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

[DrOtter]

15 hours ago, popfossa said:

Please let us know what they say! 

OK Scotia Rewards is NOT easy to deal with. But they said that because I opened the American Express card at the same time, their computer system is recognizing me as a returning client and automatically disqualifying for the Welcome and Bonus offers on the Visa card. The term they cited is below:

"Welcome and Bonus Offer Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the Bonus Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Bonus Offer" - also found on the website. 

Correct me if I'm wrong here, but I was under the impression that I would be eligible for Offers on both of these cards when opening the accounts, instead of choosing one or the other? What would be the point of me opening both cards then?

In any case, they told me to tell the advisor (Kyu) to reach out to them directly at Scotiarewards@p2phq.com and confirm with them about this. 

Maybe you guys should consider giving Scotia Rewards a call as well so they know that there are bunch of incoming Med students that they are screwing over with their terms here.

[UdeM99]

5 hours ago, goldielocks said:

Has anyone been able to get the RBC Avion Visa Infinite Privilege waived? Or any other perks they asked for and succeeded in getting. 

 

Also wondering for Scotiabank LOC customers, what extra perks were you able to ask for?

I only got the RBC Avion Visa Platinum, but I'm not sure if it's because I didn't ask for a better one or if it's the one they always give with their LOC package for med students. It also says on their website that you can have a rebate UP TO 120$ on the annual fee (https://www.rbcroyalbank.com/healthcare/en/offers/index.html?area=student), and the annual fee for the Infinite Privilege is 399$. Let me know if you're able to get it though!

[popfossa]

41 minutes ago, DrOtter said:

OK Scotia Rewards is NOT easy to deal with. But they said that because I opened the American Express card at the same time, their computer system is recognizing me as a returning client and automatically disqualifying for the Welcome and Bonus offers on the Visa card. The term they cited is below:

"Welcome and Bonus Offer Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the Bonus Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Bonus Offer" - also found on the website. 

Correct me if I'm wrong here, but I was under the impression that I would be eligible for Offers on both of these cards when opening the accounts, instead of choosing one or the other? What would be the point of me opening both cards then?

In any case, they told me to tell the advisor (Kyu) to reach out to them directly at Scotiarewards@p2phq.com and confirm with them about this. 

Maybe you guys should consider giving Scotia Rewards a call as well so they know that there are bunch of incoming Med students that they are screwing over with their terms here.

Maybe email the president? I've heard they're pretty good at resolving issues: mail.president@scotiabank.com

[DrOtter]

36 minutes ago, popfossa said:

Maybe email the president? I've heard they're pretty good at resolving issues: mail.president@scotiabank.com

LOL for real? I will probs do that tbh. 

Update: Kyu just got back to me and said he'd be in touch with Scotia Rewards to sort this out.

[themedtrek]

What is the most popular bank right now would you say? 

[MDLD]

1 hour ago, DrOtter said:

LOL for real? I will probs do that tbh. 

Update: Kyu just got back to me and said he'd be in touch with Scotia Rewards to sort this out.

I’m also with kyu and scotia let me know if there’s something I can do to help get us those points! 

[DrOtter]

4 minutes ago, MDLD said:

I’m also with kyu and scotia let me know if there’s something I can do to help get us those points! 

haha I'll defs keep y'all updated. Scotia Rewards now says they might take a week to sort this out because they need to "look into it" =,=

I just sent the office of the pres an email. No idea why they have to make it so complicated O.o

[popfossa]

 

19 minutes ago, themedtrek said:

What is the most popular bank right now would you say? 

Scotia and RBC for sure

[medicallyricalmiracle]

for Scotia users: does the 2 year grace period begin after graduation or after completing residency?

[DrOtter]

4 minutes ago, medicallyricalmiracle said:

for Scotia users: does the 2 year grace period begin after graduation or after completing residency?

 

It's after residency.

[James Nystead]

Can someone better at me in math and finance explain how the interest is calculated? Lets say I take $1000 out of my LOC today, how does the interest accrue over the years until I have to make payments on the principal (2 yrs after finishing residency) ? Do I have to pay off the LOC interest with the LOC (therefore increasing the principal) or can I pay it off using debit?

