CIBC Professional Edge Program

[CIBC_Professional Edge]

I thought there previously was a thread for CIBC, but I can't find it anymore, so I thought I might start up a new one.

 

Should anyone have questions regarding the Professional Program CIBC has for both students and practicing professionals, I can answer them thoroughly. The program has been updated recently to be far more competitive and simplified, so if you're debating who to go with, certainly keep us in mind. (Shameless plug).

 

What is it? Here are the basic features:

 

Professional Edge Student LoC

- $275,000 per student at Prime Rate, Interest-Only repayment

- No repayment required until 12 months follow graduation

- Upon graduation, you may transition your Student LoC to a regular Professional LoC and retain the same rate / repayment option

 

Free Student Banking

- Unlimited transactions and no fee

- Access to accounts via our mobile app (you can cash cheques by taking a photo of them), online banking, or branch banking across the country

- All CIBC debit cards are VISA debit for easier use out of Canada

 

Free Credit Card

- Guaranteed approval for a CIBC student VISA

- Current options are CIBC Student Select and CIBC Student Aventura (with more on the way)

- If you qualify for a non-student credit card, we will also waive the fee on that for you

 

Mobile Specialists

- Manage your banking with your CIBC rep without having to set foot in a branch

- Mobile specialists are familiar with the intricacies and challenges of medical professionals and give your banking priority service

- If you application does not meet normal guidelines, CIBC specialists have ability to use non-standard means to obtain approval for you

 

Expert Graduation Transition

- Upon graduation, CIBC will reposition your student LOC into our regular Professional Program to retain its rate and features

- Simplified loans of up to $10 million for practice starts-up at Prime or low fixed rates (higher than $10 million would be referred to CIBC Commercial)

- Significant mortgage discounts only for professionals

- Increased GIC rates, at least 0.25% higher than our best available rate

- Discounted fees and access to professional-only investment products

- Ability to act on your behalf for provincial CPRRSP

[throwaway2014app]

Any annual withdrawal limits on the 275k?

[trojjanhorse]

70k annual limit

[Real Beef]

If a person can't live off of 70k/yr then they have some serious need for budgeting or reminder not to live the doctor lifestyle while still in medical school.

 

This would be equivalent to making about $93,000 before taxes if you earned this through income.

 

Along with student loans and bursaries it would be like making in the low 100k.

 

Beef

[trojjanhorse]

I definitely agree with you. I personally like having the option of no limit just in case of an emergency. I know of 2 instances where my colleagues had to withdraw more than 70K in a year for circumstances they did not expect to be in.

[rmorelan]

I definitely agree with you. I personally like having the option of no limit just in case of an emergency. I know of 2 instances where my colleagues had to withdraw more than 70K in a year for circumstances they did not expect to be in.

 

Can I ask what they were? That part always confuses me - you would be getting 70K and most likely provincial loans on top. Curious what would require more than say 90K in one year or 70K past tuition?

[Real Beef]

Can I ask what they were? That part always confuses me - you would be getting 70K and most likely provincial loans on top. Curious what would require more than say 90K in one year or 70K past tuition?

 

A really good price on a used 2012 Porsche 911 that you just can't pass up because you need something to get to your electives?

[trojjanhorse]

Can I ask what they were? That part always confuses me - you would be getting 70K and most likely provincial loans on top. Curious what would require more than say 90K in one year or 70K past tuition?

 

It's just personal choice. I like having options. I'll only be getting 11K (the minimum) for provincial. I have a hobby where I buy a lot of dead electronics and fixing them for profit. For instance, last month I spent 10K. They add up and the hobby keeps me sane. But regardless of my reasons, 70K is A lot of money and I will more than likely not go over that amount. I still haven't finalized my paperwork at RBC because I'm debating whom to go with.

 

A really good price on a used 2012 Porsche 911 that you just can't pass up because you need something to get to your electives?

 

lol, I own a car that is valued about 5K which I plan to drive it through med school and residency. I take good care of it so I hope it lasts me that long. I have no plans on being irresponsible with money.

[CIBC_Professional Edge]

70k annual limit

 

For the record, we will look at exceptions to the $70,000/annual policy if the student's specific situation warrants it. This is more or less a guideline that we follow.

 

It's also actually a benefit to the student to increase in increments rather than provide a lump sum access. Your credit score can be negatively impacted if you have a large, unutilized credit liability; especially if you keep it that way for several years.

[flytotheblue]

Could you clarify the credit cards that come with the line of credit? I don't see a "CIBC Student Select" Visa on the CIBC website. Any more credit cards available?

 

And when you say if we qualify for a non-student credit card, do you mean the minimum income requirements?

