Blue Nile has a wide selection of engagement rings and wedding bands, and if you’re wondering if you can get financing through the Blue Nile Credit Card to buy the jewelry of your dreams, you’re on the right track.
Financing is an alternative to get the ring you badly want even when it costs more than the amount of cash you have at the moment. There are various ways to get financing for an engagement ring. For example, you can get a personal loan, finance through a credit card, and through a jewelry store if they offer one. Fortunately, Blue Nile offers generous financing options through its Blue Nile Credit Card to ensure that you can buy the jewelry you desire on time for an upcoming holiday or your big day.
Although the company doesn’t currently offer direct loans and financing via its store locations and website, the Blue Nile Credit Card is a fantastic alternative if you require financing.
Check out if you qualify for Blue Nile’s financing offers and the requirements you need to apply to get a loan.
Table of Contents
Does Blue Nile Offer a Credit Card?
Blue Nile offers a generous financing program through its company-based credit card. You can take advantage of the financing options available at the store using their credit card issued by the Community Capital Bank.
The Blue Nile Credit Card gives you fascinating financing alternatives, so you’ll have more flexibility to pay gradually. The card also comes with other amazing features and benefits, such as:
- Convenient payment options
- Exclusive access to offers and promotions given to card members.
- Waived annual fee.
- Hassle-free online account management
With the waived annual fee for the Blue Nile Credit Card, it’s a fantastic option if you’re looking for financing using a low-maintenance card. You can get all the benefits and privileges of having a credit card to purchase the ring of your dreams without the hassle of paying an annual fee.
Using the Blue Nile Credit Card for financing also comes with safety and security advantages. For instance, your credit card comes with zero fraud liability. It also reports your account activity to credit bureaus and reporting agencies like Experian, Equifax, and Transunion. That, in itself, can help improve your credit score.
Besides its Comenity Capital issued credit card, Blue Nile also accepts all major credit cards.
What Are the Requirements?
Comenity Capital Bank issues the Blue Nile Credit Card to qualified customers. To apply and be eligible for the credit card, you must pass the required credit approval when you signed up for the Blue Nile Credit Card through the store’s website.
Moreover, your credit account has to be in good standing during the purchase date to receive future promotional offers and financing options. Good standing in your store credit card means current on all your payments, and you have not had any late payments, at least for the last 12 months. The requirement for good standing also includes an appropriate credit limit for your future purchases.
Blue Nile, however, only offers its store credit card for customers living in the US, Guam, Puerto Rico, Northern Mariana Islands, and US Virgin Islands.
What Credit Score Do You Need for Blue Nile?
Although there is no specific credit score listed in Blue Nile’s application section, fair or better credit is necessary to get approved for financing through Blue Nile Credit Card.
Financing can easily get tricky if your credit score is not up to par, and you’re likely to get rejected when you apply for the store credit card. You’ll have a much better approval chance if your credit score is 650 or even better for getting the Blue Nile Credit Card.
How Much Can You Loan?
Consider getting the best financing option when buying the ring of your dreams. If you are qualified and approved for Blue Nile’s store credit card, you can make purchases of up to $6,000. Meanwhile, the minimum amount you can finance through Blue Nile’s store credit card is $500, payable within six months of purchase.
However, the credit line will depend on your creditworthiness, and the sum of your initial purchases bought using the credit card.
What Is the Interest Rate?
Financing through Blue Nile’s Comenity Capital Bank issued store credit card comes in generous options to give you more flexibility to pay for your purchases. There are three financing options available, with each having different interest rate features.
Blue Nile’s first financing option offers zero interest for credits paid in full within the promotional period through its store credit card. Interest-free financing is available for: six months for purchases $500 to $1,499.99; 12 months for purchases $1,500 and up; and 18 months for purchases $2,000 and up for Astor by Blue Nile.
9.99% Annual Percentage Rate (APR)
The second financing option from Blue Nile through its Comenity issued credit card comes with a fixed 9.99% APR for purchases paid in full within the promotional period. Said period will depend on your purchase price: 24 months for purchases $2,000 to $2,999.99; 36 months for purchases $3,000 to $3,999.99; 48 months for purchases $4,000 and up; and 60 months for purchases $6,000 and up.
No Special Terms
Blue Nile’s financing program also provides a 25-day grace period for new purchases made using the store credit card. However, it’s only applicable if you have paid your balances in full every month.
However, purchases made outside of the promotional terms and period or account balances incurred after the promotional term period are subject to Blue Nile’s standard variable purchase APR of 29.99%. It also includes the $27 minimum monthly payment and the $2 minimum interest fee.
Also, each credit plan is subject to single purchase transactions only. However, when you make a single transaction with multiple shipments, you need to set separate credit plans for each shipment, subject to separate minimum interest charges and minimum purchase requirements.
Signing Up for Blue Nile Credit Card
If you qualify for Blue Nile’s credit card issued by the Comenity Capital Bank, you can apply for it through Blue Nile website’s ‘Financial Services’ page. However, if you haven’t signed up for an account at Blue Nile yet, you’ll have to do that first before applying for the credit card. Consequently, you can also sign up for the Blue Nile Credit Card upon checkout of your initial purchase.
Your credit card application will also require general financial information and documents, including:
- Your full name
- Complete address in the US
- Valid phone number
- Date of birth
- Social Security Number
- Annual income in US dollars
- Agreement to Blue Nile’s paperless billing terms
- Agreement to the bank’s enforced Terms and Conditions
If you don’t know your credit limit, you can apply for the credit card via Blue Nile’s website. The result will determine your credit limit and eligibility for the credit card. Once you passed, Blue Nile will assist you with your financing. It’s also important to remember that they will only take your payment information through the phone.
Blue Nile also noted that they do not have access to your applications for financing. Instead, the financing company will send you a letter within ten days of application for further information.
Upon the approval of your Blue Nile Credit Card, you can start using it for purchases in and outside of the store, provided that you’re signed in to your account on the website.
Does Blue Nile Offer Any Monthly Payment Plans?
As of the moment, there is only one financing method that Blue Nile offers, through its store credit card issued by Comenity Capital Bank. However, approved cardholders can take advantage of the variety of monthly payment options.
Monthly payment plans through Blue Nile’s store credit card are available in three tiers with varying interest rates.
The first financing option available is interest-free if you paid in full within the promotional period of six, 12, or 18 months. Meanwhile, if you don’t pay your promotional plan balance in full within your specified period, Blue Nile will charge the interest to your account from the date of purchase. In addition, the interest-free monthly financing option is only available for the amount financed between $500 to $2,000.
If your purchase is $2,000 and up, your monthly payment option will include a fixed 9.99% APR. This offer is available in variable term lengths of 24, 36, 48, and 60 months, depending on your purchase price.