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


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57 minutes ago, Futureresident said:

Not seeing much talk about RBC last few weeks. They’ve dramatically revamped their professional package. 275k in med school then ADDITIONAL 50-75k once in residency depending on program length. Interest prime - 0.25. Visa with 10k. Overdraft 5k. All fees waived. 2 year grace post training. 

Go see website.

In my opinion this IS superior to scotia and anyone else offering med packages!

I don't know if this new deal applies to people who already have LOC with another institution in residency? 

I don't know if RBC LOC still requires you to pay minimal payments during medical school + residency. 

Overall, the new RBC LOC sounds really great! Competition always brings out the best deal iMO

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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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On 9/14/2018 at 9:58 AM, LittleDaisy said:

I don't know if this new deal applies to people who already have LOC with another institution in residency? 

I don't know if RBC LOC still requires you to pay minimal payments during medical school + residency. 

Overall, the new RBC LOC sounds really great! Competition always brings out the best deal iMO

Yes existing clients can have their banking package aligned with new guidelines. Thats what i did. Of course you still have to pay minimum payments (just interest while in med school, residency and for 2 years after (Grace)). That is standard among all loc.

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I just received information on the New MD Financial LOC with Scotia Bank. I was wondering how this compares to the new RBC plan.

  • Line of credit (LOC)
    • Up to $300,000 limit (full amount available upon set-up; no need to re-apply for increases in the future)
    • Interest rate = prime -0.25% (current prime rate as at October 12, 2018 = 3.70%)
    • 2 year grace period
    • Ability to convert to personal line of credit post residency/fellowship
    • For a limited time (until December 31st) – clients who decide to switch to the Scotia LOC will receive an additional $500 cash bonus from MD Management (see attached terms/conditions for more info)
  • Chequing Account
    • Fee waived indefinitely ($167 annual savings)
    • Unlimited debit transactions
    • Unlimited free e-transfers or 10,000 Scotia Rewards points (= $100 in travel credit; this offer is only until October 31st) 
  • Pre- Approved Credit Card ($10,000 limit) – can accept 1 card with $10,000 limit or split the limit between the 2 cards.
    • Scotia Bank Passport Visa Infinite
      • No annual fee first year ($139/year each year after) and/or;
    • Scotia Gold American Express
      • No annual fee until 1 year after graduation ($99/year after graduation)
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2 hours ago, Aetherus said:

I just received information on the New MD Financial LOC with Scotia Bank. I was wondering how this compares to the new RBC plan.

  • Line of credit (LOC)
    • Up to $300,000 limit (full amount available upon set-up; no need to re-apply for increases in the future)
    • Interest rate = prime -0.25% (current prime rate as at October 12, 2018 = 3.70%)
    • 2 year grace period
    • Ability to convert to personal line of credit post residency/fellowship
    • For a limited time (until December 31st) – clients who decide to switch to the Scotia LOC will receive an additional $500 cash bonus from MD Management (see attached terms/conditions for more info)
  • Chequing Account
    • Fee waived indefinitely ($167 annual savings)
    • Unlimited debit transactions
    • Unlimited free e-transfers or 10,000 Scotia Rewards points (= $100 in travel credit; this offer is only until October 31st) 
  • Pre- Approved Credit Card ($10,000 limit) – can accept 1 card with $10,000 limit or split the limit between the 2 cards.
    • Scotia Bank Passport Visa Infinite
      • No annual fee first year ($139/year each year after) and/or;
    • Scotia Gold American Express
      • No annual fee until 1 year after graduation ($99/year after graduation)

This seems pretty similar to what I have though (I'm with scotia)...with the exception of the $300,000 upper limit 

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6 hours ago, Aetherus said:

I just received information on the New MD Financial LOC with Scotia Bank. I was wondering how this compares to the new RBC plan.

  • Line of credit (LOC)
    • Up to $300,000 limit (full amount available upon set-up; no need to re-apply for increases in the future)
    • Interest rate = prime -0.25% (current prime rate as at October 12, 2018 = 3.70%)
    • 2 year grace period
    • Ability to convert to personal line of credit post residency/fellowship
    • For a limited time (until December 31st) – clients who decide to switch to the Scotia LOC will receive an additional $500 cash bonus from MD Management (see attached terms/conditions for more info)
  • Chequing Account
    • Fee waived indefinitely ($167 annual savings)
    • Unlimited debit transactions
    • Unlimited free e-transfers or 10,000 Scotia Rewards points (= $100 in travel credit; this offer is only until October 31st) 
  • Pre- Approved Credit Card ($10,000 limit) – can accept 1 card with $10,000 limit or split the limit between the 2 cards.
    • Scotia Bank Passport Visa Infinite
      • No annual fee first year ($139/year each year after) and/or;
    • Scotia Gold American Express
      • No annual fee until 1 year after graduation ($99/year after graduation)

For those of us who are already with Scotiabank, I don't suppose we would be able to take advantage of this deal? 

