LOC & freebies

[Guest kapow44]

Hi,

 

Does anyone know if any of the banks offer any cool freebies or incentives when they fight it out to get our business for the LOC?

 

I remember for credit cards on campus they always come with their free giveaways just so you sign on... The 'gifts' were kind of dorky, but maybe they do something better or a special deal for a LOC

 

I'd just hate to sign up for one now, only to find out later that if I waited I could have gotten some nifty toy

[Guest Lactic Folly]

Well, I've got a form from RBC offering me $100 if I refer someone to them for a LOC. Other than that, I have a couple of triangular highlighters floating around from clubs week, signing up not needed.

[Guest Elliott]

I know TD Bank has a promo on right now where you switch your chequing or savings account from another institution and you get a free ipod mini.

Maybe if you get a LOC through TD, you can switch your primary account there (assuming you don't already bank with them). Maybe you can butter them up a bit to hook you up with the ipod mini just for opening a LOC. Who knows - always worth a try.

I don't know of a lot of LOC promos to be honest. More seem to be credit card or mortgage related - neither of which you are probably looking at right now.

 

I saw something about a free fire extinguisher a few days ago, but I think that was for home insurance... :\

 

Best of luck!

 

Elliott

[Guest nextstopmd]

Lots of people in our class just partnered up if they were signing up with RBC and split the 100$ referral bonus between them. The money actually goes to the person's account that referred someone else to sign up, but it's a lot easier to get people to drop your name if they are getting half the money!

 

nextstopmd

 

P.S. The TD offer is an iPod Shuffle. Not quite as good as a mini, but still something...

[Guest premed777]

td loc sucks!!! dont sign up, even for a shuffle. i havent been offered any freebies to sign up with anyone...

 

i met today with a financial planner from md management and if you guys havent done so yet, i highly encourage to go and talk to someone in your area! they totally help you budget everything for you and just explain to you the process and answer any questions. and they give you a binder to organize your life in too

[Guest misersizer]

I signed for an LOC with RBC and I got a free duffle bag and pin. Not much, but at least it's something

[Guest purplefairy13]

with rbc, does your interest rate remain at prime until the loan is completely paid off, or just until 12 months after residency? I'm getting conflicting reports about this....

[Guest medeng]

I just signed the papers 2 days ago, and what they told me was that it was guaranteed at prime until 12 months after residency, and after that it would need to be re-negotiated. The rate at that point will depend on your credit record, and whether you want to keep it as a LOC, or convert it to a simple loan. The max can be prime+5%, but it is usually more like prime+1 or 2, they will usually only keep it at prime if you can offer some collateral...

[Guest Steve MD09]

Yeah, I signed up for my first credit card in September of my first year of undergrad because the guy canvassing on campus had free CDs. I didn't ask around for any free gifts with my LOC, I just went with a bank that I knew and trusted (Scotiabank - always at prime, $37,500/year for 4 years, small banking fee for unlimited services). Doing my mortgage at the same bank as my LOC probably got me a special deal (fixed at 4.25% on a 5-year closed mortgage when the posted rate is 5.8%). Still, no free toaster or anything like that. I suspect we'll get a bunch of free pens and things like that from the bank representatives during orientation week.

[Guest Shaunabelle]

If anyone out there does decide to sign up with RBC for their LOC would you mind mentioning my name - ie say that it was me that told you about signing with RBC? hehehe it is worth a try... - oh but send me a msg saying that you have done so with your name incase they ask me about it!

Name: Shauna Correia

 

[Guest physiology]

Hey Shaunabella,

 

The referrals are very specific. You must refer the person to the same branch where you got the LOC. I think the reps who do the LOCs benefit somehow when they sign others up. With banks, the money they give away is never free, they're making a lot more than $100 they give you as a referral fee.

 

Physio

[Guest baloobizoo]

Where did you hear about the ipod deal from TD? I checked online and couldn't find anything about it. Thanks.

[Guest blinknoodle]

www.tdcanadatrust.com/accounts/ipod2.jsp

 

Gotta do it quick, though! You will need at least one direct deposit or two pre-authorized payments set up before August 12.

[Guest Elliott]

Haha - sorry, you are right. The TD offer is a shuffle - not a mini (what a sweet deal that would be!!)...

I just got a mini - getting confused here

[Guest CareBear15]

I just wanted to note that the Scotia LOC includes debt such as OSAP in the yearly amount that they give you...

 

...and everyone is obsessed with free stuff! Honestly, anything that is free from a credit card company or bank is not going to be very good. Please don't let these dumb gimmicks influence such an important financial decision.

 

You'll get tons of free stuff later on (if you choose to accept, I won't go into professional ethics here) from rural towns who are in dire need of physicians and drug reps... and you don't have to promise to pay anyone back!

[Guest DrSahsi]

Don't let a freebie/gimmick make your financial decisions for you. You might think you're getting a great deal now, but make sure it makes sense over the long haul, and make sure you shop around to evaluate all the available options. Trust me. You're going to want something reliable that is going to see you through residency and beyond.

 

I still see the person with whom I first established my LOC for ongoing financial needs.

 

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[Guest Koppertone]

I got a frisbee from MD management for filling out a survey the other day. Whee!!