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

[frenchpress]

In addition to what others have said: TD had a worse new client reward (a free speaker compared to free Apple device at RBC ) and they limited the amount of money I could get access to from the total LOC each year (instead of having access to it all up front). They did say I could get a banking package similar to the VIP package at RBC, but the fee-waived credit card didn’t come close to comparing with the cards Scotia and RBC we’re offering.

[rmorelan]

19 minutes ago, IMislove said:

To add onto that, the advisor I spoke to at TD thought I needed a co-signer, and actually said I won’t get ANY credit cards. Made it very easy for me to go no thanks see yah later lol.

ha, I had the exact same reaction from the 10 years ago when I tried to use them. They were my bank prior to going into medical school. Doesn't sound like much has changed. 

They just don't seem to have the volume or interest to maintain good internal education about their products or remain competitive with the other players. 

 

[brady23]

Isn't Scotia the only bank that waives credit card fees during residency?

That's huge to me. And the fact that they have the best credit cards.

 

[casajayo]

6 hours ago, hwhit said:

I didn't get the Gold amex bonus points but I got the visa bonus points 

that seems strange, you should definitely ask about this as I got both bonuses

[jumbocup]

3 hours ago, xiphoid said:

I remember hearing from some people that the Visa Infinite Avion came with 35,000 bonus points as well, but according to the RBC website, it only says 15,000. http://www.rbcroyalbank.com/credit-cards/travel-credit-cards/infinite-avion.html

Did you have to negotiate for the 30,000 points?

No, I didn't... but it may have been a promotional bonus. Send me a PM if you want me to link you with the individual who set me up. They're based out of Vancouver but can help OOP individuals as well. 

[pretomd]

7 hours ago, brady23 said:

Isn't Scotia the only bank that waives credit card fees during residency?

That's huge to me. And the fact that they have the best credit cards.

 

I was under this impression too. However, when I contacted RBC and asked them about it, they said that they waive all credit card and banking fees through residency as well (and the two year grace period) because "RBC considers residency as part of school". If you're in the GTA area, PM me and I'll let you know the name of the RBC specialist I was in contact with (they reassured me about the fees being waived, and offered every other standard perk for med students).

[xiphoid]

On 7/18/2018 at 4:12 PM, casajayo said:

that seems strange, you should definitely ask about this as I got both bonuses

I emailed two different Scotiabank reps (in two different cities) and they both said I wouldn't qualify for the 15,000 bonus points on the Gold Amex, only the 25,000 on the Passport...

[casajayo]

On 7/19/2018 at 11:28 PM, xiphoid said:

I emailed two different Scotiabank reps (in two different cities) and they both said I wouldn't qualify for the 15,000 bonus points on the Gold Amex, only the 25,000 on the Passport...

If it helps to email one more, I dealt with scotiabank in Vancouver 

[dchai2]

On 7/8/2017 at 1:49 PM, Redden said:

 

Does anyone have an updated comparison chart? It seems like Scotia is still the best option but I want to be sure before signing.

I'm also considering waiting until orientation week to see if they have any more perks, does anyone have thoughts on this?

[heydere]

On 7/18/2018 at 12:19 AM, xiphoid said:

Is this correct for the tangible perks offered by both RBC and Scotiabank standard with their LOC? Am I missing anything? Does anyone know if Scotiabank ever does anything similar to what RBC does with the iPad for new clients? I've been banking with RBC for the past 6 years and without the iPad, Scotiabank's better credit cards and higher value in perks makes so much more sense for me to go with them but I want to make sure I'm not missing out on any new client benefits before I sign!

RBC

Visa Platinum Avion - 15,000 welcome points ($350 value) [some advisors will offer the Visa Infinite Avion; welcome points remain the same either way]

9.7" iPad ($450 value) [new RBC clients only]

Scotiabank

Passport Visa Infinite - 25,000 bonus points ($250 value)

Gold American Express - 15,000 bonus points ($150 value)

Why is the value for 25,000 Scotia points less than the value for 15,000 RBC points? 

[xiphoid]

Does anyone know anyone or have any experience with switching banks once you already have your LOC? I'm debating long-term vs. short-term benefits offered by the banks, and I also know that switching banks is not unheard of but I'd love to chat with someone to see what the general terms are!

