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RBC vs Scotiabank for LOC

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1 hour ago, JohnGrisham said:

2 year grace period on principal after graduation from medicine or finish residency? I'm assuming after graduation since my current bank is 1 year grace period

After residency according to the updated information on the RBC website -- http://www.rbcroyalbank.com/services/student/medical-dental-credit.html

The advisor I have been talking to told me this is their new standard. Clearly an attempt to differentiate themselves from the other banks.

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2 hours ago, JohnGrisham said:

2 year grace period on principal after graduation from medicine or finish residency? I'm assuming after graduation since my current bank is 1 year grace period

It stated residency. Most banks say after residency to my knowledge though sometimes the words they use aren't as obvious (i.e. graduation may mean graduating residency as well, you should double check into that).

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14 hours ago, 1030812 said:

Has anyone tried to deal with BMO? Their cash back credit card is probably the most powerful one (1.75% cash back everything), I might want to gun for this one. 

BMO doesn't give you prime rate - 0.25% as offered by RBC and Scotiabank, and TD. I would go with RBC, TD, Scotiabank for above-mentioned reasons. 

Those CASH back credit cards are good, but as a resident or a medical student, you shouldn't be spending that much IMO. Perhaps more or so as a staff physician. Be wise about money spending before you start practice. 

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I would also ask about the interest rate during the repayment period (when the grace period ends and you begin paying back the loan). Based on the banks that I've spoken to, it seems that RBC and TD are the only ones so far that are offering prime - 0.25% for the LIFE OF THE LOAN, not just during school. This can save you bucket-loads of interest. 

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33 minutes ago, JarvanIV said:

I would also ask about the interest rate during the repayment period (when the grace period ends and you begin paying back the loan). Based on the banks that I've spoken to, it seems that RBC and TD are the only ones so far that are offering prime - 0.25% for the LIFE OF THE LOAN, not just during school. This can save you bucket-loads of interest. 

Demacia? 

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On 20/6/2017 at 5:00 PM, ball19 said:

I just went to RBC and I had pretty good service compared to the narratives posted on this thread.

I was told I could get the Platinum Avion with the VIP Banking package (free cheques, e-transfers and everything associated with that) without having to negotiate (tried to ask about the Infinite Avion but she said it was not possible with no income) and that it would remain free for the 4 years and she would be able to waive the fees for me until I'm done residency and potentially a fellowship if I do so (I would just need to ask her every 6 months). It's prime-0.25, there is a 2 year grace period which I find will be very beneficial once I'm done. I get the 275k, I'm able to have it all up front, but she said she might just do it in parts so I don't overspend, but I can always get more if I ask, which I don't mind at all.

 

Is there anything I should ask for or try to get? Personally, the 2 year grace period is really big for me personally, I think it will help make life easier in the long run for managing paying back the principal.

I got the Infinite Avion and the VIP package with the fees waived until I become a resident. Do not give in, you're the one with the power to bargain, not the banks. If they don't give you what you want/need, walk out and go to another bank/branch/advisor.

However, I was checking it online, and I still have prime. Do they change it to prime -0.25 or do we have to ask/negotiate for that? does anyone have experience with this?

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21 hours ago, ball19 said:

It stated residency. Most banks say after residency to my knowledge though sometimes the words they use aren't as obvious (i.e. graduation may mean graduating residency as well, you should double check into that).

That would have been a terrible oversight on my part! Not sure why I thought it was post graduation and not residency...maybe because residency lengths vary?  

 

Will double check if mine is post graduation or residency.

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4 hours ago, SunAndMoon said:

WRT waving the fees of the VIP Account at RBC, are you guys new or existing customers? My guy said I would have to pay for the fees after the first year given that I'm an existing customer. 

Unfortunately that is the case. New RBC members = VIP account + credit card fees waived for 4 years, whereas existing customers only waived for the first year. This made no sense to me. I've been with RBC my whole life.....

I've called 6 different RBC advisors, and they all said the same thing. 

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5 hours ago, SunAndMoon said:

WRT waving the fees of the VIP Account at RBC, are you guys new or existing customers? My guy said I would have to pay for the fees after the first year given that I'm an existing customer. 

I was already an RBC customer, my advisor said the fee is waived for first year but he can just file a separate waive request every year for me and i wouldn't have to pay it for the other years either. 

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3 hours ago, Jaeger said:

Unfortunately that is the case. New RBC members = VIP account + credit card fees waived for 4 years, whereas existing customers only waived for the first year. This made no sense to me. I've been with RBC my whole life.....

I've called 6 different RBC advisors, and they all said the same thing. 

I am having the same problem.

