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


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1 hour ago, Dr. House's Good Leg said:

Has anyone signed up with Scotia since July 1st? I noticed that their points perks are only offered for new accounts set up prior to July 1st.  I assume they will have new reward plans available soon but would love to know if anyone knows what might be coming.

Anyone know if people who submitted an application before July 1st, but don't have access to the LOC yet (need to sign paperwork) can still receive the points?

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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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8 hours ago, Confusedyorkie said:

Anyone know if people who submitted an application before July 1st, but don't have access to the LOC yet (need to sign paperwork) can still receive the points?

Yup you can! You just need the credit cards to start receiving points (not the LOC)

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10 hours ago, Confusedyorkie said:

Anyone know if people who submitted an application before July 1st, but don't have access to the LOC yet (need to sign paperwork) can still receive the points?

Application for the credit card or for the LOC? My advisor said the application has to be finalized before July 1st to qualify

 

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21 hours ago, Dr. House's Good Leg said:

Has anyone signed up with Scotia since July 1st? I noticed that their points perks are only offered for new accounts set up prior to July 1st.  I assume they will have new reward plans available soon but would love to know if anyone knows what might be coming.

I actually signed up with Scotia after July 1st. I reside in the GTA and was told by one of the advisors here that I wouldn't get the welcome offer/points. Later (after July 1st), I reached out to an advisor in Ottawa, Kyu Tompkins (kyu.tompkins@scotiabank.com), and he basically set up the account + bonus perks within like 2-3 days. It really depends on who you talk to. I'd ask around, but highly recommend him!

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On 7/6/2020 at 7:36 PM, MrClutch said:

I actually signed up with Scotia after July 1st. I reside in the GTA and was told by one of the advisors here that I wouldn't get the welcome offer/points. Later (after July 1st), I reached out to an advisor in Ottawa, Kyu Tompkins (kyu.tompkins@scotiabank.com), and he basically set up the account + bonus perks within like 2-3 days. It really depends on who you talk to. I'd ask around, but highly recommend him!

Scotia updated their rewards offer recently! "Plus, if you open the Account by August 31, 2020 you can earn a 30,000 Scotia Reward point bonus with your first $1,000" is in the terms and conditions

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On 7/5/2020 at 8:23 PM, Dr. House's Good Leg said:

Has anyone signed up with Scotia since July 1st? I noticed that their points perks are only offered for new accounts set up prior to July 1st.  I assume they will have new reward plans available soon but would love to know if anyone knows what might be coming.

So I just spoke with my advisor. The 5,000 welcome points are gone with the Infinite Passport card, but both other offers (the 30,000 bonus points with first $1,000 eligible purchases in the first 3 months, and the 10,000 annual points with $40k+ eligible purchases) are still active. Hope that helps!

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I went with the Scotia LOC, but I am reading that some of you were able to receive the Passport Infinite? My advisor was fairly adamant about not being eligible for it anymore as of February, however, it seems that the eligibility requirement is being waived? Would anyone who received the Infinite be willing to share their advisor's contact information (can PM if you'd like)?

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6 minutes ago, attyb1992 said:

I went with the Scotia LOC, but I am reading that some of you were able to receive the Passport Infinite? My advisor was fairly adamant about not being eligible for it anymore as of February, however, it seems that the eligibility requirement is being waived? Would anyone who received the Infinite be willing to share their advisor's contact information (can PM if you'd like)?

I feel like 90% of the posters (me included) on here who signed with Scotia all went with Kyu Tompkins in Ottawa. You can just send him an email to ask! 

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5 minutes ago, DrOtter said:

I feel like 90% of the posters (me included) on here who signed with Scotia all went with Kyu Tompkins in Ottawa. You can just send him an email to ask! 

I see - thanks very much, I will definitely do that!

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Are the automatic interest payments with Scotia really that helpful? What is stopping someone that isn't with Scotia from setting up automatic payments to cover their interest payments? I realize the interest amount isn't fixed (whereas automatic payments are), but since people must already do this for rent payments, why not just add extra for the interest by some amount that over-estimates it? Yes, you'll pay interest on the extra money you use to over-estimate by, but I can't imagine it would be an amount that is note-worthy, especially if you clean this money up periodically by moving surplus back to the LOC.  

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2 hours ago, Sleepywood said:

Are the automatic interest payments with Scotia really that helpful? What is stopping someone that isn't with Scotia from setting up automatic payments to cover their interest payments? I realize the interest amount isn't fixed (whereas automatic payments are), but since people must already do this for rent payments, why not just add extra for the interest by some amount that over-estimates it? Yes, you'll pay interest on the extra money you use to over-estimate by, but I can't imagine it would be an amount that is note-worthy, especially if you clean this money up periodically by moving surplus back to the LOC.  

nothing except you won't find out exactly what the payment amount is. So you can set something up that overshoots the mark, and then adjust it as the amount on the LOC goes up, or the interest rate changes, and stay on top of it even when you are busy.  

It is just an unneeded annoyance but not a deal breaker. You just don't want it to get a bunch of stupid NSF changes because of a miscalculation etc. 

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58 minutes ago, DrOtter said:

Has anyone who signed with Scotia got the 5000-point Welcome Bonus on their Visa Infinite Passport?

They advertise it'd be added to my account within 2 statement cycles but I haven't gotten it yet. :confused:

Time to message Kyu? :/ 

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8 hours ago, DrOtter said:

Has anyone who signed with Scotia got the 5000-point Welcome Bonus on their Visa Infinite Passport?

They advertise it'd be added to my account within 2 statement cycles but I haven't gotten it yet. :confused:

  Did you take this into account?:  5,000 bonus points will appear as a points adjustment on the Primary cardholder’s Scotia Rewards Account statement within 2 statement cycles of your first card purchase provided the Account is open and in good standing. 

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40 minutes ago, conbrio said:

  Did you take this into account?:  5,000 bonus points will appear as a points adjustment on the Primary cardholder’s Scotia Rewards Account statement within 2 statement cycles of your first card purchase provided the Account is open and in good standing. 

Oh ya. I made a purchase the day I got the card. It's been 2 cycles already :P

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I cant seem to find information of this welcome bonus online on Scotiabank's website. All I see is that you can get a maximum of 40k bonus rewards (30k with $1000 purchase, and 10k if you spend another $40000 lol) with the Visa Infinite Card

Can you give us a link to the 5000-point welcome bonus :lol:

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8 hours ago, Anon1 said:

I cant seem to find information of this welcome bonus online on Scotiabank's website. All I see is that you can get a maximum of 40k bonus rewards (30k with $1000 purchase, and 10k if you spend another $40000 lol) with the Visa Infinite Card

Can you give us a link to the 5000-point welcome bonus :lol:

Oh the 5000-point bonus is specific to the Healthcare+ LOC program I think. There they say that the Visa can earn up to 45000 Bonus points (which includes the 5k Welcome Bonus)

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