Here's what device financing looks like on $0 down phones in Canada

Jul 10 2019, 2:13 pm

Over the last week, Rogers and Telus both announced they would be introducing device financing and $0 down on new phones.

Device financing includes 24 and 36 month and interest-free options, according to Rogers Communications.

The announcement comes after the company introduced its unlimited data plans, with no overage charges, last month.

As of July 10, financing options for devices on the Rogers Infinite plans are officially available, and those who choose this route are on a month-to-month contract with no cancellation fees. Rogers states that as part of the financing agreement, customers would only be required to pay the remaining balance of the device if they decide to leave before payment installments are completed.

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“We’re on a journey to deliver the best possible experience to our customers. They told us they want affordable and transparent options to get the latest wireless devices and that’s what we’ve introduced,” said Brent Johnston, president of wireless services, in a release. “Offering our customers three-year device financing means lower monthly payments – it’s the right thing to do for our customers.”

So how does the device financing work?

Mobile customers can get the latest smartphones or tablets on monthly payments over 24 or 36 month financing terms, and the retail price of the device is paid through equal monthly payments.

Sample pricing chart courtesy of Rogers

Rogers said that the customers would have complete flexibility to make voluntary pre-payments, or pay off their financed devices in full at any time. As well, in the coming months, the communications giant said it will offer another program to further lower the monthly payment of financed phones, when customers return it after a two-year period.

Those looking for device subsidy plan options, those will still be available through tab payments. This will offer customers a discounted upfront price for their device with a variable amount of subsidy with each plan.

For example, with Edge 20 tab, customers pay $20 per month as part of their plan for a $480 discount on a 24-month term. Then after two years, customers can choose to switch to a Rogers Infinite plan with no tab.

Last month, Rogers became the first telecom company to introduce “unlimited data plans with no overage charges” in Canada.