase Freedom Unlimited card »

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• With Valentine's Day ahead, we took a look at the average engagement ring price by state, which ranges from $3,005 to $10,109, according to diamond retailer Ritani.
• People in Washington spend the most on engagement rings, while those in South Dakota spend the least.
• Visit Business Insider's homepage for more stories.

Engagement season typically runs from Thanksgiving through Valentine's Day, and with the latter holiday just around the corner, proposals are about to reach their peak.

The average American spends $7,750 on an engagement ring. That's according to online diamond retailerRitani, which specializes in engagement rings. They took an even deeper dive into the statistics to find the average price paid for an engagement ring across the US in 2019. The range is wide — engagement rings in South Dakota sold for $3,005 on average, but those bought in California were worth nearly five figures.

But many factors go into pricing a diamond engagement ring. Diamonds are graded and priced based on the "four Cs," which are cut, carat, color, and clarity. Each of those can affect the price. A 1-carat round-shaped diamond with an "ideal" cut grade, for example, can range from about $2,000 up to $12,857 at Ritani depending on its grade for clarity and color.

Below we've ranked the average amount of money spent on an engagement ring in each state, from lowest to highest.

Sarah Jacobs previously contributed to an earlier version of this article.

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51. South Dakota: $3,005

50. Maine: $3,184

49. Utah: $3,682

48. Mississippi: $4,106

47. Delaware: $4,024

46. Indiana: $4,181

45. Connecticut: $4,261

44. Vermont: $4,911

43. Iowa: $4,939

42. West Virginia: $4,968

41. Oregon: $5,126

40. Rhode Island: $5,185

39. Idaho: $5,197

38. Alabama: $5,255

37. Oklahoma: $5,294

36. Arkansas: $5,422

35. Wisconsin: $5,661

34. Hawaii: $ 5,733

33. Colorado: $5,858

32. Nebraska: $5,873

31. New Mexico: $5,996

30. Alaska: $6,143

29. Montana: $6,353

28. Nevada: $6,560

27. North Dakota: $6,631

26. Wyoming: $6,670

25. Arizona: $6,684

24. New Hampshire: $6,832

23. Georgia: $6,868

22. Minnesota: $7,050

21. Missouri: $7,071

20. North Carolina: $7,133

19. Tennessee: $7,368

18. Pennsylvania: $7,552

17. Maryland: $7,553

16. Ohio: $7,796

15. South Carolina: $7,874

14. Kentucky: $7,918

13. Virginia: $7,934

12. Louisiana: $7,959

11. Texas: $8,063

10. Massachusetts: $8,193

9. Washington DC: $8,545

8. Michigan: $8,535

7. New York: $8,785

6. Florida: $8,809

5. New Jersey: $8,842

4. Kansas: $8,947

3. Illinois: $9,197

2. California: $9,482

1. Washington: $10,109

• While "jewelry giants" like Jared and Zales have reported weak sales, millennial-run businesses with vibrant Instagram presences are shaking up the engagement-ring market and reshaping the multibillion-dollar industry.
• The platform has both created and responded to a demand for an immersive, personalized, and instantaneous shopping experience.
• Celebrities' and influencers' Instagram posts about their rings have affected shoppers' preferences and determined designers' marketing strategies.
• Mom-and-pop retailers have struggled to keep up as e-commerce surges.
• Visit Insider's homepage for more stories.

The photo on Stephanie Gottlieb's Instagram features the 32-year-old jewelry designer's perfectly manicured fingers in front of a blurry cerulean Pacific Ocean. In focus are her rings — most notably, a large cushion-cut diamond piece.

"Picture perfect," she captioned the photo, adding the ring and seashell emojis. The snapshot from her anniversary vacation is one of many out-of-office moments that Gottlieb shares on her high-end jewelry brand's account.

Stephanie Gottlieb Fine Jewelry, which began as a one-woman operation in 2013, has grown to employ 11 people who operate out of a New York City showroom. Gottlieb said the company's success and proliferating sales were largely due to leveraging Instagram.

"Year after year, our sales have grown in correlation with our social-media following," she told Insider, noting that Instagram is the business's only marketing to date.

