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


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11 minutes ago, AAAmeds said:

I was asking mcatthrow101 since he/she got the premium credit card for no annual fee WITHOUT having an LOC with RBC just by stating he/she's a medical student as he/she claims. I am aware you can get a credit card with no AF with an LOC with RBC or Scotia but thanks. :)

I got the RBC Avion Visa Infinite, the same one advertised with the project. It didn't need any negotiation, I just asked for it.

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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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1 hour ago, mcatthrow101 said:

I got the RBC Avion Visa Infinite, the same one advertised with the project. It didn't need any negotiation, I just asked for it.

Oh you probably got it when they were offering the "First year no annual fee" promo. I dont think banks would give premium cards for no annual fee to us just because we're medical students without signing an LOC with them.

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On 6/24/2018 at 2:57 PM, mcatthrow101 said:

Do you know if we can get just the credit card with Scotiabank and fees waived without the LOC?

You can not - you'd have to get the LOC as part of the package, but that doesn't mean you'd have to use it. You can just have it set up and sit there without ever withdrawing from it if you dont need it.

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12 hours ago, AAAmeds said:

Oh you probably got it when they were offering the "First year no annual fee" promo. I dont think banks would give premium cards for no annual fee to us just because we're medical students without signing an LOC with them.

No, they gave it to me under the med students offer with 30k points. The first year no annual fee promo is 25k points, and the regular promo is 15k points.

I also would not have reached anywhere close to the minimum income requirements to get it in any way but through the med offer.

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17 hours ago, mcatthrow101 said:

No, they gave it to me under the med students offer with 30k points. The first year no annual fee promo is 25k points, and the regular promo is 15k points.

I also would not have reached anywhere close to the minimum income requirements to get it in any way but through the med offer.

Is it gonna be no annual fee forever or just for a year/a few years? And did you have the choice to go with any of RBC's premium cards?

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42 minutes ago, indecisivePremed said:

Does the LOC depend on the advisor you get? I spoke to someone at Scotia who said that the offer is at prime interest rate, but I thought it was prime minus 0.25 and she said there are no changes that will be made soon/275 is absolute max

Wondering if it's something about my record though I don't have bad credit, I think?

This is a sign that you are dealing with someone who does not have enough experience with the SPSP program. Ideally you'd want to deal with someone on this list. If you deal with a random advisor/branch chances are that they won't be up to date or familiar with a lot of the changes, unless you luck out and find someone like myself who isn't on the list but still keeps up to date with these things. Chances aren't good though I have to say.

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6 hours ago, indecisivePremed said:

Does the LOC depend on the advisor you get? I spoke to someone at Scotia who said that the offer is at prime interest rate, but I thought it was prime minus 0.25 and she said there are no changes that will be made soon/275 is absolute max

Wondering if it's something about my record though I don't have bad credit, I think?

I just spoke to my MD advisor at UofT and they said prime minus a quarter is what should be offered at Scotia for SPSP program. I was initially offered prime as well so I called them and they said they would rectify it

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12 hours ago, medhopeful2 said:

Hey guys,

 

For those who got the visa infinite cards from Scotia, were you able to use the promotion for 25k points after spending $1000 the first 3 months? I was told no because the card is free for med students. 

 

Thanks!

My personal account advisor said yes we get that, too bad each advisor can be so inconsistent but that’s life. 

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12 hours ago, medhopeful2 said:

Hey guys,

 

For those who got the visa infinite cards from Scotia, were you able to use the promotion for 25k points after spending $1000 the first 3 months? I was told no because the card is free for med students. 

 

Thanks!

Even my advisor said we get the bonus. Talk to your advisor again or maybe give Scotia Customer service a call?

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I was reading the Gold Amex (https://www.scotiabank.com/ca/en/personal/credit-cards/american-express/gold-card.html) and Passport infinite (https://www.scotiabank.com/ca/en/personal/credit-cards/visa/passport-infinite-card.html) descriptions. Regrading reward points earned, both mention eligible "eligible grocery stores, dining, entertainment purchases"

Does anyone know what counts as eligible? Cant find the info anywhere.

 

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