# Methods of payment for Engagement Ring in New York



## carrig07 (12 Jan 2008)

Hi All,

Planning on proposing to my girlfriend in NY in the coming weeks, planning on taking a trip to the diamond district. I have read many posts on AAM and must admit they have been very helpful, Hanikans seems to be a good bet.

My question however is what the best way to purchase the ring? Cash or Credit card? Do jewllers in the diamond district scratch off the taxes when paying cash? Is there any reason why paying by credit card should be the way to go? Safer?, Anyone know if the rate of the dollar when using the credit card is (1) the same (2) better (3) worst than buying from the bank?


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## ClubMan (12 Jan 2008)

carrig07 said:


> Do jewllers in the diamond district scratch off the taxes when paying cash?


You can ask for a discount but asking them to evade tax is probably not a good idea if that's what you mean. As a tourist you may be entitled to claim sales tax back at the point of exit (airport). Ask/_Google_ about this in advance.


> Is there any reason why paying by credit card should be the way to go? Safer?


_CC _purchases usually benefit from certain insurance cover. Check the terms & conditions of you specific card.


> Anyone know if the rate of the dollar when using the credit card is (1) the same (2) better (3) worst than buying from the bank?


Again check your card details. Normally there is a foreign exchange margin of 1.75%+ included when converting back to €. _CC _purchases or cash withdrawals from an account preloaded with cash is often the most cost effective way to access foreign currency.


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## Statler (15 Jan 2008)

I have generally found the rate I get via my credit card is better than the one I get for fx cash at the branch. Especially true when getting 1% back using my AmEx Blue card.

An engagement ring is usually a pretty costly purchase - are you sure you want to convert that much into cash and then carry it around with you?

All the best witht eh proposal and enjoy the trip.


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## ClubMan (15 Jan 2008)

Statler said:


> I have generally found the rate I get via my credit card is better than the one I get for fx cash at the branch. Especially true when getting 1% back using my AmEx Blue card.


Some _CCs _charge 1.75% forex margin. Some may charge more. Check your card's terms & conditions and the _CC _cost surveys at www.itsyourmoney.ie . However it is usually competitive with other ways of making purchases outside the € zone.


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## Statler (15 Jan 2008)

Agree that it is important to check exactly how much you are paying for the CC but cash fx in a branch usually attracts a 1% commission (subject to min. and max. charges) plus the actual conversion rate includes a margin. Overall, I've generally come out better on CC transactions. May not be the case for everyone or every transaction, just my personal experience. 1% back on purchases also helps make up for the fx margin on the card.


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## homeowner (22 Jan 2008)

carrig07 said:


> Do jewllers in the diamond district scratch off the taxes when paying cash?


 
I think there is a scheme whereby you can get state tax back if you are a visitor. It depends on the state though (I am pretty sure Texas does but not 100% certain).  Check with the NY state tax website.  

If rebate forms are at the airport remember that newark is in NJ.
Good luck with the proposal!


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## ClubMan (22 Jan 2008)

homeowner said:


> I think there is a scheme whereby you can get state tax back if you are a visitor. It depends on the state though (I am pretty sure Texas does but not 100% certain). Check with the NY state tax website.
> 
> If rebate forms are at the airport remember that newark is in NJ.
> Good luck with the proposal!



.


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## Rebelette (22 Jan 2008)

If you do decide to pay by credit card, it might be no harm to advise the credit card company that you plan on making a large transaction. We bought our engagement ring in the diamond district - Hannikens- very happy with them - say you are Irish, and you get the "Aer Lingus" discount. If we had paid in cash, they would have knocked off the sales tax. However, we were unable to withdraw that amount of cash in the time we were there. So husband to be produced his credit card, which woudln't go through, as it was not authorised by the bank. Funnily enough when I handed over my card it went through straight away!


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