[rmorelan]

26 minutes ago, DrOtter said:

31 minutes ago, medicallyricalmiracle said:

for Scotia users: does the 2 year grace period begin after graduation or after completing residency?

 

It's after residency.

I don't think for scotia that even exists any more - sounds like now (again due to competition) it just gets rolled into a professional LOC. So in a sense good news? 

 

Edited July 27, 2020 by rmorelan

[rmorelan]

1 minute ago, James Nystead said:

Can someone better at me in math and finance explain how the interest is calculated? Lets say I take $1000 out of my LOC today, how does the interest accrue over the years until I have to make payments on the principal (2 yrs after finishing residency) ? Do I have to pay off the LOC interest with the LOC (therefore increasing the principal) or can I pay it off using debit?

you have to pay the interest (the rate of prime-0.25 is the yearly rate but you pay it monthly). It isn't exactly like this as for one the months are not all the same and there are a few other factors but roughly (prime-0.25)/12 x principal is your interest payment each month. As another short cut the amount of interest due monthly is about 600 dollars a month on 300K and you can use that as a rough yard stick as well. 

I probably need some help from you to understand what you are asking   The interest pay due each month has to be paid - if like most people you have no source of income as med student that payment will be added to the principle of the loan and you will start to accrue interest on interest in a compound fashion over time. Fortunately the rate of interest is quite low right now. 

 

[medicallyricalmiracle]

1 hour ago, rmorelan said:

I don't think for scotia that even exists any more - sounds like now (again due to competition) it just gets rolled into a professional LOC. So in a sense good news? 

 

oh that's great. although, all this competition makes it quite hard to pick a bank LOL

[DrOtter]

3 minutes ago, medicallyricalmiracle said:

oh that's great. although, all this competition makes it quite hard to pick a bank LOL

You can always switch banks later if any of them has better terms.  so no need to stress at all! 

[rmorelan]

2 hours ago, medicallyricalmiracle said:

oh that's great. although, all this competition makes it quite hard to pick a bank LOL

hard....or kind of easy

You can over think it basically. Many of the differences truly are trivial, and it isn't unusual for people to move around so you can image all this work spent deciding and then you adjust anyway ha. 

May sound corny but I still think finding a banker you can work with is vastly more important than the rest. The one I have worked with has been excellent and that has made major differences over the rather long process from student to staff. 

Edited July 27, 2020 by rmorelan

[medicallyricalmiracle]

1 hour ago, rmorelan said:

hard....or kind of easy

You can over think it basically. Many of the differences truly are trivial, and it isn't unusual for people to move around so you can image all this work spent deciding and then you adjust anyway ha. 

My sound corny but I still think finding a banker you can work with is vastly more important than the rest. The one I have worked with has been excellent and that has made major differences over the rather long process from student to staff. 

interesting you should say that, I am choosing between Scotia (great program of course) - whose rep is very nice but not someone i actually know - and RBC, whose rep is a family friend of mine who is very well-versed in advising medical students/staff 

because they both have ~equivalent nice bonus points packages (up to 45000 bonus pts at each), im weighing the $300 cash bonus from Scotia with the potential ease/hook-ups that having familiarity would give me long-term. 

from the looks of it, rmorelan, you'd probably suggest going with RBC eh?

[rmorelan]

8 minutes ago, medicallyricalmiracle said:

interesting you should say that, I am choosing between Scotia (great program of course) - whose rep is very nice but not someone i actually know - and RBC, whose rep is a family friend of mine who is very well-versed in advising medical students/staff 

because they both have ~equivalent nice bonus points packages (up to 45000 bonus pts at each), im weighing the $300 cash bonus from Scotia with the potential ease/hook-ups that having familiarity would give me long-term. 

from the looks of it, rmorelan, you'd probably suggest going with RBC eh?

all other things being equal (and they usually are between scotia and rbc) then put the weight on the relationship. 

For me that got me access to mortgage rates and well a mortgage at all at a point where it was very lucky to do so, just taking care of all the various upgrades (like the rate drops, and the limit increases) without doing anything - I didn't have to fight basically when others have. Things were arranged for my schedule, this banker actually came to my school to do business and so on. Total real savings from everything was vastly more than the slight bonus differences, and it let me test out someone that I could use when it really started to matter (staff level stuff). As it happens he has also helped me arrange LOCs for some other people that were having difficulties. 

