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ScotiabankMedsAdvisor

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  1. Like
    ScotiabankMedsAdvisor got a reaction from GTA Med Advisor in Lines of Credit for Medical Students (Scotia is the best option)   
    I personally always set up the student account now as it allows unlimited e-transfers.
  2. Like
    ScotiabankMedsAdvisor got a reaction from King74 in Lines of Credit for Medical Students (Scotia is the best option)   
    My advice to clients on this is to always use up any money they have sitting in their bank accounts before using the line of credit.  
    As medical students you do not have the time to work so where does the money come from to make the interest payments.  It comes from the line of credit.  On paper other banks lines of credit don’t compound because you have to make interest payments.  Don’t be fooled by this as you are going to take money from the line to make the interest payment.
  3. Like
    ScotiabankMedsAdvisor got a reaction from PD23 in Lines of Credit for Medical Students (Scotia is the best option)   
    I will do my best to explain.  The Momentum Infinite card is not part of plan.  The fee on this card is not to be waived.  To give you an idea I have the Momentum Infinite and I cannot get the fee waived on my card.
    My opinion is the combination of the Passport Infinite & Gold Amex is the best cards that come with any of the plans.  The Amex gives you 4 times the points on gas, groceries, dining & entertainment.  Most gas stations and major restaurants accept Amex.  Passport Infinite comes with 2 times the points on groceries, dining & entertainment and transit purchases.  No 2.5 % premium on foreign currency transactions.  Also you receive 6 free lounge visits per year.  The points on the cards can be combined and redeemed post booking.  
    I hope this helps as I know there seems to be a lot of confusion.  Sorry for my grammar i’m on a field trip with my son and listening to 40 screaming kids 
  4. Like
    ScotiabankMedsAdvisor got a reaction from King74 in Lines of Credit for Medical Students (Scotia is the best option)   
    To my knowledge they will not include the Momentum Infinite.
    Right now you may not think that the rewards and lounges are useful.  But once you are travelling for clerkship, electives and interview tour the points are as good as cash.  They pay for your hotels and flights so you don’t have to.  You will spend a lot of time in airports as well.  All of the graduating students think the perk of the lounges is great with how much they are in airports.
    With respect to your other question yes RBC requires you to make interest payments on a monthly basis.  We on the other hand simplify things an the interest is automatically added to your line of credit balance.  Line of credit is completely open so you are able to make payments just not required to.  I’ve seen a lot of students credit be damaged as they forgot to make there interest payments at other banks.
     
  5. Like
    ScotiabankMedsAdvisor got a reaction from SunAndMoon in Lines of Credit for Medical Students (Scotia is the best option)   
    Precisely!!!
    Not to mention the full suite of travel insurances.  No premium on foreign currency transactions and 6 free lounge visits.  The redemption options are also way more flexible than most travel cards.  They can be redeemed for any travel purchase as long as you pay for it on the card.  This can be a hotel, flight, rental car, all inclusive resort.  These can also be booked through any booking site.
    Also the fees are waived on both cards as part of the plan for the duration of school, residency/fellowship & grace period.  Not to mention they continue to be waived after the grace period if you set up the professional plan.
  6. Thanks
    ScotiabankMedsAdvisor got a reaction from Laughter in Lines of Credit for Medical Students (Scotia is the best option)   
    To my knowledge they will not include the Momentum Infinite.
    Right now you may not think that the rewards and lounges are useful.  But once you are travelling for clerkship, electives and interview tour the points are as good as cash.  They pay for your hotels and flights so you don’t have to.  You will spend a lot of time in airports as well.  All of the graduating students think the perk of the lounges is great with how much they are in airports.
    With respect to your other question yes RBC requires you to make interest payments on a monthly basis.  We on the other hand simplify things an the interest is automatically added to your line of credit balance.  Line of credit is completely open so you are able to make payments just not required to.  I’ve seen a lot of students credit be damaged as they forgot to make there interest payments at other banks.
