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justwannabeadoc

Prime Minus 0.5%

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Had a meeting with RBC - offering only prime, not -0.25% (barely sat through the whole thing after hearing that). Met with TD as well and yes they are throwing in the Bluetooth speaker, until Oct 31 this year I believe. I asked the advisor about negotiating for Prime-0.5 and he said: if there is a letter frm another bank saying they will offer this then he will try for it..I don't think the P-0.5 is true. Meeting with Scotia in the near future- What are everyone's thoughts on the visa cards offered by TD vs. Scotia? Is Scotia better in that regard?

I don't think anyone is better per say. It honestly depends on what you're looking for in a Visa Card. The travel cards are all going to be very similar (similar interest rates, perks etc.). But each bank will also have unique cards like TD has the Cash back master card which gives you a percent back on certain purchases (groceries, gas, bills etc.) and scotiabank has that scene card which lets you accumulate points for movies. Every bank is basically going to offer the same type of products, they can't have major discrepancies or one would always be better then the others, and since they're all still continuing to thrive and make billions, they really aren't that different. What you need to look for is an advisor who you can trust, and know isn't trying to cheat you or take advantage of you in any way. That's what will make the experience different from bank to bank, not the products/services they offer, but the relationships you form, because you'll be dealing with these people for so many years. 

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To those going with TD: do you get a personal advisor? When I asked about it, they said all our advisors are equally knowledgeable on professional LOCs and if I have questions in the future, I can drop by any branch and talk to anyone, i.e., I won't be dealing with the same person..this doesn't seem ideal, plus the person advising me did not seem to know much about professional LOCs, said he doesn't get many students at the branch. And when asked did not refer me to a LOC specialist,saying they don't have any??

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The AmEx card offered by Scotia is amazing: 4% on gas (Esso accepts it), 4% on groceries (harder to find a grocery store that accepts AmEx though) and 4% on restaurant (most accept it). It also comes with perks that are similar if not better than the Visa black cards. You also get the very decent Visa (1% on everything) for places that don't take AmEx and my advisor seemed willing to let me switch to the Momentum Visa (4% on the same things as the AmEx) if I could show him the Visa/lack of AmEx acceptance was short-ending me.

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Do you need to provide any proof of acceptance or enrolment to get the LoC setup? I just recently accepted the UofT offer but haven't really heard anything back from the school yet. 

 

you do but what is required and when you get it is bank specific. That is one of the things to discuss with your bank of choice :)

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you do but what is required and when you get it is bank specific. That is one of the things to discuss with your bank of choice :)

 

All TD needed was my acceptance letter from UoT for example, they said with that they could process my LoC and have the paperwork ready within a week.

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All TD needed was my acceptance letter from UoT for example, they said with that they could process my LoC and have the paperwork ready within a week.

 

Sure :) we have had ones requiring a letter specifically saying you accepted the offer. I mean in theory you could get an acceptance but not actually accept, and then take the money. Crazier things have happened. 

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The AmEx card offered by Scotia is amazing: 4% on gas (Esso accepts it), 4% on groceries (harder to find a grocery store that accepts AmEx though) and 4% on restaurant (most accept it). It also comes with perks that are similar if not better than the Visa black cards. You also get the very decent Visa (1% on everything) for places that don't take AmEx and my advisor seemed willing to let me switch to the Momentum Visa (4% on the same things as the AmEx) if I could show him the Visa/lack of AmEx acceptance was short-ending me.

 

 

Switch to the Momentum Visa Infinite while you still can. I missed that opportunity myself and they are unwilling to budge on it.

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Switch to the Momentum Visa Infinite while you still can. I missed that opportunity myself and they are unwilling to budge on it.

 

If you are signing a new LOC, then push your advisor. I went with Scotia and was able to get Infinite Momentum Visa/ScotiaGold combo which is awesome! I did try to push for the platinum AmEx but I was told a flat out no. Still trying though! 

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If you are signing a new LOC, then push your advisor. I went with Scotia and was able to get Infinite Momentum Visa/ScotiaGold combo which is awesome! I did try to push for the platinum AmEx but I was told a flat out no. Still trying though! 

 

You're not getting the Platinum AmEx to be honest. They're already waving a fairly high minimum income requirement for the Gold AmEx so I'd be surprised if they did wave the even higher requirement and "membership fee" that's 700$ a year, not happening.