16 hours ago, heydere said:

Why is the value for 25,000 Scotia points less than the value for 15,000 RBC points? 

Every bank has a different redemption schedule. 15,000 RBC points can be redeemed for a flight that is up to $350, while Scotia rewards are redeemed at a value of 1 cent for every 1 point (100 points = $1).

[jumbocup]

42 minutes ago, xiphoid said:

Does anyone know anyone or have any experience with switching banks once you already have your LOC? I'm debating long-term vs. short-term benefits offered by the banks, and I also know that switching banks is not unheard of but I'd love to chat with someone to see what the general terms are!

Every bank has a different redemption schedule. 15,000 RBC points can be redeemed for a flight that is up to $350, while Scotia rewards are redeemed at a value of 1 cent for every 1 point (100 points = $1).

The only stipulation is you have to pay off outstanding balances and you're at liberty to do as you please. You're not signing a contract to stay with them for the entire duration of your schooling. That being said, some of the promotions require certain terms to avoid paying fees.

For example, the iPad promotion through RBC requires that you remain an active client until September 2019; if you cancel beforehand (or remove your direct deposit/PAP), you may be subject to a $430 invoice or w/e the value was of your promotional product. Full disclosure from my rep said that they don't really have a way to check this but to be aware that it is in the terms. Beyond Sept 2019, you no longer have any obligations and can move as you wish. You might just have to put up with a few uncomfortable conversations :). 

[Bambi]

It’s a simple procedure to switch banks as a Med student. After my contact left National Bank, I got no service and left them for RBC. I signed with them, they paid off my old LOC and it was as painless as it was simple.

[Organeer]

3 hours ago, jumbocup said:

The only stipulation is you have to pay off outstanding balances and you're at liberty to do as you please. You're not signing a contract to stay with them for the entire duration of your schooling. That being said, some of the promotions require certain terms to avoid paying fees.

For example, the iPad promotion through RBC requires that you remain an active client until September 2019; if you cancel beforehand (or remove your direct deposit/PAP), you may be subject to a $430 invoice or w/e the value was of your promotional product. Full disclosure from my rep said that they don't really have a way to check this but to be aware that it is in the terms. Beyond Sept 2019, you no longer have any obligations and can move as you wish. You might just have to put up with a few uncomfortable conversations :). 

Is there anything stopping anyone from getting the 2nd LOC, paying off the first LOC with the second LOC, but not closing the account? Whats' the difference between holding two LOCs and only using one, and paying off one LOC and then closing the one that you won't use?

[xiphoid]

3 minutes ago, Organeer said:

Is there anything stopping anyone from getting the 2nd LOC, paying off the first LOC with the second LOC, but not closing the account? Whats' the difference between holding two LOCs and only using one, and paying off one LOC and then closing the one that you won't use?

My guess? When a bank goes to request your credit information, no bank will approve you for another $300k line of credit when they see you already have one.

[Organeer]

1 minute ago, xiphoid said:

My guess? When a bank goes to request your credit information, no bank will approve you for another $300k line of credit when they see you already have one.

I figured you'd have to get approved for the 2nd one, and while you hold both LOCs, you pay off the first one, no? But after you pay off the first one, you're totally holding 2 LOCs at the same time, both of which you have qualified for. This could actually mean we can get two...but using 600k of loan is not a good idea is all. I've never worked at a bank, just totally wondering here lol

[NeuroD]

1 hour ago, Organeer said:

I figured you'd have to get approved for the 2nd one, and while you hold both LOCs, you pay off the first one, no? But after you pay off the first one, you're totally holding 2 LOCs at the same time, both of which you have qualified for. This could actually mean we can get two...but using 600k of loan is not a good idea is all. I've never worked at a bank, just totally wondering here lol

No you won't qualify for a second if you already have 300k in revolving credit in your name. It's like when they ask you to close other credit cards, or have it's credit limit subtracted from your total loan. They won't approve you for 300k loan if you have 300k revolving credit elsewhere.

