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Lines of Credit for Medical Students (Scotia is the best option)

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3 minutes ago, AAAmeds said:

I just came across this promo from MD Financial. I already have an LOC with Scotiabank. Has anyone tried contacting Scotia/RBC and asking them to match MD Financial's offer as kind of a retention effort? Cuz if they can't match it, I am open to switching to MD Financial to get the $500.

https://pages.mdm.ca/1696-SRLOC.html

I was wondering the same thing...

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1 minute ago, count123 said:

Are there any hidden fees if you open a LOC but you don't actually need to use it just to get the benefits?

Nope. Unless you have a rep that doesn't know to waive the annual credit card fees.

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Feel like I may have jumped the gun signing up with Scotiabank with all these offers coming out. If RBC is indeed offering an iPad and/or MD the $500.. those would almost be bigger sells for me than the perk CC’s. 

Can anyone comment on whether Scotia would be willing to match any of the aforementioned offers? Especially with the MD Financial takeover this doesn’t seem too far fetched. 

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1 hour ago, jumbocup said:

Feel like I may have jumped the gun signing up with Scotiabank with all these offers coming out. If RBC is indeed offering an iPad and/or MD the $500.. those would almost be bigger sells for me than the perk CC’s. 

Can anyone comment on whether Scotia would be willing to match any of the aforementioned offers? Especially with the MD Financial takeover this doesn’t seem too far fetched. 

Probably not, but you can always switch to RBC. It's pretty easy to switch at any time.

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12 hours ago, PhD2MD said:

Probably not, but you can always switch to RBC. It's pretty easy to switch at any time.

ha true - the power of competition is alive. I would wait a little bit before doing anything only because Scotia is already about to make some changes to be announced very shortly. I mean you don't want to be yo-yoing around if a week from now the other bank is better. That sounds exhausting. 

 

Edited by rmorelan

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On 5/31/2018 at 3:44 PM, dandycandy said:

any recommendations for who to contact for mcmaster university? found matt eade & michael vanderwal on the list scotia provides, has anyone had any experience with either? :) tysm 

I just set mine up this week with Matt. Pm with any questions. 

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55 minutes ago, pokemon12 said:

Any recommendations for someone in the UBC/Vancouver area?

Went through Cindy - she was also very helpful! Replies on weekends too, haha. 

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6 minutes ago, KingKunta_chickenwings said:

What's the better CC combo for Scotia:

Momentum infinite + Amex gold 

Or

Momentum infinite + Passport infinite

Passport instead of amex. accepted in most places. same-ish points. same travel benefits. 6 airport lounge access/year.

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7 hours ago, FlameGrilledChicken said:

I also emailed Cindy but she was initially offering the Scotia Gold Passport card instead of the Scotia Passport Visa Infinite

Email them again. I think they just started giving out the infinite instead of the gold. 

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1 hour ago, KingKunta_chickenwings said:

What's the better CC combo for Scotia:

Momentum infinite + Amex gold 

Or

Momentum infinite + Passport infinite

Were you offered the momentum infinite with fees waived for all years? The rep I met with said fees could only be waived for one year.

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11 minutes ago, xiphoid said:

Were you offered the momentum infinite with fees waived for all years? The rep I met with said fees could only be waived for one year.

I was, yes. The only thing is the way it's set up, they can only waive fees for one year at a time so I'll get charged in subsequent years and I'll have to call in to get that reimbursed or credited or something

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2 minutes ago, Eudaimonia said:

I was, yes. The only thing is the way it's set up, they can only waive fees for one year at a time so I'll get charged in subsequent years and I'll have to call in to get that reimbursed or credited or something

one thing I mention every year about this stuff is that the competition involved applies considerable long standing pressure on the banks involved - in things improve with the LOCs moving forward you get that benefit, if the competition changes something dramatic wait a short time and things tend to equalize again. My LOC today doesn't look like the  one I signed up for (then it was 200K, prime rate, lower tier visa card, one year post residency repayment........ now it is 275K, prime -0.25, top of the line visa cards (note plural), and 2 years post fellowships - all the while knowing I have a good banker on my side these changes happened automatically). 

I have more faith in the impact of the competition than I do in the actual loan documents themselves (not that they aren't important ha). Just that they aren't doing LOCs to make money off of you (yeah prime -0.25% isn't exactly great return to say the least my bank probably has more mortgages on houses in my home town of Guelph than all the student loans they have in Ontario or there abouts - all at a higher rate, and with actual collateral). They want your future business (now with MD F going to scotia that is even more clear long term). They aren't going to piss you off at the beginning stages - they are playing a long game here. A very long game actually. 

