MaeFleur Posted March 16, 2012 Report Share Posted March 16, 2012 Wow thank f_d and NLengr for the info! Should I really worry about what credit card I have in first year, or is that something that can wait until residency? I can't use it to pay tuition at Dal unfortunately so I don't know if paying a fee for a card is worth it to me or not. Sorry if that's not a question for you guys, I'll be sure to ask at the banks as well. Link to comment Share on other sites More sharing options...
future_doc Posted March 16, 2012 Report Share Posted March 16, 2012 Well then a debit card will do so long as you can access your bank account/LOC without fees involved. I never went to BNS, only to RBC and BN, then made my mind up. Just remember, the bank is not doing you a favour, it is the reverse as establishing a relati at this stage, things being equal, the bank shall have established a lifelong client into your practice, mortage eventually, and into retirement. The key is to live modestly, but if you think you want the ipad to help you in your studies, don't think about it twice, just get it. But don't use the money for anything other than yourself for worthwhile expenses, be responsible. For example, you might prefer having a car before residency because ot travel on weekends etc and this will be affordable. Just buy last year's model from the dealer perhaps driven by the sales manager with 12,000 km when the new models come out, get yourself a deal and pay monthly for 4 years, etc. It is not your money, it is borrowed but you should be able to easily pay off the LOC when in practice. Link to comment Share on other sites More sharing options...
rmorelan Posted March 16, 2012 Report Share Posted March 16, 2012 One downside I found with Scotia was they hold any non-scotia cards against your overall limit. So if you have a $10k limit platinum visa with RBC, they will take 10k off your total 4 year line of credit for as long as you keep the other card (so you get 200k-10k). If you get rid of it at any point, you get the credit back on your LOC. I just ditched my other credit cards when I went with them. It wasn't a huge deal for me. But if you have some kinda super sweet card it might be an issue. that is common though - TD did that as well for me. Not that it matters much - the upper limit in LOCs is so large now it just is almost a bit crazy Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted March 16, 2012 Report Share Posted March 16, 2012 I've been accepted to start in the fall. When does one typically set up their LOC? I started looking at banks in the summer, signed paperwork when I moved here. Just do it when it's most convenient for you, as long as you have money available to you when you need it. Link to comment Share on other sites More sharing options...
NLengr Posted March 16, 2012 Report Share Posted March 16, 2012 Wow thank f_d and NLengr for the info! Should I really worry about what credit card I have in first year, or is that something that can wait until residency? I can't use it to pay tuition at Dal unfortunately so I don't know if paying a fee for a card is worth it to me or not. Sorry if that's not a question for you guys, I'll be sure to ask at the banks as well. Generally most of them have a credit card with no fees that you can ask for. You really should have a credit card. If you are gonna rent a car, hotel room, buy something online it's just easier. If you don't wanna pay anything for it, get the no fee and pay it off every month from the LOC. Link to comment Share on other sites More sharing options...
MaeFleur Posted March 16, 2012 Report Share Posted March 16, 2012 Generally most of them have a credit card with no fees that you can ask for. You really should have a credit card. If you are gonna rent a car, hotel room, buy something online it's just easier. If you don't wanna pay anything for it, get the no fee and pay it off every month from the LOC. Oh I already have one, I just don't know if I should be asking for a special one when I get my LOC, like the avion one you suggested earlier. Link to comment Share on other sites More sharing options...
Lorenzo Posted March 24, 2012 Report Share Posted March 24, 2012 I am starting med in the fall. I went to MD Management and they automatically wanted me to get my LOC with National Bank since they have some sort of partnership. I see that they offer $50,000 for year 1, then up to $90000 year two, etc. I had just figured, before this meeting, that I would go with RBC given that is my bank, and I have read up on the LOC quite a bit. Does anyone have any experience with National Bank? Anything I should be aware of? Link to comment Share on other sites More sharing options...
