RBC vs Scotiabank for LOC

[JarBlues]

I'm having a very difficult time choosing between these two banks for my LOC. They essentially offer the same deal so I'm not sure what to look for to make a decision.  Can anyone who faced this problem talk about how they came to a decision?

[catchlynall]

I chose based on my history with the bank. Customer loyalty gives you a bargaining chip down the road IMO

[codebar]

Go to the one where the advisor knows what he is talking about. In the end, it is what really make a difference.

[Newbie1994]

I have went to both banks and I ended up going with Scotia. Scotia offered that I don't make any payments during school. Interest still accumulates and I can make payments but I am not required to make any until 12 months after I cease being a student. That's the main difference I found with regards to the LOCs between both banks.

[Snowmen]

The credit cards offered by Scotia are miles (get it?) ahead of RBCs and the fees are waived until you complete your fellowship(s) whereas RBC waves for 1 year, maybe 4 if you ask nicely.

[JarBlues]

RBC recently did a change to their LOC program so they now offer a longer grace period (2 years), CC fees are waived for 4 years, and the biggest difference I see is that my RBC advisor told me after the grace period ends their interest rate currently remains at prime -0.25% white scotiabank told me their interest rate changes to prime. Can anyone confirm/deny?

[ArchEnemy]

19 minutes ago, JarBlues said:

RBC recently did a change to their LOC program so they now offer a longer grace period (2 years), CC fees are waived for 4 years, and the biggest difference I see is that my RBC advisor told me after the grace period ends their interest rate currently remains at prime -0.25% white scotiabank told me their interest rate changes to prime. Can anyone confirm/deny?

For Scotiabank, my interest rate continues to remain at prime - 0.25% even after residency

[JarBlues]

1 minute ago, ArchEnemy said:

For Scotiabank, my interest rate continues to remain at prime - 0.25% even after residency

Is that after your grace period? I believe scotiabank counts residency as part of your studies so the prime - 0.25% rate continues until your grace period ends.

[DMD21]

On June 16, 2017 at 5:16 PM, JarBlues said:

RBC recently did a change to their LOC program so they now offer a longer grace period (2 years), CC fees are waived for 4 years, and the biggest difference I see is that my RBC advisor told me after the grace period ends their interest rate currently remains at prime -0.25% white scotiabank told me their interest rate changes to prime. Can anyone confirm/deny?

When I spoke to my Scotia advisor about a dental LOC (assuming it's all the same), there is a 1 year grace period after graduation then you have the option to switch your LOC to a professional LOC and the interest rate goes up to prime, or you can choose to have your LOC go into repayment - it then becomes a loan and the interest rate for that loan stays at P-0.25%. 

[1030812]

I talked to a RBC advisor today, she said we (med/dent students) only get prime - 0.25% if we have the VIP account (meaning we have to pay 125$ per year)...Not sure if that's real. I'm a Quebec medical student.

[ArchEnemy]

1 hour ago, 1030812 said:

I talked to a RBC advisor today, she said we (med/dent students) only get prime - 0.25% if we have the VIP account (meaning we have to pay 125$ per year)...Not sure if that's real. I'm a Quebec medical student.

False. Go to a different branch.

[starsky]

4 hours ago, 1030812 said:

I talked to a RBC advisor today, she said we (med/dent students) only get prime - 0.25% if we have the VIP account (meaning we have to pay 125$ per year)...Not sure if that's real. I'm a Quebec medical student.

The VIP account should be given to you at no charge. I went with RBC and they included 4 years of their VIP account for free which included a 2 year grace period. Perhaps go to a different branch or find another advisor. Their website indicates this as well.

 

[1030812]

3 hours ago, steelheader said:

The VIP account should be given to you at no charge. I went with RBC and they included 4 years of their VIP account for free which included a 2 year grace period. Perhaps go to a different branch or find another advisor. Their website indicates this as well.

 

Thank you for the info. Could you please put the link of the website that indicates this benefit? I will show it to my advisor.

 

[starsky]

1 hour ago, 1030812 said:

Thank you for the info. Could you please put the link of the website that indicates this benefit? I will show it to my advisor.

 

The website is here: http://www.rbcroyalbank.com/services/student/medical-dental-credit.html

It doesn't mention the VIP account but it does show that the rate does not change. If you want the free VIP account you can speak to my advisor. PM me if you want her contact info. You can do it all over the phone. 

[Darkchrono]

What is the best credit card with Rbc? 