Edited by ArchEnemy
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I met with the med loc advisor as a resident and got all of the above except for the $500 bonus (and possibly no unlimited e transfers which doesn't affect me since I do not do online banking of any nature). And, in fact, I got better perks for the credit card--minimum spend of 1000$ on each of the two cards got me 25k and 10k welcome bonus points respectively. I also believe they will cover the CC fees until end of residency.

It wouldn't hurt to go and ask if they'll honour most perks detailed above for you as a current client.

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1 hour ago, LostLamb said:

credit card--minimum spend of 1000$ on each of the two cards got me 25k and 10k welcome bonus points respectively. I also believe they will cover the CC fees until end of residency.

This is part of the standard Scotia offer for all med learners. Credit card fees waived until the end of residency/fellowship + 2 years. The only change is they weren't offering the $500 before to switch. Otherwise, nothing that was posted above including the $300k limit has changed from what Scotia was offering all summer.

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Looking to open 2 LOCs, one for myself (residency-no previous loans) and for my brother (medical school-no previous loans). 

Since I will be purchasing 2 "products", I think I have some leverage to ask for more from the banks. Banks seem pretty set on prime minus 0.25%. I think I can ask for more from the banking side of things. Now what extra-than currently offered- I can ask banks to provide? For example better credit card?? What else?

I see that the iPad for RBC was an offer for 2018 that is no longer offered now. Do I wait a bit more towards the end of year where better offers might come up on the market? We are not in urgent need for the LOC now. 

 

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@medicinist I don't think it'll give you more leverage per se since to the bank's eyes, it is essentially two potential customers, not one extremely profitable customer. As a resident, you generally won't have access to the same amount that medical students get when they sign a LOC at the start of medical school (likely $75-100k, not the $300k for medical students). Otherwise, there is not much else to really ask for depending on if you're going with RBC or Scotia. You can ask for a different credit card from Scotia, but it would just be different, not better (the Visa Infinite Momentum is 4% cash back instead of the 4% in travel rewards you get with the Gold Amex) so that is one thing you can try to get if the places you frequent don't accept Amex. I think the only better credit card Scotia offers is the Platinum Amex, and there's no way you're getting that for free. With RBC, get the Visa Infinite Avion (it's either standard or the Visa Platinum Avion is standard depending on which advisor you talk to, but the former is better). Again. the better credit card that RBC offers is the Avion Visa Infinite Privilege, which you're also not going to get for free. Other than that, you can see if they'll give you more overdraft protection (Scotia gives $5k and RBC gives $1k). I would also wait until the summer to sign a LOC because that's when all the sign up offers are.

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7 hours ago, xiphoid said:

@medicinist I don't think it'll give you more leverage per se since to the bank's eyes, it is essentially two potential customers, not one extremely profitable customer. As a resident, you generally won't have access to the same amount that medical students get when they sign a LOC at the start of medical school (likely $75-100k, not the $300k for medical students). Otherwise, there is not much else to really ask for depending on if you're going with RBC or Scotia. You can ask for a different credit card from Scotia, but it would just be different, not better (the Visa Infinite Momentum is 4% cash back instead of the 4% in travel rewards you get with the Gold Amex) so that is one thing you can try to get if the places you frequent don't accept Amex. I think the only better credit card Scotia offers is the Platinum Amex, and there's no way you're getting that for free. With RBC, get the Visa Infinite Avion (it's either standard or the Visa Platinum Avion is standard depending on which advisor you talk to, but the former is better). Again. the better credit card that RBC offers is the Avion Visa Infinite Privilege, which you're also not going to get for free. Other than that, you can see if they'll give you more overdraft protection (Scotia gives $5k and RBC gives $1k). I would also wait until the summer to sign a LOC because that's when all the sign up offers are.

Thanks for the thorough reply.

I actually wanted the Visa infinite privilege, but my advisor said that he tried before and got refused.

Actually rbc offered me, as a resident, 350k. 275 for medical student. 