A 328,000-user following and occasional shout-outs from influencers like Girl with No Job (aka Claudia Oshry) and the "Real Housewives of New York City" alum Bethenny Frankel suggest continued momentum for the business.

Gottlieb is not the only jewelry entrepreneur adapting to an increasingly Instagram-dependent world.

Nicole Wegman founded her luxury-jewelry business, Ring Concierge, six years ago, with a millennial audience in mind — and a marketing strategy to match.

"Social media has been instrumental in the growth of the company," she told Insider.

Wegman said her goal to create an engagement ring for millennials extends beyond the product itself — she aims to provide the shopping experience she believes her generation would want.

Wegman knows her online audience's aesthetic. The designer's Instagram posts, which receive thousands of likes and comments, typically feature engagement rings and Wegman's signature deep-red nail polish against a background of travel hot spots and a 'gram-worthy showroom. The Ring Concierge account has accrued 285,000 followers and even celebrity clientele, including the "Bachelorette" stars Joelle "Jojo" Fletcher and Jordan Rodgers.

The strategy and growth of both businesses, in contrast to jewelry giants like Kay, Zales, and Jared that last year reported weak 2018 holiday sales, point to how Instagram is reshaping the multibillion-dollar engagement-ring industry — an industry where, as Wegman says on her website, the line between retailer and influencer is blurring.

Prospective engagement-ring buyers are learning through Instagram.

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Retailers say Instagram now serves as a primary search tool for people in the market for an engagement ring. Beyond that, the platform has become a bottomless source of information and inspiration for prospective buyers.

"What we see now is people are starting their journey by searching inside of Instagram," Johanna Tzur, the chief marketing officer of the diamond bridal retailer James Allen, told Insider. "So we create differently today knowing that someone might start there and it's a first impression.

"Our posts and stories need to vibe with the other posts appearing in their personal feed, be it a friend's breakfast plate or an influencer's showcase of his or her favorite goods," she said, "so we feature our own customers' content as much as possible."

Shane O'Neill, vice president of the jewelry-marketing firm Fruchtman Marketing, said he advises his clients to take advantage of the platform's power to educate followers.

"The big draw to social in the first place is access to information," he told Insider. "Instagram allows people to search for inspiration and see things they like and engage with, things they may not have been previously aware of."

As a result, O'Neill said, the more educated consumer is turning to custom design and high-end brands.

Lab-grown diamonds are on the rise.

One trend that shoppers on Instagram are learning about is the lab-grown diamond, an alternative to a mined diamond that can come along with ethical baggage at a steep price.

Companies like Brilliant Earth are cultivating massive Instagram followings — the company's account has 634,000 followers — and are educating prospective customers about the financial and moral benefits of pursuing a lab-created option.

"Lab-created diamonds have become a large and growing part of our base," Tzur said, "because people understand that the technology has gotten so good that visually and optically these diamonds that are made in a lab are the same in chemical composition."

Kate Austin, an influencer who developed an extensive YouTube and Instagram following for her LGBTQ activism and content — and who appeared on "The Ellen Degeneres Show" after a tweet about her engagement went viral — has used her platform to tell followers about lab-grown diamonds. Austin posts frequently about her partnership with Reeds Jewelers and its diamond-concierge service, which she said sourced diamonds for her and her fiancée that fit with their values of sustainability and social consciousness.

"I'm still able to get my diamond and not feel bad about it," Austin told Insider. "That was a huge thing for me."

Celebrities and influencers are dictating trends.

While designers try to prioritize their individuality in the jewelry space, there's no denying the impact of social media on their engagement rings.

"If a celebrity or a major blogger gets engaged with a really specific style, we will see demand for that immediately," Wegman said, citing the model and actress Emily Ratajkowski's Instagram post of her distinctive two-diamond engagement ring as an example.

"It's a super-specific ring that isn't the type of ring we would normally design here, but we definitely got requests for it right away — like, right away," Wegman said.

The obvious power of influencers is evident in retailers' prioritization of developing organic partnerships with Instagram personalities.

"We have a team that is basically, like, all day long watching what's going off on [social media] within a certain demographic set which reflects ours," Tzur said.

James Allen, she added, has developed a formula assigning a value to an influencer's following and engagement rate to determine what, exactly, the influencer can be gifted.

