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

[Dalhousie23 20]

5 hours ago, dwightschrute123 said:

Hey Everyone, 

I know people have been saying its taken a week or more to have their LOC up and running after speaking to an advisor. However, do you have access to the credit cards before that time? I have a few large purchases to make and I would like to be able to capitalize on the rewards of the new cards. 

Thanks!

Here is my timeline this year..

• Applied.
• I had access to my new chequing account the same day I applied
• I waited 4 weeks exactly to have my LOC approved and I signed the forms that day. 
• I still have no access to my LOC and the interest rate is wrong.
• The credit card was just shipped, told to wait 10 business days, and no rewards points applied at this moment.

Worst experience ever. 100% switching advisors. Regretting this bank already. 

So altogether, it will be 6 weeks for me to receive a physical credit card and a little less for my LOC. 

 

[IMislove 443]

13 hours ago, Dalhousie23 said:

Here is my timeline this year..

• Applied.
• I had access to my new chequing account the same day I applied
• I waited 4 weeks exactly to have my LOC approved and I signed the forms that day. 
• I still have no access to my LOC and the interest rate is wrong.
• The credit card was just shipped, told to wait 10 business days, and no rewards points applied at this moment.

Worst experience ever. 100% switching advisors. Regretting this bank already. 

So altogether, it will be 6 weeks for me to receive a physical credit card and a little less for my LOC. 

 

Ooof that’s terrible. Just goes to show how variable some banks are at different locations such. Sorry for your pain.

[Fortress 0]

Hey all. Quick question about Scotia. When you book flights through the Scotia Travel Rewards website, are the posted prices for flights the same as the prices posted on the airline's website? Or is it more expensive? I know with RBC for example, the prices are the same as the ones on the airline's website but they don't allow you to choose the most basic and thus the cheapeast fare. The only option available is to choose a slightly advanced fare (standard fare for air canada, econo for westjet).

[LostLamb 101]

never found a competitive fare on the travel rewards side.

IMHO you are better off finding a good fare from the airline, then applying your points to the travel expense that you charged to your scotia CC.

 

[Fortress 0]

5 hours ago, LostLamb said:

never found a competitive fare on the travel rewards side.

IMHO you are better off finding a good fare from the airline, then applying your points to the travel expense that you charged to your scotia CC.

 

So just to clarify, the prices posted on the travel rewards website are more expensive than the airline's, right?

Also, if you purchase the flight from the airline and then apply your points to the travel expense, would it be at the same rate of 100 points=$1 value? Or is it a different rate?

[GTA Med Advisor 25]

1 hour ago, Fortress said:

So just to clarify, the prices posted on the travel rewards website are more expensive than the airline's, right?

Also, if you purchase the flight from the airline and then apply your points to the travel expense, would it be at the same rate of 100 points=$1 value? Or is it a different rate?

From my experience they usually are more expensive, but I've heard from some people that they've found cheaper prices on flights there than online/with the airline as well. It doesn't hurt to check whenever you're looking to book anything just to compare.

Point values are the same regardless of who you book with.

[distressedpremed 95]

11 minutes ago, GTA Med Advisor said:

From my experience they usually are more expensive, but I've heard from some people that they've found cheaper prices on flights there than online/with the airline as well. It doesn't hurt to check whenever you're looking to book anything just to compare.

Point values are the same regardless of who you book with.

For the scotiarewards, if you talk to them on the phone if there is a price mismatch they will try to match the price in my experience.

However, usually they are pretty much the same price in my experience as buying from the airlines themselves.

In terms of customer service - honestly all the banks are pretty terrible. I was originally with RBC and their customer service rep sucked throughout years of medical school. They refused to do -0.25% when other banks were starting to, and I just had to pack up the LOC and move to scotia.

Now when I'm with scotia, there are just dumb things that happen as well that I get irritated with. My "rep" is just an ever changing cascade of people in that position, it all seems they're using that spot as a springboard for other things. The new reps are usually clueless about what the other banks are offering. Every year they ask me "is this my last year of residency" and I'm like dude, honestly I've sent your predecessors an email every single time bout when I'm done. I even send confirmation of enrollment myself and they still ask me!

Honestly just compare the banks in terms of what they offer, which still seems to be scotia so far. Don't be afraid to ask questions or take your money anywhere else. It's not that hard to switch LOCs.