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

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Comprehensible Newbie

Comprehensible

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1 hour ago, la marzocco said:

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

Welp that's concerning. I was trying to put together a really quick estimate of my total debt load (ignoring interest) after 4 years, which is when this came up.

 

i think it was the long form? It asked me about my savings etc.

 

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la marzocco Newbie

la marzocco

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2 minutes ago, Comprehensible said:

Welp that's concerning. I was trying to put together a really quick estimate of my total debt load (ignoring interest) after 4 years, which is when this came up.

i think it was the long form? It asked me about my savings etc.

Yea that's the long form. Interesting. I would honestly just apply with all the right facts and let the system do its thing. I found the estimate that it bumps out after you have applied to be pretty close to what they actually eventually gave me so I never had a problem. 

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Comprehensible Newbie

Comprehensible

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On 7/18/2018 at 9:37 AM, hwhit said:

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

I just spoke with someone from Scotia who said basically that this is the normal procedure when the whole plan is set up from the beginning, but that they can alternatively set it up to manually waive the fees each year (which would give the bonus points). They said if they did this and then left the branch they can't guarantee the next person would waive the fees. 

@ScotiabankMedsAdvisor

@ScotiabankMedsAdvisorLOC

@GTA Scotiabank Med Advisor

Can you clarify what is going on here? I'm pretty lost. Can you give a complete run-down of the plan as it should be, including cards, bonus points, how long you have to pay it off, grace period, conversion to professional LOC, and all other details?

It's crazy that people are getting such different responses depending on their advisor.

 

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GTA Med Advisor Newbie

GTA Med Advisor

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18 hours ago, Comprehensible said:

I just spoke with someone from Scotia who said basically that this is the normal procedure when the whole plan is set up from the beginning, but that they can alternatively set it up to manually waive the fees each year (which would give the bonus points). They said if they did this and then left the branch they can't guarantee the next person would waive the fees. 

@ScotiabankMedsAdvisor

@ScotiabankMedsAdvisorLOC

@GTA Scotiabank Med Advisor

Can you clarify what is going on here? I'm pretty lost. Can you give a complete run-down of the plan as it should be, including cards, bonus points, how long you have to pay it off, grace period, conversion to professional LOC, and all other details?

It's crazy that people are getting such different responses depending on their advisor.

 

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.

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Comprehensible Newbie

Comprehensible

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1 hour ago, GTA Scotiabank Med Advisor said:

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.

The person I'm currently speaking to isn't on that list, but I believe I got to them through a referral from that list. They seem to know their stuff. I also spoke to someone who was on the list but didn't seem to understand my questions.

Can you send me the details that you would send to someone who was purchasing the plan from you so I can make sure there are no contradictions?

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NoblePhantasm Newbie

NoblePhantasm

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From what I've read it seems like people have been getting mixed responses to LOC + iPad RBC offer. I tried getting both and got shut down by the guy at my local branch (wasn't a healthcare/dental specialist my first mistake)...he even had to bring the branch manager in to tell me I'm wrong. I only got my banking account made but have not signed my LOC just yet. Is it possible to get another branch/specialist to help me set it up? I lost my confidence with my local branch.   

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rmorelan Community Regular

rmorelan

Posted
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1 hour ago, NoblePhantasm said:

From what I've read it seems like people have been getting mixed responses to LOC + iPad RBC offer. I tried getting both and got shut down by the guy at my local branch (wasn't a healthcare/dental specialist my first mistake)...he even had to bring the branch manager in to tell me I'm wrong. I only got my banking account made but have not signed my LOC just yet. Is it possible to get another branch/specialist to help me set it up? I lost my confidence with my local branch.   

a) Yes it is possible

b) You should do it

Not because the ipad - that is just a gimmick really to get your to sign up , although you know it is an ipad (the other banks have other incentives as well - not like RBC is the only one playing the game ha) but because you lost confidence with the branch. That is the the most important thing - the advantages of a banker that both has your trust and more importantly earns it is worth a ton in the long run. That approach has really worked for me in the 10 years since I got my loans set up. 

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SunAndMoon Newbie

SunAndMoon

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7 minutes ago, strawberryjams said:

Is it possible to switch scotia advisors? I got approved for 300,000$ but I am unhappy with my current advisor and would love some help. all my friends got approved for "passport infinite credit card" and also got student advantage banking plan with unlimited interac e transfer but my advisor only gave me scotia one banking plan (only 2 interac e transfers) per month. Also, they gave me ScotiaGold Passport credit card instead of the passport infinite. Is it possible to speak to another advisor?

 

 

Contact someone on this list https://www.scotiabank.com/ca/common/pdf/personal_banking/Scotiabank_SPSP_representative_English.pdf

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excelspreadsheet Newbie

excelspreadsheet

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On 7/17/2018 at 10:19 PM, 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)

 

10 minutes ago, SunAndMoon said:

Contact someone on this list https://www.scotiabank.com/ca/common/pdf/personal_banking/Scotiabank_SPSP_representative_English.pdf

Their online site says fees are only waived for the Passport Visa - is their site out of date? or do we have to ask individual advisors to swap to the passport infinite?

https://www.scotiabank.com/ca/en/small-business/industries/professionals/student-professionals.html

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rmorelan Community Regular

rmorelan

Posted
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19 minutes ago, strawberryjams said:

Is it possible to switch scotia advisors? I got approved for 300,000$ but I am unhappy with my current advisor and would love some help.

 

 

sure you can if you like - the bank isn't going to stand in your way on that. 

is there something in particular you were hoping to get? 

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xiphoid Newbie

xiphoid

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7 minutes ago, excelspreadsheet said:

 

Their online site says fees are only waived for the Passport Visa - is their site out of date? or do we have to ask individual advisors to swap to the passport infinite?

https://www.scotiabank.com/ca/en/small-business/industries/professionals/student-professionals.html

Their site is out of date. The infinite passport visa is a new card that only came out a few months ago.

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Eudaimonia Newbie

Eudaimonia

Posted
Posted
2 minutes ago, strawberryjams said:

call the advisor?

 

Yes, but he previously told me I would be inconvenienced by this, since that card wasn't under the program. I have to call or email them every year to remind them to reverse my fee for that card only. The infinite passport is automatically waived under our LOC

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