Resident Line of Credit

[gogogo]

I did not take out a line of credit during med school, but am considering one for residency. Any recommendations for negotiating (and/or advisors in Ontario that they recommend)? So far, RBC was well-prepared but their credit card options are not great, TD was unimpressive and unknowledgeable, and Scotia will not negotiate their credit card options. As a resident and with COVID going on, cash back is much preferable to a travel card.

[canada747]

If it's any help, the travel credit cards can be used to pay off Uber Eats/Uber 1:1 as a "travel" expense. It's basically cash back in that regard. Metro passes also count as travel etc.

[Bluberblubo]

the credit cards that you get with Scotia Bank are probably the best. I honestly don't know why people have gone with other banks. If you read about their credit cards online they both have good perks and no foreign exchange fee. They are marketed as travel Cards because of the insurance and no foreign exchange fee. You can still use the points that you accumulated for cash back if you want but you'll get more value if you use them as travel points.

[LostLamb]

On 4/27/2022 at 8:09 PM, skyuppercutt said:

the credit cards that you get with Scotia Bank are probably the best. I honestly don't know why people have gone with other banks. If you read about their credit cards online they both have good perks and no foreign exchange fee. They are marketed as travel Cards because of the insurance and no foreign exchange fee. You can still use the points that you accumulated for cash back if you want but you'll get more value if you use them as travel points.

I’m with Scotia. I apply all my points as “travel credit” to get best ratio of reward and it includes things like cabs and transit fares and hotels (sometimes you just want to sleep somewhere that has a pool…or you’re isolating from sick family).  
 

if you want you can apply as cash back but to get thr best ratio for reward you have to save your points for a long time…I personally hate sitting on points (just in case terms and conditions change and they devalue).