pacerpacer1 Posted August 7, 2019 Report Share Posted August 7, 2019 Hi everyone! Has anyone heard of the “forever free VIP and Avion” account and they said they can waive all fees forever.... what’s the catch? Also they said you can get a free iPad?? I’ve been with RBC since pretty much birth, but I would think about switching if none of the above were true. Also, someone told me they simply switched their LOC even while in 2nd year med school to their equivalent of a professional LOC, and they got 350,000??. Her rep said no more grace period?? And prime-0.25%. Do you guys have any experience or has anyone encountered this offer? What do we need to do to have it “forever”? Does anyone know of a rep I can talk to? Im incoming 1st year at UBC Quote Link to comment Share on other sites More sharing options...
Dalhousie23 Posted August 7, 2019 Report Share Posted August 7, 2019 Hey. So my application with RBC is currently “pending”. Here’s what they offered me as of mid-July 2019. Forever Free VIP banking. RBC platinum Avion Card with 45,000 bonus points (The value of this is between 450-900$ depending on whether you redeem them as gift cards or for flights, respectively. All fees waived for this card indefinitely. Go to https://www.rbcrewards.com/#!/index for the point-value stuff. The LOC is 350,000 at Prime -0.25%. The LOC doesn’t convert to a loan, unless you want it to, after residency. They changed it this year to no longer have a grace period of 24 months to start paying it back. Now, you have the LOC at Prime-0.25% for as long as you have a medical license, so you can take however long you want to pay it off which is nice to have that option but I would still pay back as soon as you can I was not given the free iPad, because apparently Med students get “too much already”... but on another post, someone said that you’ll likely get it anyways once you fulfill the two requirements with your VIP account to get one (like a bill payment over 50$ and pre-authorized payment setup or something along those lines). It’s also good to mention that if the banks raise LOCs to 375k or 400k in the next few years, you can see your advisor and get that money added to yours as well. No harm in having it. And to my knowledge the “forever” means you need to have a medical license. Hope that helps! pacerpacer1 1 Quote Link to comment Share on other sites More sharing options...
frenchpress Posted August 7, 2019 Report Share Posted August 7, 2019 4 hours ago, pacerpacer1 said: Hi everyone! Has anyone heard of the “forever free VIP and Avion” account and they said they can waive all fees forever.... what’s the catch? Also they said you can get a free iPad?? I’ve been with RBC since pretty much birth, but I would think about switching if none of the above were true. Also, someone told me they simply switched their LOC even while in 2nd year med school to their equivalent of a professional LOC, and they got 350,000??. Her rep said no more grace period?? And prime-0.25%. Do you guys have any experience or has anyone encountered this offer? What do we need to do to have it “forever”? Does anyone know of a rep I can talk to? Im incoming 1st year at UBC Google RBC health care advantage - they have a website with all the information about the plan. Quote Link to comment Share on other sites More sharing options...
pacerpacer1 Posted August 8, 2019 Author Report Share Posted August 8, 2019 Okay so I read it and I spoke with an advisor from Vancouver to clarify. She mentioned that all we havr to do is be in the medical industry, there’s like an annual touchbase, and we get the free VIP and Avion and get 350,000 forever at prime-0.25%, without grace period. Do you guys know if the Westjet Mastercard works for this “forever free” too? Based on what I’m reading on the Terms and conditions, they only mention Avion. Speaking of Avion, did anyone find success with getting the Infinite PRIVILEGE one free as well? I find that Scotia had the lounge passes card Quote Link to comment Share on other sites More sharing options...