An important part of the influencer relationship, Tzur said, is providing an authentic experience.

"We try to give them the exact same experience that someone would have coming on our site," she said — adding that, of course, influencer status comes with extra perks like VIP access to one of James Allen's founders.

The ring-selection process, however, is virtually the same. "We're starting with the consumer and asking, 'What would you want?' 'What's your dream ring?' or, if it's working with an influencer's partner, 'What is she like?'" Tzur said. "And these are exactly the questions that our customer-service team would ask."

Austin, who has 148,000 Instagram followers, recalled a similar process when partnering with Reeds for her fiancée's ring. "We never discussed a discount to begin with; I never knew what it was going to be until they told me the final price," she said. "I think that we just created such a good relationship between the two of us, and we enjoyed working together."

Wegman said Ring Concierge chooses partnerships carefully, working only with influencers who are likely to engage with the brand outside of a partnership and have followings that mirror the business' target audience.

"You can blow through huge budgets on an influencer campaigns and not see a return," she said. "We're finding more benefit in influencers that may have smaller followings but their followers are more in line with our customer base in terms of life stage and taste level."

Instagram is helping partners stay informed about their preferences.

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Buying an engagement ring has become a collaborative process for many couples, aided largely by Instagram.

"The vast majority of appointments are couples coming in together," Tzur said.

Brent Neale, another jewelry designer, said she increasingly sees men who know what their partners are interested in — often because of Instagram content their partners alerted them to.

"I always wonder how they found out about us," she told Insider. "They tell me, 'She sent me DMs of these things of yours that she likes.'"

Gottlieb recommended showing photos of desired ring styles to a significant other before starting the purchasing process. In a recent Instagram Story Q&A, she recalled saving images to a folder on her computer to help nudge her now-husband in the right direction.

Shoppers want a personalized, immersive experience — and they want it fast.

Retailers are facing a challenge to appeal to many millennials' preference for experiences over things while catering to their expectation of immediate "shopability" of products. Thus, they have to marry experiential shopping with seamless customer service via social media.

"When we create, we're creating things that can be immediately shopped and learned about and done in a way that's distinctive," Tzur said. "On the one hand, people want experience, but on the other hand, they just want 'click, buy, cart, comes to me now.' And I think that's only going to continue getting more pronounced."

Offering an authentic experience largely determines James Allen's Instagram account's aesthetic. "We favor posts that we think will make our followers want to be there, in that precise moment, wearing our jewelry and experiencing our products," Tzur said. "This calls for genuine moments in natural settings, perfectly imperfect snapshots in time, where our product is part of the action."

Wegman described Ring Concierge's social-media strategy as inviting her followers to experience her lifestyle through the brand. Her styled Instagram posts, shot on an iPhone, chronicle her daily appointments and travels.

"We show what I'm doing day to day, where I am. If I'm in Italy, all the pictures that week are real-time taken from Italy," she said. "And so our followers feel very connected to me, and it also helps them connect with the brand. It's also a way for them to almost see themselves in the brand."

The second branch of her strategy caters to buyers' need for expediency — which largely means answering Instagram DMs to create an in-store experience via a virtual setting where the shopper is most comfortable.

"If that's the way they're wanting to connect with us, we certainly want to be able to get back to them in real time," she said. "And we want to get back to them on the channel they're comfortable chatting on."

Mom-and-pop retailers are disappearing.

The explosion of e-commerce — and the social-media literacy required to run a business — has damaged many of the smaller, independent retailers in New York's historic diamond district, the stretch of 47th Street between 5th Avenue and 6th Avenue.

Todd Ingwer, a designer who works for his family business, Leo Ingwer, on 47th Street, credits social media with the industry's largest changes.

"If you haven't stayed up on it and you haven't taken it seriously, well, you walk down 47th Street and you see a lot of empty booths," he told Insider.

The fine-jewelry industry appears to be suffering beyond the diamond district. The Jewelers Board of Trade reported last year that 852 US jewelry retailers closed in 2018. By the jewelry-industry analyst Edahn Golan's calculations, fine-jewelry retail sales amounted to $63.8 billion in 2017, with a 60% drop in annual growth since 2000.

