What Charles & Colvard's Charge Card Is

Charles & Colvard's Charge Card is a store credit card issued through Synchrony Bank that you can use to buy lab-grown diamonds, moissanite, and jewelry from Charles & Colvard online or in their retail locations. When you open the card, you get a credit line you can use when ready for purchases, and you pay the balance back over time with interest — just like any other store card.

The card is designed for customers who want to spread the cost of jewelry purchases across multiple months. Unlike a debit card or paying upfront, a charge card lets you buy now and make monthly payments. Synchrony Bank handles the account, sends your monthly statement, and manages your payment schedule.

Key Takeaways

  • The Charles & Colvard Charge Card is a store credit card through Synchrony Bank that works only at Charles & Colvard locations and online.
  • You receive a credit limit when approved, and you can use it to purchase jewelry and then pay the balance back monthly with interest.
  • The card may offer promotional financing periods (such as 0% APR for a set number of months) on may have access to purchases, though terms change.
  • You manage the account through Synchrony's online portal or mobile app, where you can view your balance, make payments, and check your statement.
  • Missing payments or carrying a high balance can affect your credit score, since Synchrony reports account activity to the three major credit bureaus.

How to Open a Charles & Colvard Charge Card Account

You can start the process online at Charles & Colvard's website or in a physical store. Look for the "Charge Card" or "Financing" link, usually near the top or bottom of the homepage. Click it and you will be taken to Synchrony's process form.

Fill in your personal information: full name, date of birth, Social Security number, current address, phone number, and email. You will also enter your annual income and employment status. Synchrony will run a hard inquiry on your credit report, which means they pull your full credit history and score. This inquiry stays on your report for about two years and can lower your score slightly.

After you submit, Synchrony usually gives you an when ready decision. If approved, you receive a credit limit — the maximum you can charge on the card. Your card arrives by mail within 7 to 10 business days, though some locations may issue a temporary card in-store that you can use right away.

Understanding Your Credit Limit and Interest Rate

Your credit limit depends on your credit score, income, and credit history. Someone with excellent credit and a high income might receive a $5,000 limit; someone with fair credit might receive $1,000. Synchrony does not publish a minimum or maximum, and limits vary widely by person.

The interest rate (called the APR, or Annual Percentage Rate) also depends on your creditworthiness. Charles & Colvard advertises promotional rates — often 0% APR for 12, 18, or 24 months on purchases over a certain amount — but you only receive these rates if you meet the credit requirements. If you do not may have access to for the promotional rate, you pay the standard APR, which typically ranges from 19% to 29% depending on your credit profile and current market rates.

Read your welcome materials carefully. They will state your specific APR, when any promotional period ends, and what APR kicks in after that. If you carry a balance past the promotional period without paying it off, interest charges can add up quickly.

Making Payments and Managing Your Account Online

Synchrony sends you a monthly statement showing your balance, minimum payment due, and payment important date. You can pay in several ways: online through Synchrony's website or mobile app, by phone, by mail, or in some cases through automatic bank transfers.

Log into your account at Synchrony's portal using your email and password. You will see your current balance, available credit, recent transactions, and payment history. From there, you can make a one-time payment, set up automatic monthly payments, or view your full statement as a PDF.

The minimum payment is usually 1% to 3% of your balance, but paying only the minimum means you carry the balance longer and pay more interest. If you received a promotional 0% rate, paying only the minimum still leaves you with a balance when the promotional period ends — then interest charges begin. To avoid this, try to pay more than the minimum, or pay the full balance before the promotional period expires.

Your payment is due by the date shown on your statement. If you miss a payment, Synchrony charges a late fee (typically $25 to $40) and may report the missed payment to the credit bureaus, which damages your credit score.

Promotional Financing Offers and How They Work

Charles & Colvard regularly runs promotional financing offers through the Charge Card. These typically look like "0% APR for 18 months on purchases of $500 or more" or "12 months same as cash." The terms change throughout the year, especially around holidays and sales events.

