Decisions, decisions, decisions. Planning a wedding is complicated, but (thankfully) figuring out the best way to pay can be easier. We’re passionate about weddings and finance, and we created Promise Financial to help couples improve the way they pay for their weddings.
If your parents are paying for your wedding, make sure to thank them! Our recent Wedding Finance Survey suggested that less than 10% of weddings are paid for entirely by parents. If you’re among the many couples who are paying part or most of their wedding expenses themselves, there are multiple payment options available, including:
- Existing savings
- Credit cards
- Wedding loans
Existing savings are often the simplest way to pay, however for many couples savings alone aren’t enough. Our Wedding Finance Survey indicated that more than 1 in 4 couples finance at least a portion of their wedding expenses using credit cards or wedding loans.
“Should I use credit cards or a wedding loan if I want to finance my wedding?”
We hear this question all the time and if you’re considering financing your wedding, you may have discussed this very question with your partner. In our opinion, the answer depends on your situation – sometimes wedding loans are best and in other cases credit cards make more sense.
A quick comparison of credit cards and wedding loans is below.
So, when we’re asked “what’s better?” we typically reply “it depends…”
- We suggest wedding loans for engaged couples looking to pay over time by financing $3,000+ of expenses (up to $35,000). Wedding loans often have lower rates, clearer fees and repayment schedules, and they can help build a strong credit history. The average wedding costs $25,000 to $30,000, so a lower interest rate can translate into significant savings.
- We suggest credit cards for engaged couples that are financing a small amount of expenses and do not plan to carry the loan balance into future months. Credit cards are a nice option for these couples because they are very convenient for smaller purchases.
Some couples may also prefer to use credit cards to fund wedding expenses and then refinance their credit card balance with a wedding loan later. This can also work well, depending on your situation.
If it sounds like a wedding loan might be the right choice for you, we encourage you to get started and Check Your Rate. In addition, our Wedding Blog includes helpful tips on how to cut costs and get the most out of your wedding budget.