[xiphoid]

1 hour ago, Organeer said:

I figured you'd have to get approved for the 2nd one, and while you hold both LOCs, you pay off the first one, no? But after you pay off the first one, you're totally holding 2 LOCs at the same time, both of which you have qualified for. This could actually mean we can get two...but using 600k of loan is not a good idea is all. I've never worked at a bank, just totally wondering here lol

The approval for the LOC from the second bank would be conditional on you closing your LOC with the first bank. I think the way it works is you authorize the second bank to act on your behalf, and they'll pay down the LOC to the first bank and then the second bank will open the LOC at their own institution for you.

[shematoma]

Your new bank will pay off the old LOC and they will close it for you. Both those steps happen at the same time. They will not pay it off and let you keep it. This was the procedure when I switched to National for the $500 offer.

[rmorelan]

11 hours ago, xiphoid said:

The approval for the LOC from the second bank would be conditional on you closing your LOC with the first bank. I think the way it works is you authorize the second bank to act on your behalf, and they'll pay down the LOC to the first bank and then the second bank will open the LOC at their own institution for you.

and the entire point of our credit system - credit reports and what not - is to prevent someone from somehow slipping through the cracks and having more credit than they are supposed to at any point. There is centralization so everyone knows what everyone else is doing. On top of that the major players at least also have yearly checks to again make sure you aren't doing something they don't want you to. 

[Comprehensible]

On 7/13/2018 at 8:28 PM, PhD2MD said:

A paid position Ontario is a double-edged sword. Unfortunately the way it works out is that pretty much any dollar you make gets subtracted from your OSAP. Of course this depends on how much OSAP was providing for you in the first place, but for the OP and for most people under the current rules I believe this is the case.

So basically you lose time that you could have you spent studying, and you have no net gain to show for it. Sad but true.

Sorry to resurrect a dead discussion, but I'm a little confused about this.

I was trying to figure out OSAP, and went into the estimator to try to figure out what I will get in my second year of med school, considering the fact that I will have all my income from my 4th year of undergrad + summer work. The first time I did it, I forgot to put my money earned in, so I went back and re-did it, adding about $20k in income. The automated number it spit out didn't change. Is the estimator just bad?

[la marzocco]

3 minutes ago, Comprehensible said:

Sorry to resurrect a dead discussion, but I'm a little confused about this.

I was trying to figure out OSAP, and went into the estimator to try to figure out what I will get in my second year of med school, considering the fact that I will have all my income from my 4th year of undergrad + summer work. The first time I did it, I forgot to put my money earned in, so I went back and re-did it, adding about $20k in income. The automated number it spit out didn't change. Is the estimator just bad?

Did you use the detailed estimator? There's the short version and the long version - I would try the long version.

[xiphoid]

4 minutes ago, Comprehensible said:

I was trying to figure out OSAP, and went into the estimator to try to figure out what I will get in my second year of med school, considering the fact that I will have all my income from my 4th year of undergrad + summer work. The first time I did it, I forgot to put my money earned in, so I went back and re-did it, adding about $20k in income. The automated number it spit out didn't change. Is the estimator just bad?

I used the long version of the estimator with the exact same information that I had in my submitted OSAP application, and it estimated that I would get $8,500 more than what they actually determined I qualified for. It was honestly really frightening because I thought I had my finances figured out but all of a sudden, I don't.

[la marzocco]

6 minutes ago, xiphoid said:

I used the long version of the estimator with the exact same information that I had in my submitted OSAP application, and it estimated that I would get $8,500 more than what they actually determined I qualified for. It was honestly really frightening because I thought I had my finances figured out but all of a sudden, I don't.

What? That's crazy! The estimate I get at the end of the app tracked pretty closely to what they actually disbursed to me. 

[NeuroD]

1 hour ago, Comprehensible said:

Sorry to resurrect a dead discussion, but I'm a little confused about this.

I was trying to figure out OSAP, and went into the estimator to try to figure out what I will get in my second year of med school, considering the fact that I will have all my income from my 4th year of undergrad + summer work. The first time I did it, I forgot to put my money earned in, so I went back and re-did it, adding about $20k in income. The automated number it spit out didn't change. Is the estimator just bad?

Rules may have changed this year. I haven't been following that closely.