If you would like to purchase Sterns products regularly, it might be a good idea to open a jewellery account to buy products on credit. This way, you would be able to buy products for yourself, as gifts for others or for a special occasion without having to worry about making a large once off payment that you probably cannot afford.
Austrian born Joseph Stern opened the first store in Johannesburg in 1896. In 1950, Sterns became a household name and for the next few decades, there was very little competition for the successful company. However, in the late 1980s, Sterns began battling financially due to increases in gold and diamond prices and changes in the market. In 1993, Foschini purchased Sterns and began rebuilding the company based on the same premise that Joseph Stern strived for: beautiful jewellery available to all.
There are now 123 stores that can be found all around the country. Each store has a large range of products made out of a large range of precious metals and beautiful stones. There are price ranges too, meaning that while there are very beautiful and expensive pieces on offer there are also many affordable, gorgeous jewellery and accessories for the lower budget.
Opening a store account at Sterns
If you already have a Foschini’s, Markhams, Exact! or other Foschini Group card, you will not need to open an account at Sterns. You will be able to use any of the above store cards to make purchases on credit from any Sterns jewellery outlet. Sterns offers several payment options including the following:
- Six month payment option
With this option, you will have six months to pay back the money for the products you buy. There will be no interest rate on these payments.
- 12 month payment option
- 18 month payment option
- 24 month payment option
The interest rate, as of December 2011, was 22.1%.
You can open a Sterns jewellery account to buy products on credit in any Sterns store. To find out more information about opening an account at Sterns or to find out whether the interest rate has changed, you can contact Sterns via telephone, email or fax.
Buying products on credit
While having a store account may be convenient in that it allows you to purchase products right now that you may not be able to afford at this moment in time. It allows you to pay off the items that you buy over time. However, you must make sure that you are aware of the terms and conditions of buying goods through credit. Make sure that before you sign up for your store card you understand all the fine print and legal detail.
Also, ensure that you can control your spending. It is very easy to go over what you can actually afford when you are buying on credit. The ‘I’ll deal with it later mentality’ kicks in when most consumers see something that they want that they usually would not buy or would not buy for as high a price as it is being sold for. Make sure that you know your limits and that you can trust yourself to stick to them.
Landing yourself in financial trouble through messing around with credit can mean that you end up with a bad credit record, blacklisted or worse. Once your credit history is ruined it will take a very long time and a lot of smart thinking and financial sacrifice to get it back on track. It is always better to avoid store cards and spending on credit if you can.
However, if you do need to be able to buy Sterns products and cannot afford to purchase them in a once off payment, having an account so that you can buy items on credit is an option that you have. Using a store card is a good option if you are purchasing an engagement or wedding ring and don’t plan on purchasing much more jewellery.