Lines of Credit for Medical Students (Scotia is the best option)

[ieatpremeds]

Hey, does anyone know which bank LOCs allow interest payments to come out of the line of credit?

 

Right now I have RBC and CIBC that dont. Do Scotia, BMO and TD allow interest payments from the LOC?

 

Thanks!

Scotiabank will automatically take the interest payment out of the LOC and add it to the total amount borrowed. Interest then accumulates on interest from that point on.

[hahmad]

I want both because AMEX isn't accepted everywhere. The points on the Passport Gold can combine with AMEX, so a lot more points build up on them when you can use VISA where AMEX isn't taken.

 

What do u mean when you say the points combine in both cards? Is a dollar spent on one card giving you points on both cards? Or do you simply have the option to look at the points accumulated between both cards as one pool and thus you can choose whichever card's perks you want to use for the entire pool? Thanks!

[hahmad]

Scotiabank will automatically take the interest payment out of the LOC and add it to the total amount borrowed. Interest then accumulates on interest from that point on.

Thanks!

[snacks]

Hey, does anyone know which bank LOCs allow interest payments to come out of the line of credit?

 

Right now I have RBC and CIBC that dont. Do Scotia, BMO and TD allow interest payments from the LOC?

 

Thanks!

 

For what it's worth, MD's National Bank LoC also has this feature.

[ChMD]

Hey, does anyone know which bank LOCs allow interest payments to come out of the line of credit?

Right now I have RBC and CIBC that dont. Do Scotia, BMO and TD allow interest payments from the LOC?

Thanks!

TD will automatically withdraw interest of LoC from checking account monthly, checking account is free no minimum balance.

I asked to withdraw interest of LoC directly from LoC account, the TD advisor said she can't set up that for me, must from checking account. For this reason, I went to Scotia bank, and Scotia bank even let me write checks directly from LoC, really make banking easier.

[photato]

I met with a Scotia Advisor and was told they very recently updated their credit card policy.  They increased the credit limit to 10 000 and will waive the fee for both cards.  The advisor said it was a recent decision so it wasn't official or on paper yet, but that I could still get both cards with the fees waived.  

[snacks]

I met with a Scotia Advisor and was told they very recently updated their credit card policy.  They increased the credit limit to 10 000 and will waive the fee for both cards.  The advisor said it was a recent decision so it wasn't official or on paper yet, but that I could still get both cards with the fees waived.  

 

Apparently I got approved for both 5k cards with no fee. Waiting to receive them in the mail, so I guess I can't say yet that it's official. I pushed for it and my advisor was able to finagle it for me, although he said it wasn't standard practice. Seems that it varies by branch, but I think if you want it you can get it with a little self-advocating.

[doctorfresh]

I went to CIBC branch and the advisor told me that he recommends I have some money (~15000) on my chequeing account. Otherwise I may need a guarantor.

[ieatpremeds]

I went to CIBC branch and the advisor told me that he recommends I have some money (~15000) on my chequeing account. Otherwise I may need a guarantor.

The advisor you saw is probably not familiar with the packages for medical students. Look for advisors that are specialized to work with professional students. As a medical student in Canada you should qualify for a $200-$275k LOC with no assets/money and no guarantor. That is pretty standard at all the major banks.

[Username92]

In Montreal, I got the Visa Platinum Avion with RBC, including the VIP package with fees waived for one year. I don't think there's much of a difference between the Platinum and the Infinite Avion. 

 

Didn't ask for the LOC just yet though, I will be staying at my parent's place and tuition is cheap down here, too much temptation to spend beyond what I need  

[House,M.D]

The advisor you saw is probably not familiar with the packages for medical students. Look for advisors that are specialized to work with professional students. As a medical student in Canada you should qualify for a $200-$275k LOC with no assets/money and no guarantor. That is pretty standard at all the major banks.

 

Scotia only approved me for $193 500, not sure why, seeing as I have no current debt or loans (not even OSAP). My advisor told me that additional funds would become available from the LOC during residency.

[ieatpremeds]

Scotia only approved me for $193 500, not sure why, seeing as I have no current debt or loans (not even OSAP). My advisor told me that additional funds would become available from the LOC during residency.