NLengr Posted March 24, 2012 Report Share Posted March 24, 2012 Oh I already have one, I just don't know if I should be asking for a special one when I get my LOC, like the avion one you suggested earlier. I guess it would depend on the card you have now and the one they offer you. I took the avion because myself and my wife are away from home for residency and we can use the points for those uber expensive Xmas flights. Link to comment Share on other sites More sharing options...
future_doc Posted March 24, 2012 Report Share Posted March 24, 2012 I am starting med in the fall. I went to MD Management and they automatically wanted me to get my LOC with National Bank since they have some sort of partnership. I see that they offer $50,000 for year 1, then up to $90000 year two, etc. I had just figured, before this meeting, that I would go with RBC given that is my bank, and I have read up on the LOC quite a bit. Does anyone have any experience with National Bank? Anything I should be aware of? I went to MD Management who helped with budgeting. I made appointments with only RBC and BN, and chose BN, although either would have been fine. I don't need anything close to 50k a year. Link to comment Share on other sites More sharing options...
bloh Posted March 25, 2012 Report Share Posted March 25, 2012 I don't know why these threads pop up so often. Generally speaking, the most you can get from a bank is 200/250k LOC @ prime and a high-end travel credit card with its fee waived (~100/120$ fee). Some banks will try to avoid this but if you ask, and fight for it, they will give it to you. If they don't, go to a different bank (Scotia, TD, RBC, BMO). Link to comment Share on other sites More sharing options...
MaeFleur Posted March 25, 2012 Report Share Posted March 25, 2012 I don't know why these threads pop up so often. Generally speaking, the most you can get from a bank is 200/250k LOC @ prime and a high-end travel credit card with its fee waived (~100/120$ fee). Some banks will try to avoid this but if you ask, and fight for it, they will give it to you. If they don't, go to a different bank (Scotia, TD, RBC, BMO). This one comment should be stickied somehow. Link to comment Share on other sites More sharing options...
steezyP Posted March 25, 2012 Report Share Posted March 25, 2012 Sorry if this thread is the incorrect place to ask this, but I was just filling out an application for admissions bursaries and it asked if you were planning to apply for government loans, and regardless of that answer, for estimated government assistance. I was just planning to get a LOC for medical education, haven't really considered government loans as well. So I was wondering if med students generally borrow from both the bank and the government? Edit: I'm really sorry that I sound so ignorant in this matter. I've been lucky enough thus far to not have to apply for loans (living with parents and getting scholarships), but med school definitely isn't feasible for us to finance alone. I want to save my parents from contributing any further to education, as they're a couple years from retirement and are trying to save like crazy. Link to comment Share on other sites More sharing options...
rmorelan Posted March 26, 2012 Report Share Posted March 26, 2012 Sorry if this thread is the incorrect place to ask this, but I was just filling out an application for admissions bursaries and it asked if you were planning to apply for government loans, and regardless of that answer, for estimated government assistance. I was just planning to get a LOC for medical education, haven't really considered government loans as well. So I was wondering if med students generally borrow from both the bank and the government? Edit: I'm really sorry that I sound so ignorant in this matter. I've been lucky enough thus far to not have to apply for loans (living with parents and getting scholarships), but med school definitely isn't feasible for us to finance alone. I want to save my parents from contributing any further to education, as they're a couple years from retirement and are trying to save like crazy. Oh yeah - definitely we do as many of the government loans have special bonuses and if you don't apply for OSAP often you cannot apply to internal bursaries at the school either. Which province are you in? Link to comment Share on other sites More sharing options...