frenchpress Posted August 8, 2019 Report Share Posted August 8, 2019 15 hours ago, pacerpacer1 said: Okay so I read it and I spoke with an advisor from Vancouver to clarify. She mentioned that all we havr to do is be in the medical industry, there’s like an annual touchbase, and we get the free VIP and Avion and get 350,000 forever at prime-0.25%, without grace period. Do you guys know if the Westjet Mastercard works for this “forever free” too? Based on what I’m reading on the Terms and conditions, they only mention Avion. Speaking of Avion, did anyone find success with getting the Infinite PRIVILEGE one free as well? I find that Scotia had the lounge passes card Yes, if you read the footnote on the fee rebate several of the the west jet cards are listed as eligible. They will rebate an equivalent fee on the Avion privilege card ($120 / year), but not cover the entire $400/year fee. It’s also a difficult card to get - you’ll likely have to actually be able to prove you meet the minimum income requirements to get one. In my experience RBC is quite strict about which Avion card you can get for a given income level. I have heard of people getting cards with high income requirements they don’t actually meet through Scotia (and I am not sure how). Quote Link to comment Share on other sites More sharing options...
VivaColombia Posted August 8, 2019 Report Share Posted August 8, 2019 1 hour ago, frenchpress said: Yes, if you read the footnote on the fee rebate several of the the west jet cards are listed as eligible. They will rebate an equivalent fee on the Avion privilege card ($120 / year), but not cover the entire $400/year fee. It’s also a difficult card to get - you’ll likely have to actually be able to prove you meet the minimum income requirements to get one. In my experience RBC is quite strict about which Avion card you can get for a given income level. I have heard of people getting cards with high income requirements they don’t actually meet through Scotia (and I am not sure how). There is a loophole that exists at Scotia that allows advisors to waive the income requirement and issue these cards (visa infinite momentum, AmEx Platinum). I'm not going to openly explain this loophole but advisors know about it. Whether they want to give it to you is another side of things but I know advisors that have a personal relation to their customers use the loophole without hesitation. The only reason I know this is because I have 4 family members working at Scotia in the small business department and senior management. And frankly, Scotia doesn't mind since they have retained a lot of business over the years from the SPSP plan. frenchpress 1 Quote Link to comment Share on other sites More sharing options...
Mandy Posted August 12, 2019 Report Share Posted August 12, 2019 I thought income requirements were set by VISA and Mastercard themselves... wouldn't that be illegal what Scotia is doing with this "loophole"?? Quote Link to comment Share on other sites More sharing options...
Mandy Posted August 12, 2019 Report Share Posted August 12, 2019 On 8/8/2019 at 5:38 PM, VivaColombia said: There is a loophole that exists at Scotia that allows advisors to waive the income requirement and issue these cards (visa infinite momentum, AmEx Platinum). I'm not going to openly explain this loophole but advisors know about it. Whether they want to give it to you is another side of things but I know advisors that have a personal relation to their customers use the loophole without hesitation. The only reason I know this is because I have 4 family members working at Scotia in the small business department and senior management. And frankly, Scotia doesn't mind since they have retained a lot of business over the years from the SPSP plan. I thought income requirements were set by VISA and Mastercard themselves... wouldn't that be illegal what Scotia is doing with this "loophole"? Quote Link to comment Share on other sites More sharing options...
IMislove Posted August 12, 2019 Report Share Posted August 12, 2019 1 hour ago, Mandy said: I thought income requirements were set by VISA and Mastercard themselves... wouldn't that be illegal what Scotia is doing with this "loophole"? And since when do banks listen to the law Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted August 12, 2019 Report Share Posted August 12, 2019 On 8/8/2019 at 1:13 PM, frenchpress said: Yes, if you read the footnote on the fee rebate several of the the west jet cards are listed as eligible. They will rebate an equivalent fee on the Avion privilege card ($120 / year), but not cover the entire $400/year fee. It’s also a difficult card to get - you’ll likely have to actually be able to prove you meet the minimum income requirements to get one. In my experience RBC is quite strict about which Avion card you can get for a given income level. I have heard of people getting cards with high income requirements they don’t actually meet through Scotia (and I am not sure how). Most banks don't care and waive the income requirements. I had multiple high end cards with income requirements waived, with no income as a MSI. "I'm a med student and I would like this card to try for the year please" works like a charm. Quote Link to comment Share on other sites More sharing options...
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