Vancouver-based national carrier Telus is the latest to launch a 36-month device financing option.
The new 36-month Telus Easy Payment financing option joins the existing 24-month version and lets customers split the total cost of a device into 36 equal payments. Plus, customers can pay off the remaining balance at any time.
However, there are some minor differences between the 24- and 36-month financing options. For one, 36-month financing is only available for customers who choose the $0 upfront option and not for ‘low upfront’ or ‘low monthly’ financing options.
Additionally, customers who go with the 36-month financing can’t use Telus’ Bring-it-Back program.
Finally, Telus’ website notes that 36-month financing is only available on select devices and only in stores. It’s only available for new and renewing customers with approved credit.
As with 24-month financing, if subscribers cancel their Telus service before the 36-month financing is paid off, they will have to pay the remaining device balance in full.
It’s worth noting that following Rogers’ launch of 36-month and Telus’ 24-month financing options, the CRTC sent a letter to Canadian telecommunications companies seeking information about how device financing works.
The Wireless Code states that wireless service providers that sell phones with an up-front subsidy must make up the cost of the device in equal payments over 24 months. The 36-month financing option, which has yet to be evaluated by the CRTC, essentially allows carriers and customers to bypass that rule and spread the cost over three years.
In a statement to MobileSyrup, Telus said it worked to ensure its device financing plan met the CRTC’s Wireless Code requirements.
“Because the 36-month financing agreement is tied to the cost of the device, we believe that we are respecting the rules of the Wireless Code and doing what’s right for Canadian consumers by providing them with more affordable ways to get the phone they want,” Telus said.