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

[optimism101]

For those of you who have Scotia's LOC, did you get passport gold VISA without an annual fee, or the gold visa?

 

i.e.

 

1. http://www.scotiabank.com/ca/en/0,,102,00.html

or

2. http://www.scotiabank.com/ca/en/0,,89,00.html

 

Because I thought I was being offered Passport Gold, not the regular gold. Turns out they're giving me the regular Gold.

 

This makes MD management's offer so much better

 

That doesn't seem right, the passport gold has zero fees for everyone, so it's not a perk. They're just giving you a card that's free anyway. I was definitely offered the passport gold card, but I haven't signed yet. I'll make sure that's actually what they give me though!

[tberry3]

For those of you who have Scotia's LOC, did you get passport gold VISA without an annual fee, or the gold visa?

 

i.e.

 

1. http://www.scotiabank.com/ca/en/0,,102,00.html

or

2. http://www.scotiabank.com/ca/en/0,,89,00.html

 

Because I thought I was being offered Passport Gold, not the regular gold. Turns out they're giving me the regular Gold.

 

This makes MD management's offer so much better

 

The Scotia rep I've been speaking to (who has been amazingly helpful) specifically offered me the "fee-based Passport Gold Visa, with the fee waived" - if you ended up getting a different card then I'd definitely recommend asking them to change it for you. That was a big selling point for me and pretty much the main reason I chose Scotiabank, so I'd be pretty disappointed if I ended up with a different card.

[shady]

Ok I will bring this issue with the rep when I meet him.

Thanks guys

 

EDIT: quick update: rep confirmed it's the Passport Gold so I'm going with Scotia. Two points

 

1) The applications they sent me had no mention of "passport" so that got me worried. But that's resolved now.

2) I'm really impressed by their service in general. The reps are very friendly and receptive, and seem willing to go the extra mile to make your life easier. I like them!

[juliusc]

For people who use or plan to use Scotiabank for LOC in Toronto who did you talk to that was knowledgeable in dealing with LOCs? I got a rep who was totally lost and after wasting 2 weeks of my time he ended up telling me that I needed a cosigner. This scotia bank was closer to North York and not downtown Toronto.

[shady]

Can't speak for the Toronto branch since I didn't deal with them, but what I did is find the McMaster med rep and contact her. She was very knowledgeable, friendly, and took care of everything. Try contacting the Toronto rep?

 

This is the list

http://www.scotiabank.com/ca/common/pdf/personal_banking/Scotiabank_SPSP_representative_English.pdf

[future_doc]

For people who use or plan to use Scotiabank for LOC in Toronto who did you talk to that was knowledgeable in dealing with LOCs? I got a rep who was totally lost and after wasting 2 weeks of my time he ended up telling me that I needed a cosigner. This scotia bank was closer to North York and not downtown Toronto.

 

You dealt with an idiot, *cosigner* yah right.

[Caliver]

For people who use or plan to use Scotiabank for LOC in Toronto who did you talk to that was knowledgeable in dealing with LOCs? I got a rep who was totally lost and after wasting 2 weeks of my time he ended up telling me that I needed a cosigner. This scotia bank was closer to North York and not downtown Toronto.

 

If you want to sign with a Toronto branch, I suggest you look into the one on Queen street. She is the rep for U of T. But please keep in mind that you need to have confirmation of enrollment for the branch (which I don't get unfortunately..)

[juliusc]

Thanks. I was initially going to get in contact with a specialist downtown but the Scotiabank 30 seconds away from my home was too sweet to pass up.

[futureGP]

Ok I will bring this issue with the rep when I meet him.

Thanks guys

 

EDIT: quick update: rep confirmed it's the Passport Gold so I'm going with Scotia. Two points

 

1) The applications they sent me had no mention of "passport" so that got me worried. But that's resolved now.

2) I'm really impressed by their service in general. The reps are very friendly and receptive, and seem willing to go the extra mile to make your life easier. I like them!

 

hey shady,

 

did you try asking if they would allow a infinite visa 4% cash-back card?

 

it's got less annual fees than the passport gold visa and the perks are much better for someone who might not travel a lot

[shady]

I did not see that card earlier. Actually I like it

 

The things I care about are: extended warranty, rental car insurance, and travel insurance. Cashback > reward points.

 

The momentum infinite has no travel insurance, but it has Cashback. The worst cash back at 1% is just as good as the points, so it might be worth it.

 

I'm meeting the reps tomorrow. I will ask in person and get back to you

[schmitty]

. The worst cash back at 1% is just as good as the points, so it might be worth it.

 

 

That's not true depending on the points...for example, I have an Infinite Avion with RBC and the redemption schedule is pretty good depending on where you fly. It works out to around 2% on ALL purchases if you use all your points for flights. During med school, you will likely be taking quite a few flights for placements and especially for carms interviews, let alone travel for pleasure (if you can fit it in!).

[shady]

Oh I meant compared to Scotia's Gold Passport. The problems with RBC are

 

1. Interest isn't automatically capitalized on their LOC

2. Infinite Avion has an annual fee. They refused to waive it for me

[shady]

Another thing that worries me about Passport Gold: you buy flights from the Scotia rewards site. The prices might be higher than market prices, at which point you get even less value.