Could be based on other outstanding debt or credit cards that you have elsewhere. I understand that it is standard procedure to remove those amounts from the total amount available for the LOC, though some people say their advisors did not do this.

[House,M.D]

Could be based on other outstanding debt or credit cards that you have elsewhere. I understand that it is standard procedure to remove those amounts from the total amount available for the LOC, though some people say their advisors did not do this.

 

I think what happened was that I asked for both the Scotia visa and Amex, so they removed the credit limit for those credit cards from my total LOC. That's the only scenario that comes to mind.

[ieatpremeds]

I think what happened was that I asked for both the Scotia visa and Amex, so they removed the credit limit for those credit cards from my total LOC. That's the only scenario that comes to mind.

Yeah that's what they also did for me. They also removed the total amount of an existing CC that I had with another bank.

[rmorelan]

Yeah that's what they also did for me. They also removed the total amount of an existing CC that I had with another bank.

 

yeah that makes sense - they are only going to approve you for a total amount of credit regardless of where it is coming from.

[Economist]

Got all 4 years waived for momentum infinite visa + gold amex with Scotia.

The RBC branch I visited didn't want to waive all 4 years for infinite avion.  (just 1 year)

[Tacrolimus]

I'm also booking an appointment with Scotia. I'll try to get both ScotiaGold Passport and ScotiaGold American Express Card, but let's see what happens. My concern is that the only reason I am getting LOC is for the perks, and not for the actual money. I do not plan on using that money as government loans cover my costs thankfully. The banks can't put a condition on that, right?... as in, you must use the LOC money in order to get those visa cards for free? 

[rmorelan]

ha, they won't care if you use the money at all.

[mnbv]

I met with a Scotia Advisor and was told they very recently updated their credit card policy.  They increased the credit limit to 10 000 and will waive the fee for both cards.  The advisor said it was a recent decision so it wasn't official or on paper yet, but that I could still get both cards with the fees waived.  

 

Apparently I got approved for both 5k cards with no fee. Waiting to receive them in the mail, so I guess I can't say yet that it's official. I pushed for it and my advisor was able to finagle it for me, although he said it wasn't standard practice. Seems that it varies by branch, but I think if you want it you can get it with a little self-advocating.

 

Just want to confirm, are guys referring to the ScotiaGold Passport Visa + Scotiabank Amex Gold? Also, was this in Ontario?

 

I'd be curious to know if anyone else pulled off getting both cards with fees waived for all 4 years.

[ieatpremeds]

Just want to confirm, are guys referring to the ScotiaGold Passport Visa + Scotiabank Amex Gold? Also, was this in Ontario?

 

I'd be curious to know if anyone else pulled off getting both cards with fees waived for all 4 years.

Can confirm. Got both the Gold Visa + Amex Gold with Scotia in Ontario. Fees waived for all of school, residency, and fellowship (if it happens).

[mnbv]

Can confirm. Got both the Gold Visa + Amex Gold with Scotia in Ontario. Fees waived for all of school, residency, and fellowship (if it happens).

That's pretty sweet, especially because you can pool the points. I assume they each have a limit of $5000. Did they reduce your LOC amount by $5000 to account for giving you the second card?

[ieatpremeds]

That's pretty sweet, especially because you can pool the points. I assume they each have a limit of $5000. Did they reduce your LOC amount by $5000 to account for giving you the second card?

Yeah, although I did see a post somewhere on this forum that someone was able to get the card without having the amount deducted from the LOC.

[snacks]

That's pretty sweet, especially because you can pool the points. I assume they each have a limit of $5000. Did they reduce your LOC amount by $5000 to account for giving you the second card?

 

I'm in Ontario, and like I said I haven't physically received the cards yet, but my LoC max on my contract does not reflect the limits of my cards. I'll update later when I know for sure if I have them haha

[House,M.D]

Is the basic LOC amount from Scotia $200 000, and then they will release the other 50-75k during residency?

[snacks]

Is the basic LOC amount from Scotia $200 000, and then they will release the other 50-75k during residency?

 

It's a limit of $50K/yr for the four years of med school (200 total), then potentially up to $75K more once residency begins, you just have to mention it around that time you need it. Also the 50K limits are flexible.