By contrast, Ingwer said, some entrepreneurs are taking advantage of changes in the market.

"You're seeing a lot of new companies create what I think is almost an entirely new genre of retail in this industry," he said. "And those who do it well are definitely reaping the benefits, especially those who did it well and got on board early."

Leo Ingwer has effectively adapted to the social-media era by leveraging platforms' space for storytelling, he said.

"Through social media, I can communicate our company story directly to the end consumer," Ingwer said. "So that they understand who we are and what we're about and what makes us remarkable."

• Read more:
• An engagement-ring store is paying a couple to travel Europe in search of the most romantic proposal spots
• The engagement-ring styles everyone will be wearing in 2020, according to jewelry experts
• A jeweler who makes custom engagement rings took me behind the scenes of a workshop in NYC's Diamond District, and I finally understand why people drop 6 figures on rings

• Amanda Bynes shared an Instagram photo on Friday showing what appears to be her engagement ring.
• "Engaged to tha love of my life," Bynes wrote in the caption.
• Insider spoke with engagement ring experts, who said Bynes' ring may be worth up to $600,000.
• Experts said Bynes' emerald-cut diamond ring appears to be between seven and 10 carats, has a three-stone design, and is reminiscent of the Art Deco era.
• Visit Insider's homepage for more stories.

Amanda Bynes announced in an Instagram photo on Friday that she's engaged.

Bynes did not share a photo or any indication of her fiancée, but did post a picture of what appears to be her wearing an engagement ring, writing "Engaged to tha love of my life" in the caption.  

The actress was pictured wearing a ring in a selfie she posted on Instagram on February 8, but it's unclear if the jewel photographed here is her engagement ring.

Engagement ring experts told Insider that Bynes' ring could be worth between $200,000 to $600,000

Denis Stepanksy, founder of jewelry store and website ItsHot.com, told Insider that based on the photo, the diamond might be around seven carats.

"If this is a natural diamond, the ring would be worth around $200,000 but might be more depending on diamond quality," Stepansky said. "The price of a good quality seven-carat, emerald-cut diamond is in the range of $190,000 to $240,000 depending on diamond color and clarity."

Ashley Zhang, founder of Ashley Zhang Jewelry, said that she thinks Bynes' ring could be worth even more, depending on the size of the diamond. She estimates Bynes' ring has an eight- to 10-carat diamond.

"A high-quality, 8-carat emerald-cut diamond would start around $600,000," Zhang said. 

Bynes' three-stone, emerald-cut diamond ring features tapered baguette accents and is an Art Deco-inspired style

Stepansky said that Bynes' engagement ring style is a great option for someone looking for a classic piece.

"Emerald-cut diamonds date back about 500 years but really became popular in the Art Deco period," Stepansky said. "It's popular with those looking for simplicity and a classic style."

He added that the three-stone ring, which Bynes appeared to show in the Instagram picture, is a popular silhouette because of its meaning.

"Three-stone engagement rings are popular right now as they signify past, present, and future together, so it's a really meaningful ring," Stepansky said.

Jeweler Grace Lee said she thinks the baguette diamonds on Bynes' ring make the piece a more contemporary version of the Art Deco style.

"Baguette diamonds and step cuts are often reminiscent of Art Deco era pieces, but the classic three-stone with tapered baguettes was more popular in the second half of the 20th century," Lee said.

Zhang added that Bynes' ring is a nod to engagement rings worn by pop culture icons.

"Two of history's more famous engagement rings were of this style," Zhang said. "It was worn by Elizabeth Taylor and Grace Kelly."  

In December 2019, Bynes shocked fans with a heart-shaped face tattoo that could be seen in a February Instagram post as well. 

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• Instagram is transforming how we buy engagement rings
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• About a decade ago, I lost my wedding ring, which was covered under valuable personal property insurance that costs me about $5 a month. 
• When I went to file a claim, I realized the importance of getting personal property appraised from time to time: It was probably worth about $1,000 more when it was lost than the last time it had been appraised.
• Policygenius can help you compare renters and homeowners insurance policies to cover your home and most valuable belongings »

About ten years ago, I lost my wedding ring. It was a horrible feeling. It was a symbol of love and commitment, and an expensive one at that. 

