Hello to all
I upgraded my non-Fido phone to a Motorola Edge+ which sells for 2k but with Father's Day special and exclusive offer to my account I got a credit of 73$ per month for 24 months which bring total finance to 9.99$ a month plus my plan 30.46$ will be 47$. I just want to know if there's any hidden fees and what will happen after 24 months? Do I have to return the device or pay the amount difference?
please help as I'm really confused.
Thanks in advance.
Welcome to the community!
Firstly, you should note that the monthly cost of those phones are not reduced. The device cost shown on the website was calcuated after bill credit. The monthly cost of the phone remains the same but customers are getting a credit on their bill to offset the cost of the phone.
The bill credit is applied to the account and does not directly affect the actual monthly financing cost. In your case, the original monthly financing fee of $83.34 and bill credit of $73.35 calculates to $9.99 per month (plus taxes). However, the monthly financing fee does not actually change. For example, if you choose to end the contract early, you would be required to pay the remaining balance of the device ($83.34 x remaining months). The unused bill credits would not apply and no longer continue on your account.
With Fido's new financed Payment Program, the phone is yours to keep once the contract has been fulfilled. Upon completion, you will no longer have a monthly financing fee. In addition, you will also no longer receive the monthly financing credit. You would just have your monthly service fees.
I understand the deal might seem too good to be true. However, for whatever reason, that particular device appears to be on clearance. That could be the reason why the bill credit value is so much. You should note that since the device is on clearance, there may be limited quantities available.
If you make the purchase online, the Setup Service Fee ($45) should be waived. However, if you make the purchase with the assistance of customer service, you would likely incur the setup fee.
Hope this helps 😀
Thank you Cawtau I really appreciate it.
as I gathered from your response that I only pay 9.99 plus tax for 24 months nothing more and the phone is mine if I choose not to break the 24 months agreement . Yes?