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I work at TD so these mof*ckas better give me the same offer lol I already have the First Class Travel Visa and the All-Inclusive Checking account, gonna go sit with an advisor this week to open up the LOC. They get crazy sales for opening that, so I know they would be more then willing to do it. I hope as an employee I can get a super competitive interest rate, even though yours sounds pretty spectacular already. 

 

 

The speaker cinches it. 

No deal unless speaker.

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The interest rate remains at prime -0.25% during repayment. Something Scotiabank didn't offer me.

 

Meeting with Scotia next week, but if this is the case, I'm really starting to lean towards TD.

 

Does anyone know what the best TD credit card is? From what I've been offered, the Aeroplan Platinum Visa is better, but Aeroplan will be useless pretty soon  -_-

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You can always re-negotiate once you graduate, and switch to a different bank then. 

 

true - and something to keep in mind in general. That is the source of your bargaining power afterall.

 

Honestly I have a hard time caring as a result that much about what is supposed to happen "a few year" later with respect to LOCs as a result. By then for one thing things overall would equalize due to competition. I do care a lot though about what they are like right now, and working with someone I that demonstrates integrity at my bank. As time goes by the future becomes now and I reassess where I am at. 

 

Bottom line this as in all things personal finance requires periodic reassessment :)

Edited by rmorelan

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Meeting with Scotia next week, but if this is the case, I'm really starting to lean towards TD.

 

Does anyone know what the best TD credit card is? From what I've been offered, the Aeroplan Platinum Visa is better, but Aeroplan will be useless pretty soon  -_-

 

I was wondering about this as well and prior to reading the post I assumed Scotia would be the best option, so I asked my advisor at Scotia and he responded:

 

"I would definitely clarify with TD and read the fine print because our docs state that "rates are subject to change". This means that the bank legally can change the rate as long as they give you written notice, so 7yrs from now when you are done and graduated there is nothing stopping them from giving you a notice and changing your rate regardless of what they promise or not."

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I was wondering about this as well and prior to reading the post I assumed Scotia would be the best option, so I asked my advisor at Scotia and he responded:

 

"I would definitely clarify with TD and read the fine print because our docs state that "rates are subject to change". This means that the bank legally can change the rate as long as they give you written notice, so 7yrs from now when you are done and graduated there is nothing stopping them from giving you a notice and changing your rate regardless of what they promise or not."

 

I wouldn't be at all surprised if it said the same thing. And really that is actually one of the points of all this. Yes there is a loan contract etc but the real protective power through all of this is simply competition and the desire not to have to leave to another bank at some point. 

 

and look at how fast things things evolve over time - talking about what LOCs are going to be like in 8 years is like talking about what a particular schools admission rules are going to be in 8 years. Not really all that logical. 

 

At each step of the way you always have the option of switching - but if you find a place you like and treats you with respect you will probably find they will value you to avoid issues. This is all higher level banking and big money etc - it is a bit different than what most are used to. 

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On 5/16/2017 at 1:26 PM, med_dream said:

Had a meeting with RBC - offering only prime, not -0.25% (barely sat through the whole thing after hearing that). Met with TD as well and yes they are throwing in the Bluetooth speaker, until Oct 31 this year I believe. I asked the advisor about negotiating for Prime-0.5 and he said: if there is a letter frm another bank saying they will offer this then he will try for it..I don't think the P-0.5 is true. Meeting with Scotia in the near future- What are everyone's thoughts on the visa cards offered by TD vs. Scotia? Is Scotia better in that regard?

everyone that I know that various banks has not been able to confirm anyone is doing the -0.5%. Some even laughed about it. Maybe somewhere someone has gone rogue but I haven't been able to find out where. I would be pushing for the -0.25% though hard at this point. 

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On 5/16/2017 at 2:52 PM, RicardoKaká said:

The speaker is actually valued at $249.99, my brother has own its actually pretty good for blasting some tunes

well...that is an extra zero added on to the original total. 

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10 minutes ago, Révolue said:

Seems like CIBC offer a prime rate minus 0.5% : https://www.cibc.com/ca/rates/loans-fr.html

not sure what that is but it is talking about some introductory rate? Kind of unimportant if it wears off by November 2017 (you care a lot more about the interest rate when you actually had to use it for 4 full years :) )  

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