 

This is where MD management's card wins, or any cash back rewards card for that matter

[futureGP]

Another thing that worries me about Passport Gold: you buy flights from the Scotia rewards site. The prices might be higher than market prices, at which point you get even less value.

 

This is where MD management's card wins, or any cash back rewards card for that matter

 

hey the rewards process for scotia is much better than that for rbc

 

i dont like how rbc charges me for avion --- planning to switch this summer

[schmitty]

Oh I meant compared to Scotia's Gold Passport. The problem with RBC is

 

1. Interest isn't automatically capitalized

2. Infinite Avion has an annual fee. They refused to waive it for me

 

Ahhh, okay. Number 1 really shouldn't be an issue, just have an automatic payment come out of your line of credit.

 

I only have the infinite avion because our fee is waived each year, otherwise I agree it probably isn't worth it.

[schmitty]

hey the rewards process for scotia is much better than that for rbc

 

i dont like how rbc charges me for avion --- planning to switch this summer

 

Really? I have booked 3 flights through RBC rewards and it was super painless...they use Expedia now. Just book any flight on any airline and it's covered.

[Caliver]

hey the rewards process for scotia is much better than that for rbc

 

i dont like how rbc charges me for avion --- planning to switch this summer

 

How does switching LOC from one bank to another work? Do you still get the same benefits as you would if you sign up in first year?

[schmitty]

How does switching LOC from one bank to another work? Do you still get the same benefits as you would if you sign up in first year?

 

Most likely yes, banks LOVE stealing business from other banks and you will be able to negotiate the same things for switching all your services.

[rmorelan]

Most likely yes, banks LOVE stealing business from other banks and you will be able to negotiate the same things for switching all your services.

 

yes they do - and it is not hard at all. Always keep that in mind if you ever become dissatisfied.

[bordeaux]

Another thing that worries me about Passport Gold: you buy flights from the Scotia rewards site. The prices might be higher than market prices, at which point you get even less value.

 

This is where MD management's card wins, or any cash back rewards card for that matter

 

Actually you can book your travel anywhere as long as you use your gold passport to pay. Then you call and have your points applied to the balance on the card. It's very flexible. I've done it twice now.

[shady]

^ interesting. Their terms and conditions clearly state under section G, 1. Travel Redemption and Reservations

 

After verifying that you have the required minimum Scotia Rewards points, simply call the Scotia Rewards Travel Service at 1 800 665-2582 and speak with a Travel Consultant to book your travel reward or sign onto the Scotia Rewards Site to book your travel online1. For ScotiaGold Passport VISA accounts and/or ScotiaGold Passport for business VISA Card accounts, reservations made through any other travel agencies, travel suppliers or airline companies will not qualify as travel rewards.

 

Page 3 http://www.scotiabank.com/ca/en/files/12/10/Rewards_Terms_WEB.pdf

 

Another thing worth noting: there is a rewards calculator on their website where you can put your monthly spending and see how much rewards you get. I get more actual dollars (cash back) with the Momentum Infinite than travel dollars with the Gold Passport. Obviously cash back is much better than travel dollars, since they can be spent on anything and are not restricted to travel.

[schmitty]

^ interesting. Their terms and conditions clearly state under section G, 1. Travel Redemption and Reservations

 

 

 

Page 3 http://www.scotiabank.com/ca/en/files/12/10/Rewards_Terms_WEB.pdf

 

Another thing worth noting: there is a rewards calculator on their website where you can put your monthly spending and see how much rewards you get. I get more actual dollars (cash back) with the Momentum Infinite than travel dollars with the Gold Passport. Obviously cash back is much better than travel dollars, since they can be spent on anything and are not restricted to travel.

 

Again, people keep saying that cash back is OBVIOUSLY better, but if the % back is lower, travel is better so long as you plan on booking any flights within the next, say, 5 years, which you most definitely will as a med student. E.G. if you get 2% back in travel awards (roughly depending on the travel) and you will be travelling anyway (you will), this is better than any lower % cash back.

[shady]

Again, people keep saying that cash back is OBVIOUSLY better, but if the % back is lower, travel is better so long as you plan on booking any flights within the next, say, 5 years, which you most definitely will as a med student. E.G. if you get 2% back in travel awards (roughly depending on the travel) and you will be travelling anyway (you will), this is better than any lower % cash back.

 

But that's exactly what I said. I guess I wasn't clear. (EDIT: well okay that's not exactly what I said, but I had this in mind. Even with this in mind, in this particular instance cash back is better. Read on to see why )

 

I would be getting more cash back dollars with the Momentum Infinite than travel dollars with the Passport Gold. Coupled with the fact that a cash back dollar can be spent anywhere, it is a no brainer for me to go with cash back over travel rewards.

[mm_med]

Does anyone know if we can get the Scene Visa with a LOC through Scotiabank? I've always wanted it.

[shady]

The Scene Visa is very easy to get - you just have to be a student. You don't even need their LOC. It also has no annual fee I believe.