Affordability is a big issue for many Canadians, especially as the cost of living continues to soar. To help make shopping a little more manageable for consumers, buy now, pay later (BNPL) solutions are available that lets shoppers spread out payments over time. BNPL services are gaining popularity thanks to their convenience and flexibility, providing an alternative to traditional credit cards.
Now, Flexiti is offering its FlexitiCard to give consumers financing at their fingertips.
Our Verdict
| Who is the FlexitiCard best for? | Best for consumers who: – Frequently make large purchases – Prefer flexible payment options – Want to take advantage of 0% interest financing on expensive items |
| What we like about the FlexitiCard | – 0% Interest – Flexible Payment Plans – Vast Retailer Network – Payment Protection Insurance |
| What we don’t like about the FlexitiCard | – Limited Retailers – Annual Fee |
Who Is Flexiti?
Flexiti provides flexible financing solutions for Canadians through their FlexitiCard. Consumers can use it to spread out payments of big-ticket purchases with 0% interest. The FlexitiCard also comes with deferred payment options to push payments out to a later date.
The FlexitiCard is accepted at thousands of retailers across Canada, allowing Canadians to take advantage of flexible payment options on expensive items like furniture, appliances, electronics, and jewelry. Their goal is to make shopping more affordable for consumers with state-of-the-art payment solutions.
What Is The FlexitiCard?
The FlexitiCard allows you to split big-ticket purchases into equal payments with 0% interest if payments are made on time, or defer payments to a later date. You can use it like a regular credit card at more than 8,000 retailers across Canada, both in-store and online.
Key Features
Features of the FlexitiCard include the following:
- Flexible Financing Plans: Choose between dividing your purchase into equal payments, or defer your payments for later payment.
- Quick Approval: Finance your purchase on the spot at the point of sale without having to wait days for approval like a regular loan.
- Large Retail Network: Shop at over 8,000 participating retailers that have partnered with Flexiti.
- Simply Secure™ Insurance Program: This coverage provides payment protection in the event of an unforeseen situation.
- Offer Hub: Get access to exclusive offers and deals with your FlexitiCard.
How Does It Work?
The FlexitiCard makes shopping for a large purchase easy. Just follow these steps:
Step 1: Shop With Participating Retailers
Shop at thousands of retailers across Canada, both online and in-person.
Step 2: Finance Your Purchase
Finance your purchase immediately without having to go through the hassle of applying for a loan to cover a large purchase. You can finance your purchase with Flexiti in the following ways:
- Buy Now, Pay Later (BNPL): Split up your purchase into equal monthly payments over a set term with 0% interest (as long as the full amount is repaid on time).
- Deferred Payments: Postpone your payments to a later time when you have the funds needed to cover the full purchase price. No payments are required until the term ends. However, to avoid being charged interest, you’ll need to make sure you pay the balance in full before the end of the term.
- Credit Card Usage: Use the FlexitiCard like a regular credit card purchase.
Where Can You Use Your FlexitiCard?
Flexiti is partnered with thousands of retailers across Canada. Here’s just a short list of some of the places you can shop with your FlexitiCard:
- Staples
- The Brick
- Rona
- Sleep Country
- Wayfair
- People’s
- London Drugs
- Napa Auto Care Centre
- The Bike Shop
- Leon’s
- 2001 Audio Video
- Pandora
- Big O Tires
Visit the Flexiti website to find a full list of retailers.
How To Apply?
Applying for a FlexitiCard is easy. Simply click the Apply Now button in the top right corner of the homepage to get started. You can also apply online or in-store with many partnered retailers.
What Are The Eligibility Requirements?
To qualify for a FlexitiCard, you must meet the following requirements:
- Be a Canadian resident
- Be the age of majority in your province or territory
- Show a government-issued photo ID
- Undergo a credit check
What We Like About The FlexitiCard
The FlexitiCard comes with several perks, including the following:
- 0% Interest: You can spread out your payments on large purchases without having to pay interest if you make your payments on time.
- Flexible Payment Plans: Choose between equal monthly payment plans or deferred payments, depending on your preferences.
- Vast Network Of Retailers: The FlexitiCard is accepted by more than 8,000 retailers across Canada.
- Payment Protection Insurance: You have the option to purchase Simply Secure™ insurance for $1.39 per $100 of your account balance.
Learn more: What Is Credit Card Balance Protection Insurance?
What We Think You Should Watch Out For
In addition to the benefits are a few downsides to consider:
- Limited Retailers: The FlexitiCard can only be used at select merchants, despite Flexiti’s vast network.
- Annual Fee: Flexiti charges a $24.99 annual fee. In Quebec, the fee is higher at $39.99 (or $99.99 if you use it for travel or you’re issued a Flexiti Wave Card)
What Is The Flexiti WAVE Card?
The Flexiti Wave Card is similar to the FlexitiCard in that it also offers flexible financing options. However, the Flexiti Wave Card is slightly different in the following ways:
- Interest Options: The Flexiti Wave Card doesn’t offer a 0% financing option, while the FlexitiCard offers a 0% interest option on large purchases when payments are made on time.
- Payment Plans: The Flexiti Wave Card offers longer repayment terms than the FlexitiCard. More specifically, the Flexiti Wave Card offers terms of 24, 36, 48, and 60 months.
- Retailer Network: The Flexiti Wave Card can be used at more retailers within the Flexiti Network compared to the FlexitiCard.
Is The FlexitiCard Safe?
Yes, the FlexitiCard is safe to use. You can choose to purchase Simply Secure™ insurance, a payment protection plan that covers things like job loss, critical illness, or injury.
What Do Consumers Think Of The Flexiti?
Before applying for a FlexitiCard, take some time to find out what others are saying about the company and product:
| Better Business Bureau (BBB) | A+ Accredited |
| Google Rating | 4.4/5 stars |
| Trustpilot Rating | 2.8/5 stars |
| Social Media Presence | Instagram: 1,776 followers Facebook: 1.6K followers LinkedIn: 20,887 followers |
Alternatives To Flexiti
FlexitiCard’s BNPL capabilities are super convenient, but it’s not the only BNPL service available to Canadians. Here are a few others to consider:
- Sezzle: Spread out our purchase in 4 installment payments over 6 weeks with no interest.
- Affirm: Choose the payment option that works for you, including 4 interest-free payments every 2 weeks or monthly installments.
- Afterpay: Split your payments over 6 weeks with no interest charges.
Credit Card Alternatives
Some banks also offer a similar service to BNPL services that allow you to spread your payments made with your credit card over several months. Here are a couple to consider:
CIBC Pace It. Certain CIBC credit cards come with CIBC Pace It. This program allows you to pay off large credit card purchases in monthly installments at low interest rates. Choose from 6, 12, or 24-month repayment plans, without the need for a credit check.
TD Payment Plan. Similar to the CIBC Pace It program, this plan allows you to turn qualifying credit card purchases of at least $100 into equal monthly payments over 6, 12, or 18 months with 0% interest. However, there is a fee that ranges from 4% to 8%.
Learn more: Visa’s Buy Now Pay Later Payment Solution
Final Thoughts
The FlexitiCard can come in handy if you want to buy something expensive, like appliances or furniture, but don’t have the funds available to cover the entire cost upfront. In this case, you can use your FlexitiCard to split your payments up and spread them out, or defer your payments to a later date, without paying any interest. Just keep in mind that if you don’t make your payments on time, you’ll be stuck paying interest.
