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

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When the new limits for Scotia professional line are officially announced would they automatically update for all students with a existing professional line of credit or would you have to ask your advisor to update it? 

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24 minutes ago, docK said:

When the new limits for Scotia professional line are officially announced would they automatically update for all students with a existing professional line of credit or would you have to ask your advisor to update it? 

It's not automatic, get in touch with your advisor when the time comes.

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

Two hours ago, Scotiabank has just purchased MD Financial from CMA - you guys can google it. This is a huge game changer. Shortly after this occurred, I talked to Rod McFadden (see his posts on page 46 of this thread) on the phone about the implications of this and some of the potential improvements to the Scotiabank offer that is to come shortly. He's extremely knowledgeable, and I am going to do my LOC with him.

Any idea when the new limits are going to be announced?

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As of today, MD Financial still issues LOC via National Bank. You can get a $500 bonus if you sign up with them. After the acquisition closes, your LOC would still be with National Bank. You can then switch to a Scotiabank LOC with a new application, and MD Financial can help you with that. The big difference is that National Bank doesn't give you access to the full LOC all at once, they do a staggered amount per year. But $500.

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36 minutes ago, shematoma said:

As of today, MD Financial still issues LOC via National Bank. You can get a $500 bonus if you sign up with them. After the acquisition closes, your LOC would still be with National Bank. You can then switch to a Scotiabank LOC with a new application, and MD Financial can help you with that. The big difference is that National Bank doesn't give you access to the full LOC all at once, they do a staggered amount per year. But $500.

Does anyone know if you get the $500 bonus if you do not plan on using the LOC?  

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2 hours ago, shematoma said:

As of today, MD Financial still issues LOC via National Bank. You can get a $500 bonus if you sign up with them. After the acquisition closes, your LOC would still be with National Bank. You can then switch to a Scotiabank LOC with a new application, and MD Financial can help you with that. The big difference is that National Bank doesn't give you access to the full LOC all at once, they do a staggered amount per year. But $500.

I noticed that RBC is offering iPads this year for anyone who opens a new VIP account with them (which comes with their loc):  https://www.rbcroyalbank.com/accounts/vip-banking.html. Not quite as nice as just straight cash, but probably of a similar value on resale. May be of interest to some who were leaning towards rbc for whatever reason. 

I signed up last year when the bonus was your choice of several other types of apple products (iWatch, iPhones). I recall some people saying their advisors told them they couldn’t get it with the student loc, but I didn’t have any problems — it just happened automatically without much effort on my part aside from making sure I did the qualifying steps.

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3 hours ago, frenchpress said:

I noticed that RBC is offering iPads this year for anyone who opens a new VIP account with them (which comes with their loc):  https://www.rbcroyalbank.com/accounts/vip-banking.html. Not quite as nice as just straight cash, but probably of a similar value on resale. May be of interest to some who were leaning towards rbc for whatever reason. 

I signed up last year when the bonus was your choice of several other types of apple products (iWatch, iPhones). I recall some people saying their advisors told them they couldn’t get it with the student loc, but I didn’t have any problems — it just happened automatically without much effort on my part aside from making sure I did the qualifying steps.

The iPad retails for $429. You can get the bank account without the LOC, but with the LOC you get the account fees waived without a minimum balance.

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15 hours ago, frenchpress said:

I noticed that RBC is offering iPads this year for anyone who opens a new VIP account with them (which comes with their loc):  https://www.rbcroyalbank.com/accounts/vip-banking.html. Not quite as nice as just straight cash, but probably of a similar value on resale. May be of interest to some who were leaning towards rbc for whatever reason. 

I signed up last year when the bonus was your choice of several other types of apple products (iWatch, iPhones). I recall some people saying their advisors told them they couldn’t get it with the student loc, but I didn’t have any problems — it just happened automatically without much effort on my part aside from making sure I did the qualifying steps.

 

12 hours ago, shematoma said:

The iPad retails for $429. You can get the bank account without the LOC, but with the LOC you get the account fees waived without a minimum balance.

I've recently signed on with RBC for their LOC + iPad deal, which I imagine will come in handy when school starts up. If anyone has questions about the process feel free to PM me. 

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On 6/12/2018 at 10:28 AM, Incisor94 said:

As long as you have either (or both) AmEx Gold/Infinite Passport Visa through Scotia rewards, you can accumulate points and apply it to travel booked using that card. I recently purchased a flight from Delta and used my points to pay for it after it appeared on my statement. This kind of flexibility is appealing for me!

So I had the AmEx/infinite momentum combo last year with fees waived but AmEx wasn't accepted everywhere that I was dining (used the infinite momentum at gas stations/groceries) so I switched to infinite passport/infinite momentum (fees waived) this year and its been great! Lounge access is sweet (love the free food before flights) and still get 2x the points on dining/entertainment.

Just got my infinite passport credit card today with my line of credit. Do you have to sign up anywhere to redeem the lounge access? 

