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


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Honestly,    Thank you to pm101 for helping the mandem out. You all are so great. This sharing of information takes the power away from the banks and puts back in our hands. They were trying to play

I contacted RBC and scotiabank recently and this is a comparison: 1. Credit cards annual fee: both top of the line cards, mostly similar/comparable perks with Scotia having slight upper hand. Dif

true - it isn't the money though.   It is the entire point of this process - to make sure you are at a bank that has your back. Everyone will give you prime and enough money. You are trying to enter

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The visa and Amex deal is on their own website.

 

http://www.scotiabank.com/ca/en/0,,628,00.html

It only advertises the Amex and the ScotiaGold Visa. The card @Economist (Momentum Visa Infinite) was talking about is a much better card than the SoctiaGold, and is also tougher to qualify for. It gets 4% on groceries and gas, but it also requires a $60,000 annual income. That's why we're intersted in knowing who gave him such a great deal!  :)

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This may be a dumb question but... (even though med students will all have great credit ratings probably) can we pay our tuition and everything through credit card and then pay back credit card with LOC? Does that boost our credit ratings? :P Or say we use our family's credit card and help them boost their credit rating... Just out of curiosity that's all. Thanks!

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It only advertises the Amex and the ScotiaGold Visa. The card @Economist (Momentum Visa Infinite) was talking about is a much better card than the SoctiaGold, and is also tougher to qualify for. It gets 4% on groceries and gas, but it also requires a $60,000 annual income. That's why we're intersted in knowing who gave him such a great deal!  :)

Sorry, I quoted the wrong post.  People above you couldn't even get the amex. 

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It only advertises the Amex and the ScotiaGold Visa. The card @Economist (Momentum Visa Infinite) was talking about is a much better card than the SoctiaGold, and is also tougher to qualify for. It gets 4% on groceries and gas, but it also requires a $60,000 annual income. That's why we're intersted in knowing who gave him such a great deal!  :)

 

I'm not sure if I should be spreading his information since I don't know if this is allowed or not (RBC advisor said it was not, and he could get fired for trying to waive the fees on VISA infinite avion for all 4 years). Because of that, I don't want to put my advisor at risk. I think you should just try to e-mail as many branches as possible and ask if they can waive the 4 years and that it would be the deal-breaker for you.

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Say for example an advisor in a different province will give me the perks I want but hypothetically the one from my local branch won't (I haven't met with them yet), will it cause any problems if I sign with a branch OOP? I'm just wondering if I should just sign with the advisor now since they are giving me everything I want.

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I was automatically given both without asking. I was told that both are included as part of the LOC now, but that change isn't official yet.

 

 

One last question to people who went with Scotia: by getting the annual fees waived, did you still get the bonus points or no? 

I'd also be interested to know if people getting both the Amex Gold are getting the 20,000 bonus points.

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I'm not sure if I should be spreading his information since I don't know if this is allowed or not (RBC advisor said it was not, and he could get fired for trying to waive the fees on VISA infinite avion for all 4 years). Because of that, I don't want to put my advisor at risk. I think you should just try to e-mail as many branches as possible and ask if they can waive the 4 years and that it would be the deal-breaker for you.

 

I can hardly believe any bank would fire an advisor for securing a client who'll borrow money from the bank, pay interest, use the credit card (hence bring more money to the bank through card's fees from pretty much everything you buy with the card) and be a potential source of revenue to the bank for years to come.

 

I asked my advisor and I did get the Infinite Avion + VIP package with all the fees waived. If you ask, ask nicely and ask the right advisor, you'll get more than you thought. ;)

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I went to RBC (the Place Ste-Foy branch) today and my adviser gave me such a poor service. At first, he thought the rate was Prime +1, which I asked him to confirm with someone (turned out it was actually prime... surprise). Also I was offered the VIP package with the Platinum Avion (not the Infinite) for $120/ year, which is, in my opinion, a terrible offer. I could go on a much longer rant, but I think I summed it up pretty well.

 

I'm still kind of astonished that an adviser would not even look up the rate of a loan BEFORE offering it to a customer...

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I went to RBC (the Place Ste-Foy branch) today and my adviser gave me such a poor service. At first, he thought the rate was Prime +1, which I asked him to confirm with someone (turned out it was actually prime... surprise). Also I was offered the VIP package with the Platinum Avion (not the Infinite) for $120/ year, which is, in my opinion, a terrible offer. I could go on a much longer rant, but I think I summed it up pretty well.

 

I'm still kind of astonished that an adviser would not even look up the rate of a loan BEFORE offering it to a customer...

Yeah, I have a friend that had similar problems there but in his case he had booked his appointment with an advisor who isn't dedicated to med/dent students. On the RBC website you'll find the names of such advisors and I would recommend booking appointments with the people on that list.

 

I'm telling you this because I went to very same branch and my advisor knew all about the product he was selling, he answered my questions even before I asked them and he was pretty flexible about the Infinite Avion Visa. Besides I only inquired about waiving the fees for both the card and the VIP package and he immediately said he could get it for me.

 

I also contacted the Scotiabank's advisor dedicated to med/dent students at Laval U. and he offered me both the ScotiaGold Passeport Visa and the Amex with fees waived for both cards.

