What is Flexiti?

Flexiti is a Canadian company that makes it easy to customize payments so you can make smaller, regular payments or even defer them – you may have seen the option to pay with Flexiti while shopping.

Flexiti also offers a few credit cards, but they don’t work like standard cards issued by Visa or Mastercard. We’ll explain what services Flexiti offers and dive into the details of these unusual credit cards, so you can decide if Flexiti is right for your next big purchase.

What is Flexiti?

Flexiti Financial is a Canadian fintech company owned by Questrade that provides financing services, like buy now pay later plans. Flexiti currently works with over 8,000 merchants to offer flexible financing.

The company has a few credit cards, but it also partners with retailers to provide instant financing. For instance, you could use a Flexiti buy now pay later plan at Staples, Lazyboy, or The Brick.

How does Flexiti work?

Chances are, you’ve seen Flexiti offered before, either when shopping online or in person. If you’re interested in payment flexibility, you can also apply for a Flexiti plan or product online or in person. Usually, retailers give you at least one of the following options.

Split purchases into monthly payments

If the merchant gives you the choice, you can split a big purchase into smaller, equal monthly payments, making it easier to pay. Usually, you won’t pay interest during a promotional period, but then your payments will be subject to an interest rate (currently around 32% to 35%).

It’s hard to give specifics about fees, since the terms can vary by retailer. That said, Flexiti does mention that they may charge a $24.99 annual fee ($39.99 for residents of Quebec) for the service.

Defer payments until later

If you need to make a purchase and know you have funds coming later, Flexiti allows you to set up a payment plan without making regular monthly payments. As long as you pay the balance off by the end of the loan term, they won’t continue to charge interest.

Note that if you have Simply Secure payment protection insurance through Flexiti, you’re still required to make insurance premium payments every month. This coverage kicks in if you find yourself unable to make payments because of a qualifying event, like losing your job.

Apply for a Flexiti credit card

Flexiti doesn’t issue credit cards through one of the major credit card networks (Amex, Mastercard, and Visa). Instead, when you create an account and sign up for a Flexiti buy now pay later or deferred payment service, you’ll be given a physical Flexiti card.

Although Flexiti says you can use their cards like regular credit cards, you can only use them at partnering retailers.

Flexiti products

Flexiti’s services are pretty straightforward and it only offers a few financial products.

The FlexitiCard

You can apply for a FlexitiCard that can only be used with retail partners. Although you don’t earn rewards with the card (except at very specific retailers), you do have the option to set up flexible payment plans at checkout. The card has a $24.99 annual fee and steep interest rates if you don’t pay off your balance before the end of the term.

The Flexiti Wave Card

If you’re planning on making a bigger purchase (of at least $630), consider using the Flexiti Wave card, which breaks your payment into 24 to 60 months. You will be charged interest and might be required to get purchase protection insurance, but it’s nice having the option of spreading payments over a longer term.

The Flexiti Wave also gives personalized offers that give you the opportunity to save with partners. For instance, if you use your Flexiti Wave card on a non-financed purchase with Wayfair, you’ll get 3% back. Check the Offer Hub for the newest discounts.

How does Flexiti affect your credit score?

When you apply for a Flexiti credit card or payment plan, Flexiti pulls your credit score. This causes your score to drop a little, but it should be temporary.

Unfortunately, since Flexiti doesn’t report to either of the credit monitoring bureaus, your regular payments won’t build your credit score. So, if you’re trying to boost your score, we recommend using a credit builder program or making on-time payments on a regular credit card.

FAQ

What is Flexiti Financial?

Flexiti Financial is a Canadian company that provides flexible payment options like buy now pay later or deferred payment plans. The company also offers two credit cards, the FlexitiCard and the Flexiti Wave card.

Is Flexiti a credit card?

Flexiti offers credit cards that give cardholders access to buy now pay later installment plans, as well as deferred payment plans. However, you can’t use these credit cards with non-partner merchants.

Does Flexiti do a credit check?

Yes, when you apply for a Flexiti credit card or payment service, Flexiti will do a full credit check. They use this information to decide whether or not to approve you, and, if so, what interest rates to charge.

What credit score is needed for Flexiti?

Flexiti doesn’t disclose what credit score you need on its website, but to get the best approval odds, you should have a good credit score. Generally, that means having a credit score of at least 660.