Flexiti Credit Card: Fundamentals You Need to Know

Are you exploring a Flexiti Credit card as a viable payment option? Make an informed decision on whether Flexiti Credit Cards are feasible for your preferences. Here’s everything you should know about a Flexiti Credit Card before applying for one.

What is Flexiti Credit Card?

Let’s break down the term into two: Flexiti and Credit Cards. In simple terms, Credit Cards are easy financing options for purchases. So, what is Flexiti? Flexiti is a Canada-based company resolved to add unique and special features to the credit card option to help you make big purchases without an economic burden.  Unlike the usual credit cards, Flexiti Credit cards allow customers to enable the pay later option with different payment plans without charging interest.

How Does Flexiti Credit Card Work?

Consumers can use their Flexiti credit cards to make big purchases at the retailers and stores with which Flexiti collaborates. Flexiti has partnered with more than 8,000 retailers, offering its customers easy financing options by allowing them to use Flexiti credit cards as payment.

The financing options allowed by the merchants can be subjective. However, consumers are generally offered an equal monthly payment plan, deferred payment plan, and regular credit payment plan to finance their purchases. 

Flexiti Card Payment Plans

1. Equal monthly payment plan: When purchasing an item from the partnered retailer, the amount can be split into monthly payments over a term. The bill will be raised monthly, entailing the monthly payment to be disbursed by the consumer, which may include other charges such as premiums for payment protection insurance, fees, and taxes. The consumer is expected to pay the minimum payment stipulated in the monthly bills on payment due dates to avoid cancellation of the financial plan and charge of accrued interest.
2. Deferred payment plan: The whole purchase amount is deferred for a specific tenure, communicated and agreed upon upon purchase. The consumer will not be required to pay any dues during the term, though consumers may if opted, be billed monthly for the insurance premiums. The consumer is expected to make the payment in whole before the end of the agreed tenure to avoid cancellation of the financial plan and charge of accrued interest.   
3. Regular credit payment plan: Customers can use their Flexiti credit card usually.

Which Flexiti Card to Choose?

Flexiti offers two credit cards: FlexitiCard and Flexiti Wave Card. While both cards seek to provide a flexible financing route for customers, Flexiti Wave Card does not offer a no-interest payment plan to its cardholders. Wave card holders can use the card for an equal monthly payment plan and interest at retailers who allow Wave card as a payment option. However, Wave Card holders can go up to a 60-month tenure for equal monthly payment to lighten the burden. 

How do you choose a Flexiti Credit Card as a Payment Option?

Once the customer has purchased an item with the partnered retailer, they can talk with their sales representative to opt for a Flexiti credit card. If the purchase is made online, the customer can click the Flexiti credit card option in the payment gateway and proceed to choose the preferred financing plan offered by the retailer.

Flexiti Credit Card Benefits

Flexiti helps bridge the financial gap between retailers’ pricing and customers’ budgets by providing practical and feasible payment plans. Here are a few benefits of Flexiti credit cards for customers and retailers:

Customer Benefits:

By receiving flexible financing options, Flexiti credit card holders enjoy various benefits, such as:

• Splitting their purchases into monthly payments or completely deferring their payment for a select period helps customers to make big purchases confidently;
• No interest is charged while using flexible payment options;
• Quick and easy approval for the credit card;
• And hassle-free shopping experience.

In addition to the flexible payment plans, Flexiti, with partnered merchants, also extends exclusive offers and deals such as e-gift cards and cash back to customers using Flexiti Credit cards to make purchases.  

Retailer Benefits:

Flexiti credit cards benefit customers and merchants. Retailers who collaborate with Flexiti to offer quick credit for customers also enjoy various benefits.

• Flexiti uses omni–channel financing, which allows customers to make flexible purchases in any platform, i.e., purchases can be made in-store or online;
• Flexiti helps boost sales as customers would prefer the easy and flexible financing option to make their purchases;  
• Flexiti offers point–of–sale (POS) financing, which authorizes customers to get quick credit approval.

Approved Platforms And Retailers

Flexiti credit cards are different from regular credit cards. While your regular credit cards can be used everywhere, Flexiti credit cards can be used only with partnered retailers. As of 2024, Flexiti has partnered with over 8,000 retailers, and customers can use their Flexiti credit card with any of these select retailers to make purchases in-store or online.

Here is a list of some retailers you might want to shop at using a Flexiti Credit card: 

Michael Hill	Jewellery
Leon’s	Furniture & appliance
Kal Tire	Automotive
Staples	Electronics
Lapointe Dental Centres	Dental health services
Sundeep Jewellers	Jewellery
Flaman	Fitness

Flexiti Credit Card Fees And Charges

While Flexiti does not charge interest on the payment option used, this does not mean Flexiti does not accrue interest! The accrued interest is only charged to the cardholder’s account if the user has missed a payment.

Calculation of accrued interest:

Flexiti accrues interest according to the credit card’s predetermined annual interest rate, which is fully charged to the consumer’s account only upon failure to pay according to the payment plan chosen.

Flexiti’s credit card has predetermined interest rates. On application, consumers are considered for both a credit card with a preferred annual interest rate and a credit card with a standard yearly interest rate.

The current annual interest rate followed by Flexiti:

Annual Interest Rate
For Other than Quebec Residents	Preferred – 31.99%; Standard – 39%
For Quebec Residents	Preferred – 31.99%; Standard – 35%

Other Fees and Charges:

Flexiti credit card holders may be subjected to Annual fees (which could be waived depending on where customers choose to open their account), which will be charged on their first statement after their first transaction and annually from thereon if the customer has any outstanding balance. Annual fees are $24.99 for residents other than Quebec and $39.99 for Quebec residents. Other costs include premiums on payment protection insurance & administration charges.

To summarize, Flexiti credit cards are extensions of regular credit cards with convenient, no-interest payment plans. However, users should always pay off their debts within the due date to avoid the adverse consequences of high interest and damaged credit scores.

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