MaeFleur Posted March 26, 2012 Report Share Posted March 26, 2012 I asked about the advantages of having a student loan earlier in the thread and got this response: Interest starts accumulating immediately on whatever you take out of your LOC. Student loans are interest free until you graduate. Plus some of your student loan comes in the form of grants which you don't have to pay off after you graduate i.e. free money. Seems like the best idea is to have both, and not use your LOC until you have to. Link to comment Share on other sites More sharing options...
rmorelan Posted March 26, 2012 Report Share Posted March 26, 2012 I asked this question earlier too, got this response: Seems like the best idea is to have both, and not use your LOC until you have to. Common strategy Use your government loans to get no interest in the short term, possible loan forgiveness + other bursaries and then just when the interest rate is to shoot up then move the government loans to your LOC to pay it off at prime. OSAP pay back interest is for instance quite a bit higher than prime. Link to comment Share on other sites More sharing options...
leviathan Posted March 26, 2012 Report Share Posted March 26, 2012 Scotia gives out the Passport VISA for travel which is pretty good. It has all the usual travel insurance benefits plus 1% back towards flights and 5% cash refunded to your account on all flights purchased. Link to comment Share on other sites More sharing options...
leviathan Posted March 26, 2012 Report Share Posted March 26, 2012 For students who are interested in attending med school in the USA, I have a really great set-up with RBC. They approved my LOC relatively quickly (BMO gave me a lot of trouble). Importantly, they have a US bank that you can transfer money to from your Canadian Royal Bank account for NO FEE and the transfer is instant. The US Bank (RBC Bank USA) has a really cheap account ($3/month - fee is waived if your account balance is $700+; or if you have a balance over a certain amount on your LOC, you can get their premium US account for free which also gives you a guaranteed preferred exchange rate). If you talk to the account manager, you might be able to negotiate a way to get him or her to manually do the currency conversion for you and get you a preferred exchange rate too. Wish I knew that..I've been wiring funds to my Bank of America account for the past several years. Link to comment Share on other sites More sharing options...
holiday1001 Posted May 16, 2012 Report Share Posted May 16, 2012 this seems to be the most recent LOC thread- do you have to sign a loan with the bank at the med school you attend? or could I set it up with my hometown bank and if there are issues, walk into the bank in the med school city Link to comment Share on other sites More sharing options...
future_doc Posted May 16, 2012 Report Share Posted May 16, 2012 The branch I deal with is convenient for me, hundreds of miles from my med school. Link to comment Share on other sites More sharing options...
japlanet Posted May 16, 2012 Report Share Posted May 16, 2012 this seems to be the most recent LOC thread- do you have to sign a loan with the bank at the med school you attend? or could I set it up with my hometown bank and if there are issues, walk into the bank in the med school city Generally only the branches near med schools have the people who know about the professional student lines of credit. If you walk into a branch in a smaller center they will not know to offer you to proper deal (150-200 at prime). So usually best to wait until you are at the med school city. Link to comment Share on other sites More sharing options...
holiday1001 Posted May 16, 2012 Report Share Posted May 16, 2012 well.. I could go to my undergrad (Kingston) office and set one up, but would it be a problem if I'm in Hamilton.. do I have to drive all the way down here to handle issues, or can the Hamilton one handle it for me? Link to comment Share on other sites More sharing options...
future_doc Posted May 16, 2012 Report Share Posted May 16, 2012 You need to deal with a speciaist. They are not located at just any branch and you don't want to deal with anybody else @ the bank as you will be wasting your time. Link to comment Share on other sites More sharing options...
holiday1001 Posted May 16, 2012 Report Share Posted May 16, 2012 i think you're missing the meat of my question- can any branch handle your loan (ie after you've signed it)? or is your loan an agreement between you and a specific branch Link to comment Share on other sites More sharing options...
future_doc Posted May 16, 2012 Report Share Posted May 16, 2012 Go to a specialist with a bank that makes you comfortable and work out the branch with specialist. You are in the driver's seat. Link to comment Share on other sites More sharing options...
mm88 Posted May 16, 2012 Report Share Posted May 16, 2012 i think you're missing the meat of my question- can any branch handle your loan (ie after you've signed it)? or is your loan an agreement between you and a specific branch I had the same question. I don't want to wait till I move to go to school to set up my LOC but I also don't want to be stranded by arranging it at a branch near where I live now. It'd be super inconvenient if I still had to see the same "specialist" with any issues regarding my LOC. Link to comment Share on other sites More sharing options...
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