Review: Tiffany & Co. Credit Card

tiffany-and-co-logoTiffany & Co offers a credit card that allows you to finance your Tiffany jewelry purchases, but in most cases it doesn’t make sense to use this option over your other credit cards. Our overview / review of the Tiffany & Co. credit card is below:

The first thing to understand about the Tiffany & Company credit card is that it can only be used at Tiffany & Co. — it is not accepted anywhere else. It is not a great idea to open a new credit line for a card that will be used so rarely, especially if you don’t have a great credit history, and especially if there is not a compelling reason to use this option over other credit cards you may already have.

That said, the thing to do is look at the interest rate on the Tiffany & Co. credit card and see if financing in this manner could save you money. If you are offered a 0% financing rate for a limited time, this could obviously be worth it, provided you look carefully at the terms & conditions of any 0% offer. (Some 0% offers are “deferred interest” offers that sock you with high interest if you don’t pay off every penny within a certain timeframe.) Otherwise, looking at the card’s terms & conditions, you’ll see that the interest rate on the card in most states is 21%, which is very high. Unless you have a terrible credit history, you can probably do better buying at Tiffany with a different credit card.

However, we should note that in some states the interest rate on the card is lower than 21% — in California it is 10%, in Connecticut, Washington, and Michigan it is 12%, in Florida 15%, in Kentucky only 8% if your balance is under $15,000 (21% if you have a balance over $15K), and 18% in a handful of other states. If you are lucky enough to be in a state where the rate is 15% or less, the Tiffany & Co. credit card could beat out your current credit card’s interest rate, so check the fine print if you think you want to apply.