When I realized what had happened, I looked everywhere. My home. My workplace. The carrier bag I used to transport materials back and forth between the two. I even scoured my car and checked an old office space I hadn't been inside for six months. 

I turned up nothing.

Luckily, I had the ring covered under a valuable personal property policy. My insurance agent had suggested it when I added my husband to my auto insurance policy after our marriage. Valuable personal property policies are so cheap that by purchasing coverage for my ring and bundling it with my renter's and auto insurance policy, I was actually able to save a dollar on my premiums over the course of a six-month period. 

Compare renters insurance policies with Policygenius to find the best coverage for you and your valuables »

Filing a claim was a fairly simple process. I did have to talk to an insurance agent over the phone to tell them what had happened. I was asked for a police report, but as far as I know there was no theft involved; I still don't know where the ring disappeared to. 

Loss was covered under my policy, though. The agent then asked me for the date of my ring's last appraisal. I froze. 

It's a good idea to have your valuables appraised more than once

What I learned that day is that it's a good idea to get your wedding and engagement rings appraised by a jeweler every once in a while — especially if the market recently tanked. 

At an appraisal, the jeweler takes a look at your rings and then writes up a certificate to prove to your insurer the present value of your items. Because I had not gone through the appraisal process since the ring was purchased, the insurance company would only reimburse me for the amount that was listed on the receipt of purchase. 

Compare homeowners insurance policies with Policygenius to find the best coverage for you and your valuables »

My husband had purchased the ring a couple years before the recession. When the economy is doing well, the price of gold typically deflates. Then, when the economy falls, the price of gold and other precious metals rise, as they're viewed to be more secure than the paper currency which they theoretically back. That means had I taken the ring in for an appraisal after the stock market fell, I would have gotten somewhere between $800 and $1,000 more when I went to file my claim. 

A wedding ring isn't the only thing you can insure

Wedding rings aren't the only things covered by valuable personal property insurance. I've also had guitars, tech, and other items covered under such policies. My coverage has grown as my family has, so today, instead of saving a dollar over six months I pay about $4.50 a month for coverage. 

Whatever item you're covering with your valuable personal property insurance, be sure to have it appraised periodically. You may not know it yourself, but something may have happened in the market in the past few years to up the value of your property. Without an appraisal, though, you stand to lose out on that appreciation should you ever need to file an insurance claim. 

Compare renters insurance policies with Policygenius to find the best coverage for you and your valuables »

Compare homeowners insurance policies with Policygenius to find the best coverage for you and your valuables »

Join the conversation about this story »

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• Buying an engagement ring is exciting, but it takes a lot of research. Paying for the ring is something you'll need to consider, too.
• There are a few different ways to pay for a ring, including saving and paying outright or taking out a loan.
• One of the easiest ways to pay without depleting your cash reserves — and without having to pay interest or loan fees — is to use a credit card with a 0% introductory APR on purchases. That way, you can take your time to pay without having to pay interest (until the introductory period is over).  
• There are a few options, but our choice for the best card with a 0% introductory APR is the Chase Freedom Unlimited®. After the 15-month 0% introductory period, a 14.99%–23.74% variable APR applies.
• See Business Insider's list of the best rewards credit cards »

Buying an engagement ring is a big deal. It's a thing that takes research, patience, and decisiveness. As Josh Marion, a vice president at Ritani, an online diamond and jewelry retailer pointed out in an interview with Business Insider, buying an engagement ring "is a decision on par with buying a car or a house — you can't just jump into it."

Of course, whenever you start thinking about an engagement ring, it's not long before the cost comes into play. Whenever you decide you're ready to propose to that special someone, how much you spend on the ring, whether you're resetting a diamond that has been in your family for generations or buying a new one, is a personal decision. There's a ton of advice out there, and plenty of schools of thought, but there are no hard and fast rules; ignore anyone who tells you that you absolutely have to spend three months' salary, or that you have to spend a certain amount for each year you've been together.

One thing that's for sure, though, is that you shouldn't spend outside of your means. When you're ready to pop the question, and in a financial position to do so, there are a few ways to pay for an engagement ring. However much you decide to spend, chances are it'll be a lot — likely the most expensive thing you've ever bought. When I proposed to my (now) wife, that was certainly the case — not counting college and grad school, of course.

Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back. 

Can you finance an engagement ring?

You do have the option of financing a ring with a loan arranged through your jeweler. Using loans to make major purchases and keep cash on hand can be a smart financial move, and in some cases, the loans offered by your jeweler may fit your needs.

Here are a few of the financing options available through popular jewelers:

• Blue Nile: Financing is available via Blue Nile's credit card. Depending on the price of the ring, consumers enjoy 0% APR for the first six, 12 or 18 months after purchasing. If you choose a longer payment plan, with equal payments, there's a 9.99% APR.
• Ritani: Ritani offers financing via a Synchrony bank credit card. You can choose from the following options: no interest for 12 months, 9.99% APR for 36 months, or 9.99% APR for 60 months.
• Tiffany & Co.: The brand's credit card offers a 0% intro APR for 12 months, or a 7.99% APR for 24 months.

However, jewelers' financing options may not have the best terms or interest rates, and you generally won't get any cash back or rewards on the engagement ring purchase.

Your other payment options

The first, and most obvious, is to save up enough money and buy it outright. However, there are reasons you may not want to do this. For instance, you may want to keep a cash cushion in case of emergency, rather than committing to spending it all at once. After all, that's why people finance things like new appliances or cars.

Fortunately, there's another option, which is what I went with. Instead of taking out a traditional loan, or financing a ring through a credit card offered by the jeweler, you can open a new credit card that has a 0% introductory APR on purchases for a certain amount of time. 

Why I used a credit card with an intro APR offer

When I bought the ring, I opened a card that had a 0% introductory APR for the first 15 months. That meant that instead of paying cash all at once, I was able to charge the ring to the card, and pay it off over a bit more than a year without having to pay any interest. As a nice cherry on top, I even got a sign-up bonus for opening the card, and cash back on the ring itself, which I was able to put right toward paying it off.

It was basically free money for buying the ring.

The key is that you make sure you pay off the whole thing before the introductory APR ends and the normal one becomes effective. In my case, I decided to be safe and divided the total cost of the engagement ring by 14. I paid that amount each month, and that way, I was finished paying off the whole thing a month early.

A great feature is that you have extra flexibility if you go this route. If you come into some extra cash, or decide that you want to just finish the payments from savings, you can pay off the balance in full at any time.

The best credit cards with 0% APR offers

While there are a few different cards that offer introductory APRs, the one I would pick now is the Chase Freedom Unlimited®.

That's because in addition to offering a long 15-month term on the 0% introductory purchase and balance transfer APR (which goes up to a normal 14.99%–23.74% variable APR afterward), it offers 1.5% cash back on every dollar spent, and a sign-up bonus of $150 after you spend at least $500 in the first three months of opening the card. 

Put another way, if you were using the card to finance a $3,000 purchase, you'd get $195 total cash back.

Plus, if you have a premium card from Chase, like the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, or Ink Business Preferred® Credit Card, you can turn your Chase Freedom Unlimited®cash back into Chase Ultimate Rewards points instead, and move those points to the premium Chase card. That way, you can do things like transfer Chase points to frequent flyer partners, which is usually a much more lucrative way to use them than redeeming as cash back.

Here are some other cards with intro APR periods for purchases:

• Blue Cash Everyday® Card from American Express: 0% intro APR on purchases for 15 months (then 12.99% to 23.99% variable APR)
• Capital One® Quicksilver® Cash Rewards Credit Card: 0% intro APR on purchases for 15 months (then a variable rate of 15.49% - 25.49%)
• Capital One® SavorOne® Cash Rewards Credit Card: 0% intro APR on purchases for 15 months (then a variable rate of 15.49% - 25.49%)
• Citi Simplicity® Card: 0% intro APR on purchases for 12 months from date of account opening (then a rate of 14.74% - 24.74% (Variable)) 

Bottom line

Regardless of which route you choose to go toward paying for the ring, this is an exciting time, but you have a lot of research to do. If you're not sure where to start, Ritani offers a number of guides on picking out diamonds and settings, as well as how to go about actually buying the ring. And check out Insider Picks' guide to the best places to buy engagement rings online.

