Fido Payment Program Launches: 0% APR on Smartphones
Last month, we told you some details about the Fido Payment Program (FPP) and how it was set to launch on February 5, 2020, replacing its former subsidy plans.
As expected, the FPP is now available offering a 0% annual percentage rate (APR) on smartphones including those from Apple.
According to Fido, its payment program is “easy as 1-2-3!”, says its website. Customers just pick a phone (a down payment may apply), then pay off the phone over 24 equal payments plus taxes. This monthly repayment is on top of choosing a monthly voice/data plan.
Documents last month detailed the program would see a max $800 financed amount to keep monthly payments “affordable”.
Looking at Fido’s website, the iPhone 11 Pro Max is listed as $755 down with the Fido Payment Program and $33.33 per month in payments, plus a monthly plan.
Four plans with unlimited nationwide talk and text are offered:
Fido’s website also currently lists a $65 bill credit bonus on your second or third bill.
Customers will now get an exact sense of how much they are paying for their smartphones with the Fido Payment Program versus the previous subsidy model.
Fido’s fine print says “a security deposit of up to $250 may be required”, for the program, as 0% APR depends on approved credit.
Fido’s parent company Rogers ended its Edge Tab subsidies back on January 28, 2020.