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Hello! I  bought 2 separate SIM cards for BYOP. Can I cancel one right away without using it? Or will i still have to pay for the first bill? 

You can definitely do so.

Instead of cancelling though let them know that you want to return the order for one of them, that way you won’t get charged for it as you’re likely within the return period still.

You’ll have to talk to customer service to do this. You can schedule a callback at https://koodo.com/chat