When you make a purchase that qualifies for a promotional rate, that specific purchase sits at 0% APR for the stated period. If you make another purchase that does not may have access to, or after the promotional period ends, interest accrues on any remaining balance at the standard APR.

The key trap: if you still owe money when the promotional period ends, you start paying interest on that balance when ready. For example, if you buy a $1,500 ring on a "0% for 18 months" offer and pay only $50 per month, you will still owe $900 when month 18 ends. That $900 then accrues interest at your standard APR (say, 24%) until you pay it off. To use promotional financing wisely, calculate whether you can pay off the full purchase before the period ends.

What Happens If You Carry a Balance or Miss a Payment

Carrying a balance means you owe money after your statement closes. Interest charges accrue daily on any balance you carry past a promotional period. If your APR is 24% and you carry a $1,000 balance, you pay roughly $20 per month in interest alone — money that does not reduce your principal balance unless you pay more than the interest charge.

Missing a payment has when ready and lasting consequences. Synchrony charges a late fee (usually $25 to $40 for the first missed payment, up to $40 for subsequent ones). More importantly, a missed payment is reported to Equifax, Experian, and TransUnion — the three major credit bureaus. This stays on your credit report for seven years and can lower your credit score by 100 points or more, depending on how late the payment is and your overall credit profile.

If you miss a payment, contact Synchrony as soon as possible. Explain your situation and ask whether they can waive the late fee or work out a payment plan. Some customers can negotiate, especially if it is a first offense. But the missed payment itself will still be reported to the bureaus.

How the Charge Card Affects Your Credit Score

Opening the card triggers a hard inquiry, which can lower your score by a few points temporarily. Once the account is open, Synchrony reports your activity monthly to the credit bureaus: your credit limit, current balance, payment history, and whether you pay on time.

A high balance relative to your credit limit (called your utilization ratio) can hurt your score. If your limit is $2,000 and you carry a $1,800 balance, your utilization is 90%, which signals risk to lenders. Keeping your balance below 30% of your limit is ideal for credit scoring. Paying on time every month, even if you only pay the minimum, helps your score over time.

Closing the card after you pay it off can also affect your score, because it reduces your total available credit and removes an account from your history. If you plan to close it, wait at least six months after paying off the balance.

Frequently Asked Questions

Can I use the Charles & Colvard Charge Card anywhere other than Charles & Colvard?

No. This is a store card, not a Visa or Mastercard. You can only use it to buy from Charles & Colvard online or in their retail locations. If you need a general-purpose credit card, you would need to open a different card with a bank or credit card issuer.

What is the difference between 0% APR for 12 months and 12 months same as cash?

They sound the same but work differently. With 0% APR, you pay no interest during the 12 months, but any balance left after month 12 starts accruing interest at your standard APR. With "same as cash," if you pay the full balance by the end of 12 months, you pay no interest at all. If you do not pay it off, interest is sometimes charged retroactively from the purchase date. Always read the fine print to know which offer applies.

What if I cannot pay my balance before the promotional period ends?

Contact Synchrony before the period ends and ask about your options. Some customers can request a balance transfer to a different card, though this is not may provide. Otherwise, the remaining balance will accrue interest at your standard APR. If you are struggling financially, Synchrony may offer a hardship program or payment plan, but you have to ask.

Does opening this card hurt my credit score?

The hard inquiry lowers your score slightly (usually 5 to 10 points) for a few months. Over time, if you pay on time and keep your balance low, the account can help your score by showing a history of responsible credit use. If you miss payments or carry a high balance, it will hurt your score.

Can I pay off my balance early without a penalty?

Yes. There is no prepayment penalty on the Charles & Colvard Charge Card. You can pay off your entire balance at any time without extra fees. In fact, paying early is a smart move if you want to avoid interest charges or escape a promotional period before it ends.