Royal Bank LOC recommendations

[trojjanhorse]

Did you get a credit card with CIBC, and if so, then which one?

 

Yeah, I got a CC with CIBC. I'm not really sure if I can share the details of what I got because it seems like a good loophole in the system that is available for individuals in our position (med students).

 

I know this entire LOC fiasco is a hassle, but it's something that will carry on for many years so it requires deserved time. Many just simply want to get it done and be over with it, like an item on a checklist. If I was asked to simplify things down, I would say that 70% of the experience is contributed by the advisor and 30% by the bank. Mileage may vary depending on whom you speak to.

 

I remember leaving voicemails to a handful of credit specialist per bank. They would then call me and I would ask questions to gauge their knowledge, how they react to their gaps of knowledge, how they reacted when I would correct them and of course punctuality. I went through many calls until I found this guy.

 

One of my priorities was getting the right credit card for myself. There are many options with so many conditions that I felt a bit overwhelmed as I try to make my decisions based on all the available information. When this information is convoluted and not easily accessible, it becomes frustrating. I asked him for his opinion and we were able to come to a very pleasant solution that left me 100% satisfied.

 

I don't get any perks or benefits from praising my financial advisor, but when I see something that I strongly believe is good and will help others in my situation, I don't hesitate to share. I hope my reputation has a speckle of merit when it comes to sharing stats/info.

 

Last weekend I met 2 friends who are in Queen's and McMaster medicine (1st and 2nd years respectively). I asked about their experiences on LOCs they shared how one of them switched banks because the financial advisor was not punctual and caused delays with payments to the university and the other was not aware of the annual CC fees. I hope I'm not making my friends sound bad in any way as I think the world of them. One of them asked for my advisor's contact details after sharing my experience.

 

If you want to speak to the CIBC Financial Advisor I'm with, you can call him personally and ask him w/e you want.

 

His details:

Nalin J.

416-757-6780 ext. 345

[chanman82]

I had access to the whole 250 the day after my meeting with the specialist, so no I was not limited. The whole LOC is at my disposal.

They also threw in a RBC VIP bank account and an Avion Infinite credit card, along with some other "bonuses". All had their fees wiped.

 

Is the Avion Infinite fee waived the whole time you're in school? I was under the impression that you only save the $120/year for first year and after that they start charging (still not too bad of a deal to get both VIP banking and Avion for $120 per year).

[Hockeynut]

Is the Avion Infinite fee waived the whole time you're in school? I was under the impression that you only save the $120/year for first year and after that they start charging (still not too bad of a deal to get both VIP banking and Avion for $120 per year).

 

The fees for both are wiped for the four years plus residency. I'll have to pay or cancel it come the end of residency. That's what I was told and what is in the contract/agreement I signed.

[trojjanhorse]

Just a note, students in NOSM get perks that we urbans would kill for. I called central management for RBC because there was an incentive to join by getting a $500 welcome bonus. It only applies to NOSM students.

[Hockeynut]

Just a note, students in NOSM get perks that we urbans would kill for. I called central management for RBC because there was an incentive to join by getting a $500 welcome bonus. It only applies to NOSM students.

 

That is true, but it varies by campus. I did get the bank account and credit card as a bonus like I said before. It can't hurt to ask, say your friend ie me got it. Try can give you little things like that. Just saying it is possible. I also find it funny that you think Sudbury is not urban. With the new mine that's supposed to bring in another 20000 people it'll be around 200000 people. If you switched all te trucks for SUVs or cars you could tell me it was southern Ontario and I'd believe you.

[zstansfi]

Also in the contract it says that the interest rate can go up to prime +5% and he said that he could not change this because its a standard contract for student LOC but he gave me his word it would stay at prime +0.

 

Cancel that contract and sign with someone else. If you cannot get hard assurances that you will have prime +0% for the rest of your career, then you need to find a new bank. Indefinite prime +0 was offered to me at both RBC and TD. No questions asked.

[Corie]

The fees for both are wiped for the four years plus residency. I'll have to pay or cancel it come the end of residency. That's what I was told and what is in the contract/agreement I signed.

 

Damn how did you negotiate this deal? They wouldn't give me a better CC. They insisted that I pay their 165$ VIP banking package and keep trying to brainwash me that I'll save money by paying their ridiculous package. I ended up leaving for Scotia who gave me a AMEX Gold with fees wiped (welcome bonus of $300 in travel points). It took some negotiating though! Your deal is still better.