Nobody likes to receive a 'late payment' notice, especially when it comes from one of our essential providers – electric, gas, WiFi provider, or smartphone carrier. Our smartphones have become such an important part of our daily lives – often our only form of communications – we shudder at the thought of losing service. No more talking, texting, streaming, or web browsing. Even if you can pay the bill, there are those dreaded late fee charges that the carriers add to your bill.
Ever since Rogers started their new Rogers 3.0 Plan to make them a better carrier and striving to raise customer satisfaction, we have seen their numbers rise steadily in the polls and surveys. With Rogers switching up their 'terms of service' on September 16 in the area of interest they, and their sub-brand Fido, charges on delinquent payments is another way that they are helping their customers. The email our source received said that the interest rate would remain the same, but charges will now accrue daily, rather than monthly. Currently, the interest of 2% is calculated and compounded monthly, but the new terms of service say the late fee will be determined "on a daily basis and will be calculated and compounded monthly on the outstanding amount."
By changing to a daily accrual rate, the sooner you pay that past due bill, the less interest it will cost you. By having the interest charge build a little each day, if you come in and pay your past due amount within the first 15 days, you could save yourself 15 days of interest if you were billed late fees strictly by the month. Rogers is the first of the Big Three to offer this change in late fee charges. Telus also charges 2-percent and Bell charges 3-percent – however, they are still charging on a monthly basis.
There have been many changes in the Canadian wireless industry this past year, and more will be on the horizon. Some carriers, like Telus, are adding Easy Roam for international countries, while others, like Mobilicity, are making the switch over to Chatr. Rogers is also offering many back-to-school specials to entice new subscribers.