     
  7. Like
    ScotiabankMedsAdvisor reacted to la marzocco in Lines of Credit for Medical Students (Scotia is the best option)   
    That’s correct! The 0% fx is quite good to have when/if you need to buy something on amazon.com   And obvi when you take those nice trips to stress-relieve
  8. Like
    ScotiabankMedsAdvisor reacted to Eudaimonia in Lines of Credit for Medical Students (Scotia is the best option)   
    Also the two cards Scotia offers are under the same rewards program. They essentially offer you the Amex which has an aggressive 4x points on certain categories, but give you a backup Passport to use with merchants that don't accept Amex. So in this case, splitting expenses gets you more rewards than using either card alone. 
  9. Like
    ScotiabankMedsAdvisor reacted to GTA Med Advisor in Lines of Credit for Medical Students (Scotia is the best option)   
    I can echo this same sentiments as Rod, and I've gotten a lot of inquiries on this over the years myself.
    I always try to explain that just because you find someone who is willing to tell you that they will reimburse the fees on the Momentum Infinite Visa, it does not mean it will continue that way into the future. The bank explicitly tells us that we are not to reimburse the annual fee on this card, and although some advisors do it there will come a day when they will either be given a final warning to stop doing it, or that they are no longer working there and the next advisor will be unable to continue that. This opens up the door to some upset clients down the road if/when that happens, because they'll think they've been promised something that we technically can't/shouldn't promise. I don't like doing this myself because I am not one to promise things that I know can backfire in the future. The way I see it is that the advisors offering this to students/residents are planning on not being there when (stuff) hits the fan, and you can decide if that's a good advisor for you or not. I would hope that they would explain that to you that it could change at the very least.
    As Rod mentioned even as staff we can't get the fees waived on this card. My wife is also a resident, and although I know I can find an advisor who'd give her the card I'm not interested in having her going down that road. It shouldn't be done and unless the bank changes things to include it as part of the plan officially, I wouldn't recommend for her or anyone else to pursue it. If you are one of those people that have been given the card under that pretense, just be aware that it can change at the drop of a dime. The Gold Amex/Passport Infinite is still the best credit card offer on the market with these plans.
  10. Like
    ScotiabankMedsAdvisor got a reaction from GTA Med Advisor in Lines of Credit for Medical Students (Scotia is the best option)   
    I will do my best to explain.  The Momentum Infinite card is not part of plan.  The fee on this card is not to be waived.  To give you an idea I have the Momentum Infinite and I cannot get the fee waived on my card.
    My opinion is the combination of the Passport Infinite & Gold Amex is the best cards that come with any of the plans.  The Amex gives you 4 times the points on gas, groceries, dining & entertainment.  Most gas stations and major restaurants accept Amex.  Passport Infinite comes with 2 times the points on groceries, dining & entertainment and transit purchases.  No 2.5 % premium on foreign currency transactions.  Also you receive 6 free lounge visits per year.  The points on the cards can be combined and redeemed post booking.  
    I hope this helps as I know there seems to be a lot of confusion.  Sorry for my grammar i’m on a field trip with my son and listening to 40 screaming kids 
  11. Thanks
    ScotiabankMedsAdvisor got a reaction from jul059 in Lines of Credit for Medical Students (Scotia is the best option)   
    We did change our plan a couple years ago and now give access to the full approved amount up front as well.
  12. Like
    ScotiabankMedsAdvisor got a reaction from GTA Med Advisor in Lines of Credit for Medical Students (Scotia is the best option)   
    Just to confirm with RBC they don’t convert to the professional line.  You must reapply and the limit approved is based on income.  Our conversion is preapproved and you would maintain the same limit.
  13. Like
    ScotiabankMedsAdvisor got a reaction from King74 in Lines of Credit for Medical Students (Scotia is the best option)   
    Just to confirm with RBC they don’t convert to the professional line.  You must reapply and the limit approved is based on income.  Our conversion is preapproved and you would maintain the same limit.
  14. Like
    ScotiabankMedsAdvisor got a reaction from jumbocup in Lines of Credit for Medical Students (Scotia is the best option)   
    Just to confirm with RBC they don’t convert to the professional line.  You must reapply and the limit approved is based on income.  Our conversion is preapproved and you would maintain the same limit.