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1 minute ago, rmorelan said:

one thing I mention every year about this stuff is that the competition involved applies considerable long standing pressure on the banks involved - in things improve with the LOCs moving forward you get that benefit, if the competition changes something dramatic wait a short time and things tend to equalize again. My LOC today doesn't look like the  one I signed up for (then it was 200K, prime rate, lower tier visa card, one year post residency repayment........ now it is 275K, prime -0.25, top of the line visa cards (note plural), and 2 years post fellowships - all the while knowing I have a good banker on my side these changes happened automatically). 

I have more faith in the impact of the competition than I do in the actual loan documents themselves (not that they aren't important ha). Just that they aren't doing LOCs to make money off of you (yeah prime -0.25% isn't exactly great return to say the least my bank probably has more mortgages on houses in my home town of Guelph than all the student loans they have in Ontario or there abouts - all at a higher rate, and with actual collateral). They want your future business (now with MD F going to scotia that is even more clear long term). They aren't going to piss you off at the beginning stages - they are playing a long game here. A very long game actually. 

They’re in it for the long haul :’) 

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30 minutes ago, la marzocco said:

They’re in it for the long haul :’) 

they are......ha, so are we all really I guess. I think it is important to know their motivations for things. Knowing why someone is doing something gives you a form of power :)

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1 hour ago, xiphoid said:

Were you offered the momentum infinite with fees waived for all years? The rep I met with said fees could only be waived for one year.

Yup. That's annoying. PM me if you want to talk to my rep.

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Hey all,

I have signed up for the LOC with Scotiabank in Edmonton, Alberta. It is a pretty sweet deal for 275 K with prime - 0.25% so 3.15% at the moment. In addition I am receiving 2 credit cards - one is the American Express Gold which has a great points system. The other, is the new Passport Infinite Visa which waives all foreign transaction fees which is awesome for those of us maybe traveling this summer (and beyond)! Fees are waived yearly. The only way this occurs however is if you email your schedule every year as proof of enrollment. I believe that is the confusion that may have occurred for one of the individuals in the above comments. As a student under the Scotiabank professional plan, you will be taken care of for 6+ years under this plan as long as you ensure you provide proof of enrollment annually. This includes fees waived and no need to pay back the LOC until the 2nd year AFTER residency. Hope this helps some of you out. 

My advisor was very helpful in explaining and expediting the process so that I could get my hands on the credit cards before my trip at the end of June. PM me if interested in getting in touch with my advisor if you are in Edmonton! :)

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6 minutes ago, TheC0median said:

I believe that is the confusion that may have occurred for one of the individuals in the above comments. As a student under the Scotiabank professional plan, you will be taken care of for 6+ years under this plan as long as you ensure you provide proof of enrollment annually. This includes fees waived and no need to pay back the LOC until the 2nd year AFTER residency.

The Amex Gold + Passport Infinite are standard this year with Scotia. I was referring to the Momentum Infinite that the rep said fees would only be waived for one year. Momentum Infinite is a 4% cashback card, whereas Passport Infinite is a 2% travel rewards card for anyone wondering about the difference! :)

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5 hours ago, rmorelan said:

one thing I mention every year about this stuff is that the competition involved applies considerable long standing pressure on the banks involved - in things improve with the LOCs moving forward you get that benefit, if the competition changes something dramatic wait a short time and things tend to equalize again. My LOC today doesn't look like the  one I signed up for (then it was 200K, prime rate, lower tier visa card, one year post residency repayment........ now it is 275K, prime -0.25, top of the line visa cards (note plural), and 2 years post fellowships - all the while knowing I have a good banker on my side these changes happened automatically). 

I have more faith in the impact of the competition than I do in the actual loan documents themselves (not that they aren't important ha). Just that they aren't doing LOCs to make money off of you (yeah prime -0.25% isn't exactly great return to say the least my bank probably has more mortgages on houses in my home town of Guelph than all the student loans they have in Ontario or there abouts - all at a higher rate, and with actual collateral). They want your future business (now with MD F going to scotia that is even more clear long term). They aren't going to piss you off at the beginning stages - they are playing a long game here. A very long game actually. 

“The Big Long”

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Can you increase your 275K line of credit? currently with Scotia and looking to get a mortgage and use some down payment from the PSLOC. any one ever ask Scotia for an increase pass the max limit?

I know td has 300K as the max limit 

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3 minutes ago, docK said:

Can you increase your 275K line of credit? currently with Scotia and looking to get a mortgage and use some down payment from the PSLOC. any one ever ask Scotia for an increase pass the max limit?

I know td has 300K as the max limit 

yes people have an rarely even it has happened - that being said you have to be extremely careful about the down payment from the LOC thing - it is going to go against the normal mortgage rules for instance. 

There has to be something really special going on to go in that directly where you are maxed out. Very vulnerable situation etc. Is it that critical that you buy right now? 

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