Fast forward a bit in it is stuff like that you want from a bank - and if they treat you appropriately early on there is a better chance they will do so later as well. You always have to be self aware of the deals out there (like if suddenly my bank didn't keep up with the interest rates we would suddenly have an issue) to make sure you aren't ripped off, but developing a professional circle of experts is important to have as a doctor (lawyer, banker, accountant, and while I think we should do all our own personal finance stuff or at least be highly educated in it to avoid the common widespread rip offs that occur  you can still add a financial advisor to the list). This time is a safe point to test out a few things with the bank you chose. 

[DrOtter]

21 hours ago, MDLD said:

I’m also with kyu and scotia let me know if there’s something I can do to help get us those points! 

I just spoke to Scotia Rewards today and they said they'd take 7-10 days to investigate...

You could give them a call at 18006652582 and ask them about your Welcome Bonus. Just to let them know that it's not an isolated incident and they need to update their system to line up with what their bank is advertizing on the web. 

[LostLamb]

That’s so bizarre because I’m pretty sure when I opened both visa and Amex cc 1.5 or 2 years to that I receivers both welcome bonuses. 
 

I wonder why the change now...

[DrOtter]

21 hours ago, LostLamb said:

That’s so bizarre because I’m pretty sure when I opened both visa and Amex cc 1.5 or 2 years to that I receivers both welcome bonuses. 
 

I wonder why the change now...

To be fair they're "investigating" it now. I think they're just being difficult 

[James Nystead]

/

[DrOtter]

47 minutes ago, James Nystead said:

Any advice for how to use the Passport Visa Infinite vs Gold Amex to maximize Scotia points? 

I've been trying to use Amex as much as I can (after having completed the $1000 spending requirement on both).

The Amex earns 5x points on dining out (lots of restaurants take it as I've come to realize), entertainment (the zoo counts!!), transits (commutes, Uber, other rideshare systems), and grocery (this is a tricky one since Walmart is actually not considered "grocery" by them so I've been doing my weekly grocery at Food Basics. Sobeys also accepts Amex and is considered "grocery" - if anyone else has any further ideas of big grocery stores that take Amex PLEASE LET ME KNOW! ^^). Scotia has an "old" list of merchants for each categories so definitely check that out.

One trick too is that if you're currently buying pharmacy products from Shoppers or other dedicated pharmacies, those will not be given bonus points. However, if you switch your prescriptions and buy drugstore products at "groceries" that have pharmacies built in (like Real Canadian Superstore or No Frills - if yours take Visa), you can also earn 2x points on those purchases.

For anything else, I just alternate cuz it's all 1x points so it doesn't matter much.

So that has been my strategy so far.

Would so love other ideas ! ^^

[champagnepapi]

Does anyone know how interest accuses on our LOC per year, and a rough conversion factor? I saw an earlier thread from 2014 that every $1000 borrowed you have to pay 30$ annually in interest.  This will vary depending upon the prime rate and the amount you borrow, and when in your schooling you decide to borrow (year 1 vs year 4/carms expenses), but as school is starting around the corner, and expenses begin to pile up, I am trying to gage whether its worth borrowing from the LOC right away right now, and how much interest will accrue annually. I have tried googling, but cant find a straight answer for this. Thank you! 

[DrOtter]

14 minutes ago, champagnepapi said:

Does anyone know how interest accuses on our LOC per year, and a rough conversion factor? I saw an earlier thread from 2014 that every $1000 borrowed you have to pay 30$ annually in interest.  This will vary depending upon the prime rate and the amount you borrow, and when in your schooling you decide to borrow (year 1 vs year 4/carms expenses), but as school is starting around the corner, and expenses begin to pile up, I am trying to gage whether its worth borrowing from the LOC right away right now, and how much interest will accrue annually. I have tried googling, but cant find a straight answer for this. Thank you! 

I believe interest is compounded monthly. So you can calculate your monthly interest as principal x (interest rate e.g. 2.20%/12). You can definitely compose an excel sheet and simulate month-by-month borrowing.

But just doing the math in my head, I would say to only take out money when you need it. Make use of your credit cards so you can prolong the time before you have to take out the loan. And definitely try to exhaust all other savings before dipping into the LOC if you can.