This is the first time I’m hearing the term Phone Credit. What is it? Wasn’t it called ‘Activation Bonus’ or ‘Activation Credit’ before?
It was formerly referred to as Activation Bonus or Activation Credit, and we recently changed its name. It still means the same thing, but only with a new name which is “Phone Credit.” Phone credit is offered by Koodo to reduce the upfront cost of the phone.
So tell me more about the Phone Credit? How does a Phone Credit help me?
Similar to the Tab, a Phone Credit makes it easy for you to get the phone you want. This works by getting the total price of your new phone reduced. The difference between the Tab and Phone Credit is that you pay towards your Tab balance every month, but not towards your Phone Credit - in a way, the Phone Credit is pretty much for you, on us. The Phone Credit balance simply reduces each month and you only have to pay the remaining Phone Credit balance if you cancel, or upgrade before the balance reaches $0.
How does it work?
The Phone Credit amount is included in your Customer Service Agreement (CSA) and the balance draws down equally over 24 months, so each month the credit balance will decrease similar to the Tab.
Do I pay towards the Phone Credit, similar to the Tab?
No, you do not make monthly payments towards the Phone Credit. The balance automatically reduces every month. You’ll just have to pay back the remaining Phone Credit balance on your account if you cancel or upgrade before 24 months.
Just so I understand, I do not have to pay back any of the Phone Credit amount if I do not cancel, or upgrade before 24 months?
You’ve got it!
And if I do cancel or upgrade early, I only have to pay the remaining Phone Credit balance on my account, not the entire amount that I was credited at the start of the agreement?
Correct Keep in mind if you cancel or upgrade early, you also have to pay the remaining Tab balance.
What amount of the remaining Phone Credit balance would I owe if I cancel or upgrade before 24 months?
You’ll need to cover the remaining Phone Credit balance on your account. For example, if you received a $120 Phone Credit at the start of your agreement and would like to cancel in month 12, you’ll need to pay back $60. This is because each month, for this example, the Phone Credit balance goes down by $5.
Can I see the remaining Phone Credit balance on my Self Serve account?
Unfortunately, at this time, you are not able to view it on Self Serve. You can reach out to us if you need info on your remaining Phone Credit balance. We will be sure to let you know when you will be able to view your Phone Credit balance details on Self Serve.
Since when did Koodo start charging back the remaining Phone Credit balance?
We’re always working towards being fair, simple and giving our customers a positive experience. We made this adjustment to our service terms for new activations and upgrades on August 25, 2019.
Does this updated Phone Credit experience impact both prepaid and postpaid customers?
Only postpaid customers who receive a Phone Credit on or after August 25, 2019.
Does this have an impact on the Tab process?
No, the Tab process remains the same.