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As the wedding season rapidly approaches, many happy couples are making the plans for their big day and hoping that it will be as spectacular as they always dreamed it would be. The average cost of a wedding peaked at $30,000 last year, and does not show any signs of decreasing any time soon. Despite the trend for more casual weddings, the price to tie the knot continues to increase as the industry profits and the economy recovers from 2008’s recession.
Couples often pay for their dream weddings with help from their families, savings, and/or credit cards. Many wedding vendors and venues offer different financing options to assist with the cost. David’s Bridal, a department store for wedding and evening gowns, has been dressing bridal parties for over 60 years. They understand that funding a wedding can be quite difficult, so they have paired with Comenity Capital Bank to offer the David’s Bridal Credit Card.
David’s Bridal Credit Card
This credit card is designed to allow brides to purchase their wedding gowns and accessories, and to pay off their purchases with monthly installments. Bridal gowns can be quite expensive, so having the financing option of a store credit card can make affording the dress much easier than paying for it in full at the time of purchase. Here are the benefits of this credit card:
- Advance notice of sales & special offers
- Early access to new seasonal looks
- No annual fee
- Online account management and bill payment
- Access to special financing option to pay off full balance within 6 months
Rates and Fees
- 26.99% APR
- $2 monthly minimum interest charge
- $35 late payment fee
- $35 returned payment fee
The standard APR of 26.99% is extremely high for a credit card, and higher than the average APR for store credit cards. The concern here is that even if you have excellent credit, you would still be subjected to paying such a high interest rate since it does not vary on creditworthiness. It is nice that there is no annual fee, but since the remaining balance needs to be paid in full within 6 months it doesn’t make much sense for David’s Bridal to charge an annual fee. Consumers with a good credit history are advised to look for other financing options before paying 26.99% APR, and consumers with less than average credit should be wary of applying because the chances are slim that they will qualify for this credit card.
Layaway Option for 60 Days
Whenever a bride has to order their gown from David’s Bridal, as opposed to finding the dress in store, they are required to pay for it in full. However, if the dress is available in the size and color desired in the store, brides have an option of layaway for up to 60 days. Unfortunately, this option is restricted to only in-store gowns. If you happen to find the dress of your dreams in the store, the layaway option is something to consider. Since the features of the David’s Bridal credit card are not the best, it’s nice to know that there are other financing options available.
Other Financing Options
Since the David's Bridal credit card offers expensive rates and fees, and the 26.99% APR doesn't help with keeping the cost of a wedding low, we've collected up a few credit card offers that would be better choices for all your wedding purchases. We suggest using a credit card with low interest rates and a rewards program that will earn you cash back for your wedding expenses. Some credit cards, such as Chase Freedom, offer up to 5% cash back rewards for dining out which would be nice to have for the rehearsal dinner. Here are a few other suggestions of credit cards that can save you money with having low interest rates and rewards programs:
Chase Freedom®- Earlier this year, we named the Chase Freedom® card one of the best cash back credit cards for 2015 because it has great bonuses all year long. You can earn a $150 bonus after spending $500 on purchases in your first 3 months from account opening. Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. Check out the 2015 calendar for bonus spending categories earning you cash back.
Citi® Double Cash Card – 18 month BT offer- This cash back rewards credit card will earn you 1% cash back when you buy and 1% cash back as you pay for those purchases. So you basically earn 1% cash back twice, which is why this card made the list. In addition to the rewards program, this credit card does not come with an annual fee and has an intro APR of 0%* for 18 months on Balance Transfers*.
Capital One® Quicksilver® Cash Rewards Credit Card- This is a credit card that every cardholder can fall in love with. Not only does this card earn 1.5% Cash Back on every purchase, every day, but also comes with features like $0 Fraud Liability, an extended warranty program, $0 annual fee, APR of 0% intro on purchases for 9 months and 0% intro on balance transfers for 9 months.
* Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.