 

In the end I picked RBC because it was a better fit for me all things considered.

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I just received my LOC from Scotia, it is weird seeing all that money available to you. But I have a question, should I be paying for everything with my savings first, and then my LOC? I have almost $30 000 saved up, and I was thinking of using these funds for day to day expenses over the next 4 years; then I would use the LOC for outstanding tuition and rent. Any thoughts? or should I discuss these points with an MD Financial Adviser? Might as well use their free services.

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I just received my LOC from Scotia, it is weird seeing all that money available to you. But I have a question, should I be paying for everything with my savings first, and then my LOC? I have almost $30 000 saved up, and I was thinking of using these funds for day to day expenses over the next 4 years; then I would use the LOC for outstanding tuition and rent. Any thoughts? or should I discuss these points with an MD Financial Adviser? Might as well use their free services.

I would use any money that you have sitting in a savings account before touching the LOC....interest free money! If that money is being invested and not just sitting in an account you may want to speak to an advisor.

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I just received my LOC from Scotia, it is weird seeing all that money available to you. But I have a question, should I be paying for everything with my savings first, and then my LOC? I have almost $30 000 saved up, and I was thinking of using these funds for day to day expenses over the next 4 years; then I would use the LOC for outstanding tuition and rent. Any thoughts? or should I discuss these points with an MD Financial Adviser? Might as well use their free services.

 

Having watched several MD Financial Management videos, I'd say that unless you can invest your money into a guaranteed investment that has a higher-than-prime interest rate, you should use your money first so as to not incur any unnecessary interest.

 

Also consider that holding on to your savings will decrease the money you can get from govt student loans or university bursaries, both of which should be your primary sources of external money, not your LOC. Best bet: speak with an advisor.

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Having watched several MD Financial Management videos, I'd say that unless you can invest your money into a guaranteed investment that has a higher-than-prime interest rate, you should use your money first as to not incur any unnecessary interest.

 

Also consider that holding on to your savings will decrease the money you can get from govt student loans or university bursaries, both of which should be your primary sources of external money, not your LOC. Best bet: speak with an advisor.

 

I would agree - it makes no sense to hold savings for most people while at medical school.

 

you need a much higher than prime return usually for it work the other way - there are often taxes on investments and fees to consider than reduce the return as well.

 

You need to be careful and reasonably frugal in medical school - the actual saving and investing comes after (and it will come).

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Can someone tell me which advisor gave them both cards listed on the website? Mine is being annoying and saying we get one or the other.

 

amichel, I talked to Erin Lee (from this list http://www.scotiabank.com/ca/common/pdf/personal_banking/Scotiabank_SPSP_representative_English.pdf) as I live in Calgary.

She was also saying we can only get one card or the other but then I mentioned that I've heard of students getting both if they give up the overdraft protection or $5000 off the limit of the loan and that swayed her.

I haven't got my LOC yet but she said she applied for both cards when she sent the LOC form to get approved.

I don't forsee myself needing the overdraft protection or using all of my LOC (so $5000 off the limit doesn't really matter that much to me). 

 

Annoying that some advisors seem to give you more/better things with the LOC...

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amichel, I talked to Erin Lee (from this list http://www.scotiabank.com/ca/common/pdf/personal_banking/Scotiabank_SPSP_representative_English.pdf) as I live in Calgary.

She was also saying we can only get one card or the other but then I mentioned that I've heard of students getting both if they give up the overdraft protection or $5000 off the limit of the loan and that swayed her.

I haven't got my LOC yet but she said she applied for both cards when she sent the LOC form to get approved.

I don't forsee myself needing the overdraft protection or using all of my LOC (so $5000 off the limit doesn't really matter that much to me). 

 

Annoying that some advisors seem to give you more/better things with the LOC...

My advisor had to apply for one card BEFORE the LoC (required proof of employment), and the other card was included with it. Didn't change my limit or overdraft protection as far as I know!

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I have received the Visa Platinum Avion instead of the infinite avion, along with a cashback rewards Mastercard from RBC. Did anyone else reecive the same? (everyone I know thus far has received the infinite avion, so I'm kind of confused)

Call your advisor and ask him/her to make the change. Do not accept a "we're sorry bur we can't". In this case, you DO have a bargaining power. There are other banks offering similar products to the Infinite. Why should you settle for any less? :)

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Was anyone in Ottawa able to get the Visa infinite or platinum avion from RBC with all fees waived? My advisor only said she could waive the first years fee so I decided to stick with the signature visa (albeit I don't see a huge difference between the signature visa and the other two).

 

Thanks!

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Does anyone in Edmonton know of a decent advisor for Scotiabank and TD that I could talk to regarding LOCs?

 

Despite having called ahead and specifically asked to speak to individuals who have helped medical students with line of credits in the past, I have had two meetings with different people at different branches at both banks who had absolutely no idea what they were talking about. This has left me considering taking RBCs offer despite the fact that I don't have a lot of trust for them.

 

Please PM me. Appreciated :D

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  • 1 month later...

my advisor said I will be getting the bonus points at the end of 3 months if I've spent > $500 on the card.  

 

Did anyone with Scotiabank manage to get the 20,000 bonus points when signing up for the Amex Gold? I've been informed that medical students aren't eligible for the bonus. Thanks!

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