  15. Like
    ScotiabankMedsAdvisor got a reaction from GTA Med Advisor in Lines of Credit for Medical Students (Scotia is the best option)   
    I know it wasn’t suppose to take this long.  As I mentioned before I am impatiently waiting as well.  You would think me calling them every day  would speed up the process 
  16. Like
    ScotiabankMedsAdvisor got a reaction from beepboopbot in Lines of Credit for Medical Students (Scotia is the best option)   
    I know it wasn’t suppose to take this long.  As I mentioned before I am impatiently waiting as well.  You would think me calling them every day  would speed up the process 
  17. Haha
    ScotiabankMedsAdvisor got a reaction from beepboopbot in Lines of Credit for Medical Students (Scotia is the best option)   
    This is correct I just can’t post specifics until the policies are updated.
     
  18. Like
    ScotiabankMedsAdvisor got a reaction from FlameGrilledChicken in Lines of Credit for Medical Students (Scotia is the best option)   
    As well I don’t think I have met a med student that doesn’t go on a trip in the summer.  Also lots of online shopping is in foreign currencies.
  19. Haha
    ScotiabankMedsAdvisor got a reaction from beepboopbot in Lines of Credit for Medical Students (Scotia is the best option)   
    As well I don’t think I have met a med student that doesn’t go on a trip in the summer.  Also lots of online shopping is in foreign currencies.
  20. Like
    ScotiabankMedsAdvisor reacted to LittleDaisy in Lines of Credit for Medical Students (Scotia is the best option)   
    After having browsing through many banks for LOC: National Bank, BMO, RBC and Scotiabank.
    I personally would go for Scotiabank, they are extremely knowledgeable and are used to work with MDs. Great services tailored to medical students & residents, with all the fees waived for everyday banking & credit cards. Their customer service is very courteous with prompt follow-up. 
    I was with BMO for over 10 years, I was never treated differently as a regular customer: being charged for cheques, charged for debit card > 30 times, refused to be offered a LOC during residency, offered 6% interest rates for LOC?!! 1% cashback credit card.....
    Needless to say that Scotiabank is used to work with doctors an is willing to invest us in long-term: offer us great services during medical school & residency in exchange for high-earning professionals with stable income  Scotiabank for the win!
  21. Thanks
    ScotiabankMedsAdvisor got a reaction from beepboopbot in Lines of Credit for Medical Students (Scotia is the best option)   
    I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.
  22. Like
    ScotiabankMedsAdvisor got a reaction from GTA Med Advisor in Lines of Credit for Medical Students (Scotia is the best option)   
    You should get unlimited e-transfers in school.  Have them setup the student banking advantage plan account which gives unlimited e-transfers.
  23. Thanks
    ScotiabankMedsAdvisor got a reaction from plastics91 in Funding Medical School   
    I just wanted to say congratulations to everyone that was accepted to Western yesterday.  If you would like any advice or information with respect to professional lines of credit please feel free to contact me.  I have been working with Medical students at Western for almost 10 years.  This experience ensures that you will be getting the proper advice and service.  Regardless of your current location in Canada I am able to assist you in setting up your financing.
    Scotiabank is the #1 choice of Schulich Medical Students for their professional banking needs.  Over 60% of the existing Schulich Med Students have chosen Scotiabank to advise them.
  24. Like
    ScotiabankMedsAdvisor got a reaction from GTA Med Advisor in Lines of Credit for Medical Students (Scotia is the best option)   
    I would like to echo what Alex has mentioned.  Feel free to pm/email me with any questions.  The most important thing as a customer is to be dealing with an advisor that knows what they are doing and have experience. 
    If you go into a branch and the advisor says let me look it up or I'm not sure this is a bad sign.  Regardless of what bank you choose please make sure you are dealing with an expert.
  25. Like
    ScotiabankMedsAdvisor reacted to rmorelan in Lines of Credit for Medical Students (Scotia is the best option)   
    No problem! 
    I always remind people that is important to have a bank advisor you can work with - a banker is just one of those professional relationships that you want to have for your future success. So when getting your LOC that is an important to "feel out things". Never hurts to ask people at the local school you are going to what is the locally favoured bank either - there probably is a reason why, and if you cannot decided between two places that might tip things over, and that sort of two way relationship is something both you and that bank would take steps to protect. That can help you in ways down the line. 
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