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GTA Med Advisor

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About GTA Med Advisor

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  • Location
    Ontario
  • Occupation
    Professional Banking & Small Business Advisor

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  1. Just a heads up to you all, there are more bonus perks now more than ever before to open a new banking package with Scotiabank. These are the current offers available to new clients: - $300 cash bonus for opening up a new Preferred Package - up to 45,000 bonus Scotia Rewards points ($450 worth) on a new Scotiabank Passport Visa Infinite Card - up to 30,000 bonus Scotia Rewards points ($300 worth) Scotiabank Gold American Express - MD Financial is also offering a $500 cash incentive for their clients who open a new SPSP line of credit between October 7 - December 31. That's $1,550 combined worth of cash ($800) and points ($750) up for grabs. Obviously there are criteria that have to be met for each offer, you can view the details through the site. I don't think the details on the MD offer is posted anywhere but essentially you have to talk to one of their advisors/have an account with them/onboard a new account to qualify.
  2. From my experience they usually are more expensive, but I've heard from some people that they've found cheaper prices on flights there than online/with the airline as well. It doesn't hurt to check whenever you're looking to book anything just to compare. Point values are the same regardless of who you book with.
  3. Just keep in mind that it will usually take up to a week or two after you sign papers for the actual credit cards to arrive in the mail. You'll have to wait until you receive them in order to use them. Timeline would go as follows: apply > approval > sign papers > wait for cards to arrive in mail. Let them know that you'd like them sooner than later to make some big purchases.
  4. With Scotiabank when you say "convert" it doesn't mean you have to apply for it or anything, it's just a formality you have to go in to sign a couple of papers for. You get to keep the same limit and everything, you just have to give a couple of signatures to convert it from a student LOC to a personal or business LOC. There's no application, credit check, or anything like that. Your family friend either did that a while ago when no banks were doing this, or he missed the cutoff (1 year/2 years after finishing, depending on how long ago he went in to do it).
  5. To add to the confusion, expect every month (billing cycle) to be a different amount of days. A number of factors play a role in that, including weekends and holidays. Your "bill date" is usually set to a specific business day of the month, and the actual date will vary month to month. For instance if your bill date is the first business day of the month, it will likely be on the 1st of the month most months, but it can also be on the 2nd, 3rd, or 4th of the month due to weekends and holidays as banks are not open and bill are not generated on those days. So you could technically have a month with only 25-26 actual days of interest on it, or up to 34+ days of interest on it. All depends on the billing cycle. The difference between 26 days and 34 days of interest could be substantial, and often confuses people. Say month 1 had $200 in interest for 28 days, and you paid down $1000. Logically you'd think that the interest next month would be lower. But if there were 34 days of interest charged on the next billing cycle, your interest could be say $260. It won't make sense since you actually owe less in principal than last month, but take into account the days and it makes sense.
  6. You are mistaken that it's compounded daily. It is calculated daily, and added to the balance at the end of each month. Therefore it is compounded monthly.
  7. The deadline is July 31, 2019 so it has not yet passed. Here are the details on that promotion:
  8. I copied and pasted the details from the links in my last post. They are bolded and highlighted in red.
  9. From the first link, if you sign up for the Scotia Professional Plan (for your corporate business account): And if you choose not to sign up on the Scotia Professional Plan you would only get the chequing account with the ongoing fee waiver: As far as the conversion of the LOC goes, you can convert it to ta personal LOC with the same Prime -0.25% rate:
  10. FYI Scotiabank does keep the fees waived on credit cards and chequing accounts after residency. They have a new dedicated Healthcare+ page for physicians, students, residents etc. which outlines everything available to you in each stage. The student/resident page is up to date with all the offers, details etc. the student professional plan comes with. I think this was long overdue to have everything so readily available online for everyone to see.
  11. The American Express bonus point offer that is out right now does not apply to cards that have the annual fees waived under specialty programs like this, so unfortunately cards set up under the Scotia Professional Student Plan do not come with that offer. The only card that has the bonus point offer under the plan is the Passport Visa Infinite. If people are getting the Gold American Express with the bonus point offer they will be charged the annual fee after the first year. In regards to your last point you should get consistent information if your speak to an advisor on this list. If you venture outside of that list you are taking a chance on dealing with someone who may not be as familiar and up to date with these plans.
  12. It would go to Prime before changes were made today, and I don't see any changes to that mentioned so I assume that remains.
  13. We don't have any information on anything like that right now, unless maybe @ScotiabankMedsAdvisor knows something I don't.
  14. This acquisition is not complete as of yet so I wouldn't expect any changes until everything is approved/completed. It will likely be another couple of months until that is all said and done.
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