[BoopityBoop]

I found that there are too many inconsistencies within RBC. And they really make you work for everything.

When I was getting LOC, RBC advisor told me I'd have to fill out a separate application to be approved for the prime minus and would only have my credit card annual fees waived in the first year. Wouldn't even give me free cheques!

When they aren't giving you spectacular edge over other banks, why jump through the hoops and put in extra effort? Ain't nobody got time for that.

[crossfit94]

I just went to RBC and I had pretty good service compared to the narratives posted on this thread.

I was told I could get the Platinum Avion with the VIP Banking package (free cheques, e-transfers and everything associated with that) without having to negotiate (tried to ask about the Infinite Avion but she said it was not possible with no income) and that it would remain free for the 4 years and she would be able to waive the fees for me until I'm done residency and potentially a fellowship if I do so (I would just need to ask her every 6 months). It's prime-0.25, there is a 2 year grace period which I find will be very beneficial once I'm done. I get the 275k, I'm able to have it all up front, but she said she might just do it in parts so I don't overspend, but I can always get more if I ask, which I don't mind at all.

 

Is there anything I should ask for or try to get? Personally, the 2 year grace period is really big for me personally, I think it will help make life easier in the long run for managing paying back the principal.

[moonlitocean]

7 hours ago, ball19 said:

I just went to RBC and I had pretty good service compared to the narratives posted on this thread.

I was told I could get the Platinum Avion with the VIP Banking package (free cheques, e-transfers and everything associated with that) without having to negotiate (tried to ask about the Infinite Avion but she said it was not possible with no income) and that it would remain free for the 4 years and she would be able to waive the fees for me until I'm done residency and potentially a fellowship if I do so (I would just need to ask her every 6 months). It's prime-0.25, there is a 2 year grace period which I find will be very beneficial once I'm done. I get the 275k, I'm able to have it all up front, but she said she might just do it in parts so I don't overspend, but I can always get more if I ask, which I don't mind at all.

 

Is there anything I should ask for or try to get? Personally, the 2 year grace period is really big for me personally, I think it will help make life easier in the long run for managing paying back the principal.

I'm having trouble finding a good RBC advisor for my LOC, would you mind PMing me the contact info of the RBC advisor you are dealing with?

[NLengr]

I have also had bad experiences with RBC as a physician. Scotia has always been better to me. 

[palefire]

On 6/21/2017 at 0:27 AM, moonlitocean said:

 

[conan88]

Does anyone know any good RBC advisor in Mississauga region for residents/residents transitioning into practice? 

Thanks!

[Caliver]

On 6/20/2017 at 5:00 PM, ball19 said:

I just went to RBC and I had pretty good service compared to the narratives posted on this thread.

I was told I could get the Platinum Avion with the VIP Banking package (free cheques, e-transfers and everything associated with that) without having to negotiate (tried to ask about the Infinite Avion but she said it was not possible with no income) and that it would remain free for the 4 years and she would be able to waive the fees for me until I'm done residency and potentially a fellowship if I do so (I would just need to ask her every 6 months). It's prime-0.25, there is a 2 year grace period which I find will be very beneficial once I'm done. I get the 275k, I'm able to have it all up front, but she said she might just do it in parts so I don't overspend, but I can always get more if I ask, which I don't mind at all.

 

Is there anything I should ask for or try to get? Personally, the 2 year grace period is really big for me personally, I think it will help make life easier in the long run for managing paying back the principal.

Who is your advisor? my advisor in Toronto seems to be a bit clueless. 

I am trying to change my account to a 2 year grace period + VIP package (I am a new incoming PGY1)

[crossfit94]

19 hours ago, Caliver said:

Who is your advisor? my advisor in Toronto seems to be a bit clueless. 

I am trying to change my account to a 2 year grace period + VIP package (I am a new incoming PGY1)

The advisor shouldn't matter for the 2 year grace period since the National Office just released a paper detailing the 2 year grace period and VIP banking. My advisor is in Winnipeg like me.

[1030812]

Has anyone tried to deal with BMO? Their cash back credit card is probably the most powerful one (1.75% cash back everything), I might want to gun for this one. 

[JohnGrisham]

On 6/23/2017 at 7:36 AM, ball19 said:

The advisor shouldn't matter for the 2 year grace period since the National Office just released a paper detailing the 2 year grace period and VIP banking. My advisor is in Winnipeg like me.

2 year grace period on principal after graduation from medicine or finish residency? I'm assuming after graduation since my current bank is 1 year grace period