Also for anyone wondering, there is a bonus 25,000 travel points for anyone who signs up w Scotia and spends $1000 within the first 3 months

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48 minutes ago, PD23 said:

Just got my infinite passport credit card today with my line of credit. Do you have to sign up anywhere to redeem the lounge access? 

Also for anyone wondering, there is a bonus 25,000 travel points for anyone who signs up w Scotia and spends $1000 within the first 3 months

https://www.prioritypass.com/scotiabankpassport

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Do people generally go with the bank provided life/disability insurance? Is there a better option that exists? I remember hearing something about a cheaper alternative through MD financial or something like that, but may be thinking of something else. 

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1 hour ago, runridge said:

Do people generally go with the bank provided life/disability insurance? Is there a better option that exists? I remember hearing something about a cheaper alternative through MD financial or something like that, but may be thinking of something else. 

Maybe you’re thinking of the free life and disability insurance that many of the medical associations provide? I’m not sure about other provinces, but Doctors of B.C. has a $100,000 life insurance plan as well as a disability plan (I think $1500/month to start increasing to $2500 for 3rd/4th year) for students that they will pay the premiums for all four years of medical school. It’s not necessarily enough, especially once you’re further along and/or have a lot more debt, but it can be a good place to start.

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On 6/21/2018 at 7:02 PM, Dr. End Poverty said:

Does anyone know if you get the $500 bonus if you do not plan on using the LOC?  

The terms and conditions don't say anything about needing to use the LOC, just opening it is enough for the $500 bonus.

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9 hours ago, shematoma said:

The terms and conditions don't say anything about needing to use the LOC, just opening it is enough for the $500 bonus.

That's great! Thank you so much for your reply, Shematoma :) !!

 

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On 6/21/2018 at 4:05 PM, GTA Scotiabank Med Advisor said:

It's not automatic, get in touch with your advisor when the time comes.

Do you know if we can get just the credit card with Scotiabank and fees waived without the LOC?

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3 minutes ago, mcatthrow101 said:

Do you know if we can get just the credit card with Scotiabank and fees waived without the LOC?

I think you might be missing the entire purpose of the credit cards and fee waivers... The goal with these perks is the banks are trying to incentivize you to sign your LOC with them instead of another bank. So no, a bank isn't going to offer you premium credit cards with fees waived just because you're a medical student. You'll need to sign a LOC with them. Whether or not you take any money out from that LOC is up to you.

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1 hour ago, xiphoid said:

I think you might be missing the entire purpose of the credit cards and fee waivers... The goal with these perks is the banks are trying to incentivize you to sign your LOC with them instead of another bank. So no, a bank isn't going to offer you premium credit cards with fees waived just because you're a medical student. You'll need to sign a LOC with them. Whether or not you take any money out from that LOC is up to you.

No I do understand that the banks are offering these so I sign the LOC, but banks also make money off of the credit card, since they charge transaction fees to the place offering whatever service/product to me/you.

I was also able to get the premium credit cards from RBC because I was a medical student, with the fees waived, even though my LOC is from another bank.

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1 hour ago, mcatthrow101 said:

No I do understand that the banks are offering these so I sign the LOC, but banks also make money off of the credit card, since they charge transaction fees to the place offering whatever service/product to me/you.

I was also able to get the premium credit cards from RBC because I was a medical student, with the fees waived, even though my LOC is from another bank.

Which RBC credit card did you get for no annual fee and how did you ask for it?

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19 hours ago, AAAmeds said:

Which RBC credit card did you get for no annual fee and how did you ask for it?

Should be the RBC Avion Visa Infinite, AF waived for 4 years (fee on the VIP chequing account also waived) - your local rep should be able to offer it (along with the iPad promotion). I can put you in touch with someone based out of BC but able to help remotely if needed - just pm!

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1 hour ago, jumbocup said:

Should be the RBC Avion Visa Infinite, AF waived for 4 years (fee on the VIP chequing account also waived) - your local rep should be able to offer it (along with the iPad promotion). I can put you in touch with someone based out of BC but able to help remotely if needed - just pm!

So you got the iPad? My rep in Montreal told me he can't combine the waived fees on the VIP banking and the iPad...

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28 minutes ago, jul059 said:

So you got the iPad? My rep in Montreal told me he can't combine the waived fees on the VIP banking and the iPad...

Yes I did. Waived VIP banking + RBC Avion, plus the iPad promotion.

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7 hours ago, jumbocup said:

Should be the RBC Avion Visa Infinite, AF waived for 4 years (fee on the VIP chequing account also waived) - your local rep should be able to offer it (along with the iPad promotion). I can put you in touch with someone based out of BC but able to help remotely if needed - just pm!

I was asking mcatthrow101 since he/she got the premium credit card for no annual fee WITHOUT having an LOC with RBC just by stating he/she's a medical student as he/she claims. I am aware you can get a credit card with no AF with an LOC with RBC or Scotia but thanks. :)

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