Can I pay off my tab faster?

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  • Updated 10 months ago
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I pay $15 per month tab charge. I can't afford to pay off the balance in one transaction, but I want to pay it off sooner than 2 years. Can I make larger payments towards my tab balance when I can afford it?
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Sam

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Posted 2 years ago

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Chadwick, Mobile Master

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No you cannot change the payment amount. Only option is to pay it off all at once. But to get around the paying it all at once, you could just pay the extra you want as over payment for your bill and it will sit as a credit on your account. As long as your paying your bill PLUS that amount every month, you will eventually build up enough of a credit to pay it off.
(Edited)
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Paul Deschamps, Mobile Master

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Or you could also just put the extra aside in your bedside table and when you've collected enough to pay the lump sum go ahead and make that lumber payment and grab yourself a shinny new phone on the tab again and start the process all over.
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Goran, Mobile Master

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Or throw it in a TFSA and make money until you are ready for a new phone. It won't be a lot but it's something. And that's not nothing.
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Bernard, Official Rep

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@Sam, it doesn't make any sense to pay off your tab faster. Think of the tab as 0% interest loan. It cost you nothing. If you have the money you'd be better off paint off something else that you pay interest on.
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Stephen Ridsdale

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Again, adding any sort of tab ADDS to a monthly cost, which on a current $40 plan with a phone already paid off, would add $21 per month plus another $11 because that is the cheapest "large" tab plan available. I don't know about you, but I am not at all crazt abput doubling my monthly plan at all.
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Bernard, Official Rep

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Once phone is paid off, tab charges disappear. You won't keep paying it at all. It's very easy to avoid the tab, if people want too do so by paying the full price for the phone up front.
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Jay Why

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Hey Stephen, at least with koodo, you can paid off you tab at any time and switch to a lower price plan (after 90 days). no one is going to give you a free phone. with the competition, you are locked in the plan for 2 years min.
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The Legacy

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Stephen is correct; if you're on a large tab plan, you have to pay a higher monthly rate plan. If he pays it off sooner, he can downgrade the plan back to a low/medium plan. If he's on a small/medium tab plan, however, Bernard is correct.
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Not Jean-Pierre Blais

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Well... don't get a Tab Large plan in the first place. If you want such a high "subsidy" on the device, go to TELUS instead. Their plans are basically Tab Large plan + Tab Charge combined. You will at least get VoLTE, Wi-Fi Calling, a real app, and an actual, mostly "free" customer service over there.
(Edited)
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Sam

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Thank you for the replies. It is odd that Koodo doesn't have this convenient option by now though?
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Bernard, Official Rep

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Most people don't want to pay off their tab faster Sam, that is why we only have the one time payment feature.
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Jillyssa Newman

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Can you pay this one time payment at any time? Say, a couple months into the plan?
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Paul Deschamps, Mobile Master

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You have to wait a minimum of 3 months before you can pay your tab off.
(Edited)
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Laura Haas

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How would one go about paying off the remaining tab balance? My mom got a new phone just this year and recently the glass face shattered. It would be cheaper to pay off the tab and get her a new phone than to try and have it repaired. I can't find anywhere on how to pay off the tab in order to get her a new phone ahead of time.
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David, Mobile Master

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If you buy a new phone through Koodo, the outstanding TAB will be added to your next bill.
If you buy a phone outright, you need do nothing,except swap the SIM card.
(Edited)
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Brown Dale

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I tried to get a new phone for my old one but have a 75$ tab balance but when I go to do it online in order for me to do it I have to pay off my tab balance before I can do it. How do I do it online and have it go on my next bill option?
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David, Mobile Master

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You just agree to pay it off immediately, and it gets put on your next bill.
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Lloyd Willett

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If i could pay of my tab i would save $17 a month $15 plus tax and instead of doing all at once should be three installments if a person wants instead of one big payment
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David, Mobile Master

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You must have a very different interpretation of the term 'save' than I do. If this was a mortgage, with an attached interest rate, and therefore interest costs, paying it off in part or in full at an early date would indeed save you  money. Paying the Koodo TAB early actually costs you money. 

If you want to pay your Koodo interest-free loan off early, but not in one lump sum, all you need do is overpay your account by 1/3 of the amount owing less $17, and in three months, you'll have enough in your account so you can call Koodo and pay off your TAB with no extra monies needed.
(Edited)

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