Financing a ring with 0% interest and presenting in 2 weeks?

I recently went to Tiffanys and decided on a beautiful modest engagement ring for $1,600. It was the right size, color, setting that I had hoped for and went ahead and had them order it. The options for paying are obviously cash, but also my credit card (trying to avoid that) and Tiffany's financing plan. The sales rep said their plan is 0% interest and from what I can gather from reading the website, you open a charge card which doesn't sound the same as a credit card with them. Their is an application involved as well as a credit check, so perhaps it is more a credit card than I would like to believe. My question is that I want to use the financing option since I would be required to put down ~20% and finance the rest which I can afford as well. Seem like a good idea? Input?

Public Comments

1. Most of the zero percent store financing is great, IF you pay it off before the time period states. What many have found is that if you neglect to pay it in full prior to the date (usually 3-12 months) you get charged the full interest on the card and that is usually 20-25%. So, as long as you feel you can get it paid off prior to the date they tell you, you should be fine. Just make sure there is no annual fee or other charges they sneak in. Congrats on this step in your life and I hope she says yes!
2. great idea and congratulations, i am assuming u had sort of planned on paying cash, lots of stores are offering 0% interest if paid in a speicified time frame, however, they add like 18-22% interest each month and if u dont pay it on time u will owe then like 350 more at the end of the time frame, its a game and if u miss the deadline u lose, if u have the money put it in a money market right about 4% now on 1200 u will make 50.00 for the year, and then if u r lucky u can buy yourself dinner with it. lol, pay it off when due like 48 hrs. early and u have a deal miss the deadline and like i said u lose. or if u dont have the 1200, make monthly payments and be sure to pay it each month or like everyone else where are u going to come up with 1200 at one lump sum, thats what they are looking for then again u will have to pay the interest, 75% of the folks who get into these zero interest situations will pay interest, only those that plan and pay avoid the charges, gl to u and ur intended.
3. I'd be all over this. But just keep in mind that you should pay in full before the 0% term is over. Also, keep in mind that if you are ever late even 1 day they will most likely jack your rate up to a "default" rate of 18-35%. This may not be termed a "credit card" in the sense of being like a Visa or Mastercard, but it is still a charge card no matter how you look at it. more likely than not you will receive an actual card in the mail a couple weeks after you apply and it will definately be reported on your credit report (not a bad thing at all if you always pay on time).