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• If you purchase an engagement ring or other jewelry, you may need to add a rider insurance policy.
• Most homeowners and renters insurance policies have a limit of $2,500 for jewelry coverage.
• You may need an appraisal or receipts to get a rider policy or standalone jewelry insurance.
• Policygenius can help you compare home insurance policies to find the right coverage for you, at the right price »

Jewelry is the preferred gift for Valentine's Day, and the holiday is also one of the most popular days to get engaged. It is also when most customers come in to insure their jewelry, according to Bryan Howard, Director of Product Management at Jewelers Mutual.

If you're purchasing expensive jewelry, such as an engagement ring, you'll want to make sure it's properly insured. Most homeowners and renters insurance policies have coverage limits for jewelry, so you may need to purchase additional insurance to cover your purchase if it is lost, stolen, or swallowed by the family pet.

Do you need jewelry insurance?

If you're purchasing jewelry, ask yourself the following questions to decide whether you need insurance.

1. Can I afford to spend that much money on another ring if I lose it? If not, then you need jewelry insurance.
2. Is your jewelry worth more than the standard limit of your homeowners or renters insurance policy? If yes, you need to add a special jewelry rider or purchase stand alone jewelry insurance. Howard noted that standard homeowners and renters coverage is up to $2,500 for lost or stolen jewelry.

Note that jewelers can't sell insurance themselves; they can only provide a warranty to cover manufacturing defects or damage, but not loss or theft.

Your home insurance policy may not be enough

Most homeowners and renters insurance policies only offer limited coverage in the event that jewelry is damaged or stolen. If you have an engagement ring, heirloom, or other special jewelry pieces, you'll need to get special coverage beyond your homeowners or renters policy.

Lost or stolen jewelry is covered under "named peril" for homeowners and renters insurance. An insurance peril is an event that may damage your home or belongings, like theft, fire, or a storm. 

Homeowners insurance falls into two categories: named peril and all (open) peril. A named-peril policy covers you for listed events, like a fire, storm, or theft. An all (open) peril policy covers just about anything that might happen, unless your policy specifically notes that it's not covered.

The difference between homeowners/renters insurance and standalone jewelry insurance is the type of peril coverage. Jewelry would fall under a named peril with a homeowners or renters insurance policy, but under a floater or add-on rider policy it will include named perils and some accidents. With personal jewelry insurance, on the other hand, both named and open peril are included — meaning any event is covered.

Here's a comparison of the jewelry coverage you can get with homeowners or renters insurance, a floater or add-on rider policy for homeowners or renters insurance, and a standalone jewelry insurance policy such as Jewelers Mutual.

*Subject to liability limits

**Depends on policy

Data from Jewelers Mutual

3 options for getting extra jewelry insurance coverage 

1. Request an increase on your liability limit for homeowners or renters insurance

You can ask your homeowners insurance to increase your liability limit, but note that "the amounts are still limited for both individual pieces and overall losses," according to the Insurance Information Institute. 

2. Purchase a floater or add-on rider under your homeowners or renters insurance

You can purchase a floater or add-on rider for special jewelry on your homeowners or renters insurance policy. The Insurance Information Institute notes that although this is more expensive, it offers the broadest coverage. Your jewelry must be appraised before purchasing a floater. If you make a claim under your floater for your jewelry, it may impact your rates for your homeowners and renters insurance. 

3. Purchase standalone jewelry insurance

Howard told Insider that unlike a homeowners policy, "a standalone jewelry policy is a comprehensive, all perils policy, meaning it covers every type of loss unless specifically excluded."

With standalone jewelry insurance, your jewelry must be appraised. However, insurance company Chubb, which offers standalone jewelry coverage, doesn't require appraisals for jewelry valued under $100,000 — so in some cases you may be able to get around this.

Howard noted that the premium for personal jewelry insurance is typically 1-2% of the item value. The premium will also be based on where you live, who's wearing the jewelry, and the deductible.

Ronda Lee is an associate editor for insurance at Personal Finance Insider covering life, auto, homeowners, and renters insurance for consumers. She is also a licensed attorney who practiced litigation and insurance defense.

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