 

Thanks

[CIBC_Professional Edge]

Could you clarify the credit cards that come with the line of credit? I don't see a "CIBC Student Select" Visa on the CIBC website. Any more credit cards available?

 

And when you say if we qualify for a non-student credit card, do you mean the minimum income requirements?

 

Thanks

 

Sure thing. Basically for Professional Edge students, you automatically qualify for "Student Program" cards, which are the Classic, Aventura, and Select. Other cards like the Aventura Infinite or the Aerogold World Elite require a minimum income to apply (this is set by VISA). If you do qualify for one of these cards (perhaps you're in residency and earning an income) most advisors will waive the fee for you as part of the Professional Edge program.

[xiphoid]

5 hours ago, Guy in the know said:

There have been many enhancements to the program since 2014.

Do you work for CIBC or something? All 5 of your posts are about CIBC's LOC (which by the way, doesn't even come close to comparing to RBC's, Scotiabank's or TD's). CIBC's only advantage is for those going to medical school outside of North America (e.g. Ireland), they are the only major bank willing to give a LOC at all, whereas RBC and Scotiabank (not sure about TD) refuse to even consider it. When I checked with them in August 2018, CIBC was still offering their medical student LOC at prime.

[Persephone]

On 2/21/2019 at 10:13 PM, xiphoid said:

Do you work for CIBC or something? All 5 of your posts are about CIBC's LOC (which by the way, doesn't even come close to comparing to RBC's, Scotiabank's or TD's). CIBC's only advantage is for those going to medical school outside of North America (e.g. Ireland), they are the only major bank willing to give a LOC at all, whereas RBC and Scotiabank (not sure about TD) refuse to even consider it. When I checked with them in August 2018, CIBC was still offering their medical student LOC at prime.

I negotiated a prime minus .25 LoC with CIBC. However I just moved to Scotiabank, b/c CIBC does annual allotments and doesn't approve you for the max amount automatically. Scotia also has a grace period post residency (I think about 6mos or a year, can't remember exactly) and allows you to keep using it as a LoC whereas other banks prevent you from using it as an LoC post residency. There's more flexibility then when you're waiting for your billing payments to come through, which can take several months depending on how long you wait to get registered.

[xiphoid]

@Persephone I think having to negotiate for something that is standard at Scotia, RBC and TD is in itself a sign that CIBC is not a good option 

[Persephone]

1 hour ago, xiphoid said:

@Persephone I think having to negotiate for something that is standard at Scotia, RBC and TD is in itself a sign that CIBC is not a good option 

I switched for a reason lol. But also the negotiating was just me saying all the other banks are doing this, so can you do that for me too? And they were like yeah no problem. But they weren't willing to give me the whole amount up front until I threatened to switch to Scotia (which I ended up doing). And they only offered me a cap of 212k after renegotiating with the underwriters. Maybe if you talk to the right people @Guy in the know you might get that? But that was not what I was offered, not even close.

[xiphoid]

3 hours ago, Guy in the know said:

This is interesting feedback, thank you Xiphoid & Persephone.   Yes Xiphoid I do.  

In direct response, Medical within Canada has $300,000 approved upfront with the option to go modestly over if required.  Dental is $350,000 automatically within Canada.   Both are at Prime less 0.25% and CIBC releases the entire limit upfront on both (changed in September 2017).  The grace period commences for 2 years once residency and fellowships are completed.

I would like to hear more directly about your experiences please.  1(866)682-9569.

This is not what I was offered by two different CIBC associates in August 2018. This is also the first time I'm ever hearing that a bank is offering more for dental students than medical students (med and dent are offered the same amounts at other banks). Regardless, CIBC does not seem to offer any other perks with their LOC. The details of the LOC are pretty similar between other banks so it has all come down to other benefits they can offer students. When the other banks are offering Visa Infinite and/or Gold American Express credit cards with all fees waived for students as standard (as well as waiving the minimum annual income usually required for these premium credit cards), as well as iPads (RBC), smart bluetooth speakers (TD) and $500 cash (National Bank), CIBC does not seem like they even care about getting a share of this customer-base. (CIBC's response when I asked about credit cards was that I could receive any student credit card for free. How lucky of me...) Very much a "take it or leave it" attitude based on how underdeveloped CIBC's medical student LOCs are. Additionally, Scotia and RBC have spent a lot of effort on developing tailored-banking services for practicing physicians. Advisors I talked to at both banks have worked with lots of medical students, residents, and practicing physicians already, and understand our needs. Ultimately one of the reasons why I ruled out TD - their health professional financial advisors just did not have as much knowledge and experience as those at Scotia and RBC. All things that CIBC should consider @Guy in the know if CIBC is serious about getting more medical students signing LOCs with them.