I am currently using the 'if this is how you treat existing customers, then I am not sure I want to be your customer at all' negotiating tactic. Not sure yet if it will get me anywhere.

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8 hours ago, SunAndMoon said:

WRT waving the fees of the VIP Account at RBC, are you guys new or existing customers? My guy said I would have to pay for the fees after the first year given that I'm an existing customer. 

 

3 hours ago, Jaeger said:

Unfortunately that is the case. New RBC members = VIP account + credit card fees waived for 4 years, whereas existing customers only waived for the first year. This made no sense to me. I've been with RBC my whole life.....

I've called 6 different RBC advisors, and they all said the same thing. 

I was an existing customer at RBC and last year I got the Infinite Avion + VIP package + all fees waived until residency. Just recently got my interest rate reduced to prime - 0.25%. been pretty happy with them so far!

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11 minutes ago, ilikecake said:

 

I was an existing customer at RBC and last year I got the Infinite Avion + VIP package + all fees waived until residency. Just recently got my interest rate reduced to prime - 0.25%. been pretty happy with them so far!

Great to hear :D I actually just negotiated to have all fees waived until residency as well, and I signed with them. Scotia does offer a great deal as well, but my advisor is amazing so I decided to stay with RBC. 

I wasn't abel to get Infinite Avion though (got Platinum Avion). Did you have to negotiate for the infinite? 

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Just now, Jaeger said:

Great to hear :D I actually just negotiated to have all fees waived until residency as well, and I signed with them. Scotia does offer a great deal as well, but my advisor is amazing so I decided to stay with RBC. 

I wasn't abel to get Infinite Avion though (got Platinum Avion). Did you have to negotiate for the infinite? 

I just knew one of my friends got that same deal at a different branch so I told them, either I can get it here or ill go get it there (this was in Ottawa). My options were either their basic Signature Visa or Infinite Avion though, Platinum never came up in conversation. Not sure what the difference between Platinum and Infinite Avion is tbh...

 

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7 hours ago, palefire said:

I was already an RBC customer, my advisor said the fee is waived for first year but he can just file a separate waive request every year for me and i wouldn't have to pay it for the other years either. 

Was it Ioan Peel/Sherbrooke branch? He told me the same thing but I'd like to just settle this now given that I know I'll forget about it lol

4 hours ago, ilikecake said:

 

I was an existing customer at RBC and last year I got the Infinite Avion + VIP package + all fees waived until residency. Just recently got my interest rate reduced to prime - 0.25%. been pretty happy with them so far!

Good to know! Thanks :)

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On 2017-06-30 at 9:47 AM, ilikecake said:
On 2017-06-30 at 9:08 AM, frenchpress said:

I am having the same problem.

I am currently using the 'if this is how you treat existing customers, then I am not sure I want to be your customer at all' negotiating tactic. Not sure yet if it will get me anywhere.

Update on this -- that line of argument didn't work for me. But I found a different RBC advisor in BC, and because I didn't have a chequing account with RBC (only other things), the new advisor told me I was eligible. 

On 2017-06-30 at 9:37 AM, Jaeger said:

Great to hear :D I actually just negotiated to have all fees waived until residency as well, and I signed with them. Scotia does offer a great deal as well, but my advisor is amazing so I decided to stay with RBC. 

I wasn't abel to get Infinite Avion though (got Platinum Avion). Did you have to negotiate for the infinite? 

I just knew one of my friends got that same deal at a different branch so I told them, either I can get it here or ill go get it there (this was in Ottawa). My options were either their basic Signature Visa or Infinite Avion though, Platinum never came up in conversation. Not sure what the difference between Platinum and Infinite Avion is tbh...

My advisor said the platinum vs. infinite eligibility difference is income. The platinum requires no minimum income, whereas the infinite requires a 60k minimum income at time of application (or 100k household).  The two cards are nearly identical in terms of features, except that the infinite adds emergency medical insurance for travel. 

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On 28/6/2017 at 10:26 AM, Bambi said:

Same advice, lol. Contact your advisor and request the prime minus 0.25%. It is a done deal. If he refuses, he is a jerk. All you need do is to ask them to do it.

Talked to my advisor a few days ago. It was quite easy actually, and RBC will even reimburse me for the interest I had paid during the previous months at prime rate instead of prime -0.25 :)

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I was with Scotia, recently switched to RBC.  Reason was while Scotia offered me a great deal when I applied, they refused to update me to any of the new changes that happened after I signed with them. So no Passport + Amex, no prime - 0.25.  Friends with LOCs at RBC signed on at prime + 0 were able to get the prime - 0.25 rate by emailing to their adviser.  That's when I realized being an existing customer at Scotia sucked, and decided to stop being an existing customer. 

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