There is a new plan $50 with 12 GB in the FIDO website. Currently, I am at $50 with 5 GB. Can I change to the new plan without any penalty? My contract will expire end of next month(December 2021) and there is a balance of $49.
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Since your contract ends this month it means you are on a grandfathered plan with a structure that Fido has moved away from.
Fido changed to a device finance structure around February 2019 you can definitely change the plan to the newer plan but you will have to pay out the remaining device balance.