Rogers-owned Fido is set to launch its own device financing program called the Fido Payment Program (FPP), set to begin on February 5, 2020. We now have more details on how this program works.
According to documents seen by iPhone in Canada, the FPP will offer devices for as little as $0 down and allow customers to pay off hardware balances in “24 pocket-friendly” monthly payments with 0% interest.
Fido says with the FPP, customers will get a clear picture of their service plan and phone costs, shown separately on bills.
The Fido Payment Program will replace the company’s existing six-tier subsidy structure down to one, allowing for “flexibility” for customers when it comes to buying new devices, explains Fido.
Some Fido Payment Program points:
- All devices will be eligible for financing on voice and data plans
- Most devices at $0 down; some “more expensive” will require a one-time payment
- Max Fido Payment Program amount set at $800 for financing to keep monthly payments “affordable”
- The $800 max financed amount may increase or decrease during promo periods
- FPP will be eligible for promo credits
How the Fido Payment Program Will Work
Fido provides two examples of how the program will work, detailing a device with $0 down payment (at $720) and one with a down payment (at $1,200).
Device with $0 down payment
- $720 full price + $93.60 (13% HST) = $813.60
- $813.60 / 24 months = $33.90/month in device payments
Device with down payment
- $1,200 full price – $400 down payment = $800 + $104 (13% HST) = $904
- $904 / 24 months = $37.67/month in device payments
In both these scenarios, you’ll just pay the device payment amount and your monthly plan price, to get your total monthly bill.
Again, the Fido Payment Program will only let customers finance up to $800, to keep monthly payments lower, according to the company. After 24 months you’ll have your device paid off and is yours to keep.
Fido Payment Program Eligibility
Fido says the FPP will be eligible for all new customers activating a line and existing Fido customers with an account in good standing.
There will be a minimum 30-day wait period from original activation or last hardware upgrades to jump on a FPP, while all devices will be eligible for financing.
Fido says talk and text plans will also be available on select devices with FPP, while the company’s return policy stays the same.
The following customers are not eligible for a Fido Payment Program:
- Any customer who wants to remain on their current plan with a subsidy
- Prepaid customers
- Fido internet customers
- Fido home phone customers
Fido’s document says the program is “the new affordable way to get the device you want.”
More details of the Fido Payment Program should emerge on February 5, 2020. Details could change leading up to the launch date, so stay tuned.
Keep your eyes out for Telus’ Koodo Mobile and Bell’s Virgin Mobile to possibly launch its own device financing like Fido as well.