But makes sense to wait till the summer.

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5 minutes ago, happycookie said:

Does anyone know if I can get Scotia bank credit cards without getting their LOC? (I already have loc with RBC and am not interested in transferring at this moment) 

 

if yes, what’s the easier way to get the card? Apply online vs contacting smone? 

 

Thanks! 

Yea, you can apply for them and get them by paying the fee. If you want them free you need to have your LOC there.

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36 minutes ago, happycookie said:

Does anyone know if I can get Scotia bank credit cards without getting their LOC? (I already have loc with RBC and am not interested in transferring at this moment) 

 

if yes, what’s the easier way to get the card? Apply online vs contacting smone? 

 

Thanks! 

Exactly as gangliocytoma mentioned, you can get the Scotia credit cards by applying for them regularly (need minimum annual income of $60k to qualify) and if approved, paying for them ($99-$119/year depending if you're getting the Visa Infinite or Gold Amex). The fancy credit cards are offered by the banks to encourage you to sign your LOC with them. They're not making any money off of the credit cards - the money they get from you is from the LOC. So if you want the LOC benefits offered by RBC, you can't also get the benefits from Scotia, and vice versa.

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34 minutes ago, medicinist said:

Thanks for the thorough reply.

I actually wanted the Visa infinite privilege, but my advisor said that he tried before and got refused.

Actually rbc offered me, as a resident, 350k. 275 for medical student. 

But makes sense to wait till the summer.

Yeah, I highly doubt you'll get the Avion Visa Infinite Privilege as a resident. A few of the surgeons I worked for have them, but then again, they're full-time academic staff surgeons...

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14 hours ago, iSpawnTrapInMW2 said:

Hi Guys,

Anyone have any recommendations for a LOC advisor in Calgary and/or which bank to go with? I will be attending Queen's University this Fall.

Also looking for an LOC - is there a website that has all the perks of each LOC listed? Can't find anything by googling that has compiled this

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On 5/16/2019 at 11:22 AM, user123456 said:

Also looking for an LOC - is there a website that has all the perks of each LOC listed? Can't find anything by googling that has compiled this

Well if TD is playing that game, here’s a scotia version, which me and many of my classmates have hah. Definitely go through each of the websites to find what LOC works best for you. Most people pick between RBC and Scotia. 

http://www.scotiabank.com/ca/en/small-business/industries/professionals/student-professionals.html

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8 minutes ago, IMislove said:

Most people pick between RBC and Scotia. 

Disclaimer: I have my LOC with Scotia, and while I don't regret it per se, I do wish I had initially signed with another bank and then switched to Scotia because they offered incentives to switch in the past few months that I'm now not eligible for since I signed with them from the start.

If you're not a RBC client already, their LOC is quite competitive (free iPad, Visa Infinite Avion credit card, $1000 overdraft protection as the main tangible benefits). Otherwise, if you're like me and were already a RBC client, I would not go with them because you're not eligible for the iPad which makes the monetary value of their LOC benefits a lot less than Scotia and TD.

If you travel by plane a lot and are in a city where American Express is accepted at most places, Scotiabank makes sense (6 complimentary airport lounge visits a year, Passport Visa Infinite, Scotiabank Gold American Express, $5000 overdraft protection as the main tangible benefits). 

If you already have an account with RBC and don't travel by plane a lot, TD has a pretty good LOC package ($500 Amazon gift card [this wasn't offered last year but instead it was $300 cash + smart bluetooth speaker], Visa Infinite credit card of your choosing [cashback, aeroplan or first class travel] as the main tangible benefits).

TD has really stepped up their medical student LOC in the past two years, to the point where I wouldn't say Scotia and RBC are the best two choices anymore. Also, I think customer service/the relationship you have with your financial advisor is pretty important especially as we're going into a profession that is going to make us "high income" earners. I met with multiple different advisors at a few different branches for each of the main banks last summer (Scotia, RBC, TD and CIBC), and I have to say that RBC does the best job at this, followed pretty closely by TD. Scotia and CIBC were without a doubt the worst.

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1 hour ago, IMislove said:

Well if TD is playing that game, here’s a scotia version, which me and many of my classmates have hah. Definitely go through each of the websites to find what LOC works best for you. Most people pick between RBC and Scotia. 

 http://www.scotiabank.com/ca/en/small-business/industries/professionals/student-professionals.html

Do they have an incentive out yet? Looks like TD partnered with Amazon for a $500 gift card

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