Rogers offering a Mastercard that lets you finance a cellphone on a 48-month plan with zero per cent interest, sidestepping rules that prevent telecoms from offering contracts longer than two years
, the telecom giant with a side hustle in banking, offers a Mastercard that lets you finance a cellphone on a 48-month plan with 0-per-cent interest. The new card tells us something about the marketing of wireless phone service, but it’s also a window on the credit-card business in this year of living expensively.
The 48-month payment plan from Rogers is similar to the “buy now, pay later” offers available from many companies, including airlines. BNPL is designed to lure people who might otherwise balk at a purchase because it seems unaffordable. While the typical reward card offers points when you spend, this one rewards you for paying down your balance. Every dollar paid earns five points that can be redeemed for account credits with no minimum, or for gift cards.of these points works out to getting cash back at a rate of 0.67 per cent, which compares with 1 per cent to 2 per cent for the Rogers card and as much as 5 per cent for premium reward cards with annual fees.
Financial pressure on cardholders is primed to increase, though. The ratio of debt to disposable household income hit 184.5 per cent in the first quarter, which means an average $1.85 in debt to every $1 in after-tax income. Twenty years ago, the ratio was below 120 per cent.
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