CANEX No Interest Credit Plan Policy
CANEX’s No Interest Credit Plan and CANEX.ca
The CANEX No Interest Credit Plan can be used to purchase products on CANEX.ca. There are some key differences between using the CANEX No Interest Credit Plan in-store versus online at CANEX.ca:
- To use the CANEX No Interest Credit Plan on CANEX.ca a valid CFOne number is required.
- Use of the CANEX No Interest Credit Plan on CANEX.ca is only available to the following eligible patrons On Approved Credit (OAC):
- Members of the Regular Force
- Members of the Reserve Force
- Foreign military personnel on exchange duties filling established positions provided their service period at that location is six months or more, and the repayment period on the Conditional Sales Contract (CSC) does not exceed the end of their tour of duty.
- CF Veterans
- Permanent full-time and part-time DND public servants (including DRDC, and DCC).
- Permanent full-time and part-time NPF employees.
- Permanent full-time and part-time MFRC employees.
- Members of the RCMP (includes serving uniformed and civilian RCMP members).
- Former Staff of the NPF in receipt of a pension
- Former DND Public Servants in receipt of a pension
- Former RCMP in receipt of a pension
- There is no limit to the number of credit plans that an eligible member can hold, but the minimum purchase for each plan must be $499.99 ($1,000 for the 24 and 36 month payment plans) to a maximum financed total of $6,500 (larger purchases may still be made – however, excess must be paid at time of purchase). The maximum length of time over which a credit plan can be financed is 36 months.
- Customers can choose either the 12, 24 or 36 month payment plans.
- On Approved Credit (OAC).
- No down payment is required, not even the taxes, unless the value of the credit plan including all outstanding credit plans exceeds the maximum allowable.
- A customer making a higher down payment may still finance the balance over the same number of months, only in smaller installments.
- There are three methods of payment available for the CANEX Credit Plan;
a) Pre-Authorized Debit (PAD): The first payment is due one month after the date of purchase; a customer can choose either the 15th or 30th of each month for the term of the plan.
b) Military Pay Deduction (MPD): Payment will commence and appear on the Military pay record on the 15th of the second month following the purchase. MPD is available to Canadian Forces members only.
c) NPF Employee Pay Deduction: The first deduction will be the first pay period of the second calendar month following purchase. NPF Employee Pay Deduction is available to full time NPF employees.
- Outstanding amounts become due when eligibility ceases.
Are there any “hidden” administrative or handling fees involved with the No Interest Credit Plan?
In the case of our 12 month payment plan there are no hidden handling or administration fees. When choosing our 24 or 36 month payment plans, while there is no interest applicable, an administration fee of 2% for the 24 month plan and 3% for the 36 month plan will be added to the purchase and be incorporated into your monthly payments.
Can I choose to pay off my credit plan over any number of months?
We are pleased to provide maximum flexibility with the 12 month payment plan. On this type of plan, you can choose to pay off the plan over any number of monthly payments to a maximum of 12 months. However, once you extend beyond 12 months, your plan will be set up with your choice of 24 or 36 months.
Once I have a credit plan, can I change the amount of my payment?
No. We’ll try our best to come up with a payment that meets your needs when you first set up your No Interest Credit Plan, but after that, the payment amounts and dates cannot be changed.
What if I want to pay off my No Interest Credit Plan early...can I do that?
Yes. Both full and partial early payments can be made without penalty through your local NPF Accounting Office.
If I choose a 24 or 36 month No Interest Credit Plan, and I pay it off early, do I get my administration fee back?
Not necessarily. CANEX is committed to extending no interest and no fee for up to 12 monthly payments. Therefore, if you do pay off your credit plan within 12 months, your full administration fee will be reimbursed. However, if you hold the credit plan beyond the first 12 monthly payments time frame, no portion of the administration fee will be reimbursed.
I know that on occasion CANEX offers a deferred payment credit plan. Can I get the deferred credit plan, even with the 24 or 36 month payment plans?
Can I be refused when applying for purchases on the CANEX No Interest Credit Plan?
Yes. Should your credit verification be unsatisfactory, your local CANEX outlet manager or CANEX.ca can refuse to approve your Credit Plan purchase.