mm_med Posted June 14, 2013 Report Share Posted June 14, 2013 The Scene Visa is very easy to get - you just have to be a student. You don't even need their LOC. It also has no annual fee I believe. Awesome! Thanks! Quote Link to comment Share on other sites More sharing options...
preppy038 Posted June 14, 2013 Report Share Posted June 14, 2013 But that's exactly what I said. I guess I wasn't clear. (EDIT: well okay that's not exactly what I said, but I had this in mind. Even with this in mind, in this particular instance cash back is better. Read on to see why ) I would be getting more cash back dollars with the Momentum Infinite than travel dollars with the Passport Gold. Coupled with the fact that a cash back dollar can be spent anywhere, it is a no brainer for me to go with cash back over travel rewards. i agree, i'm considering a switch from rbc to scotia and asking for momentum infinite (the highest level). if i can't get the highest level infinite, i think the passport gold visa is a better deal Quote Link to comment Share on other sites More sharing options...
bordeaux Posted June 14, 2013 Report Share Posted June 14, 2013 The Momentum Infinite Visa has a $60k minimum annual income requirement. Maybe things are different now but they wouldn't budge when I asked last year. Quote Link to comment Share on other sites More sharing options...
schmitty Posted June 14, 2013 Report Share Posted June 14, 2013 The Momentum Infinite Visa has a $60k minimum annual income requirement. Maybe things are different now but they wouldn't budge when I asked last year. Depends on your credit and past with the bank more than anything...my spouse and I got the Infinite Avion from RBC which states a min household income of $100,000 ($60,000 min personal) when were were both students and working part-time jobs. We both have very good credit and long histories with RBC though. The rules are never written in stone. Quote Link to comment Share on other sites More sharing options...
silvantes Posted June 14, 2013 Report Share Posted June 14, 2013 I got my Prof. LOC a little while ago and I am also now in the process of switching banks, my banker up and left and they aren't willing to give me some of the benefits I think I should have (TD) I have been paying over 20$ a month in bank fees for the last 4 years as a student with a regular LOC. Also my banker up and left so I started talking to RBC, in the middle of the switch now. Seems pretty easy and I have a joint account with my wife and now 2 starter account for my daughters. It sucks having to switch direct deposit info and Pre-authorized debit but it doesn't seem to be a big deal. Quote Link to comment Share on other sites More sharing options...
shady Posted June 15, 2013 Report Share Posted June 15, 2013 An update that I said I would provide: Scotia refused to give me momentum infinite visa saying they can't waive the $60,000 annual income requirement. They offered me regular momentum though. In the end I went with Passport Gold Quote Link to comment Share on other sites More sharing options...
jvizzle Posted June 15, 2013 Report Share Posted June 15, 2013 Was waiting for the guy to get back to me, just got the email yesterday. Negative on the momentum infinite for me as well. Quote Link to comment Share on other sites More sharing options...
shady Posted June 20, 2013 Report Share Posted June 20, 2013 Scotiabank is making me uneasy. After we agreed on everything, I received a letter in the mail that says I'm getting a no-fee card instead of the agreed upon Passport Gold and an annual limit of $50,000 instead of $66,000. It also is giving me lower overdraft protection than the agreed upon amount. I'm posting this on the forum to let you guys know that you should be very careful every step of the way. Even after they tell you what you are getting, the paperwork might say otherwise. Double check everything, and don't blindly place your trust where it doesn't belong. Quote Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted June 20, 2013 Report Share Posted June 20, 2013 Scotiabank is making me uneasy. After we agreed on everything, I received a letter in the mail that says I'm getting a no-fee card instead of the agreed upon Passport Gold and an annual limit of $50,000 instead of $66,000. It also is giving me lower overdraft protection than the agreed upon amount. I'm posting this on the forum to let you guys know that you should be very careful every step of the way. Even after they tell you what you are getting, the paperwork might say otherwise. Double check everything, and don't blindly place your trust where it doesn't belong. I'd call the rep you talked to tomorrow and ask them about this. Quote Link to comment Share on other sites More sharing options...
shady Posted June 20, 2013 Report Share Posted June 20, 2013 I'd call the rep you talked to tomorrow and ask them about this. Yea yea I already e-mail him. It was after business hours so he will probably reply tomorrow. Quote Link to comment Share on other sites More sharing options...
Leon Posted June 20, 2013 Report Share Posted June 20, 2013 Scotiabank is making me uneasy. After we agreed on everything, I received a letter in the mail that says I'm getting a no-fee card instead of the agreed upon Passport Gold and an annual limit of $50,000 instead of $66,000. It also is giving me lower overdraft protection than the agreed upon amount. I'm posting this on the forum to let you guys know that you should be very careful every step of the way. Even after they tell you what you are getting, the paperwork might say otherwise. Double check everything, and don't blindly place your trust where it doesn't belong. That's very surprising. My paperwork went without a glitch and everything was as the rep said. Is this the Hamilton branch, if you don't mind me asking? Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 20, 2013 Report Share Posted June 20, 2013 Good chance the admin assistant just mailed out the standard package by mistake - following up of course makes sense Quote Link to comment Share on other sites More sharing options...
shady Posted June 20, 2013 Report Share Posted June 20, 2013 ^^ yep Hamilton. ^ That's what I suspect. Probably nothing big. But it's still a good idea to double check things and to read the paperwork. One cannot just rely on the verbal agreement if there is paperwork involved Quote Link to comment Share on other sites More sharing options...
osteogeek Posted June 20, 2013 Report Share Posted June 20, 2013 ^^ yep Hamilton. ^ That's what I suspect. Probably nothing big. But it's still a good idea to double check things and to read the paperwork. One cannot just rely on the verbal agreement if there is paperwork involved That happened to me too, it was just the standard agreement but I verified with my rep (in Hamilton) that it is $66,600/year. He's been great, made me feel totally comfortable (and as a bonus, gave my BF some answers about his law school LOC - sounds like the guy my BF has been dealing with isn't totally on the ball). In the end, though, you have to feel comfortable with who you go with. Quote Link to comment Share on other sites More sharing options...
shady Posted June 20, 2013 Report Share Posted June 20, 2013 That happened to me too, it was just the standard agreement but I verified with my rep (in Hamilton) that it is $66,600/year. He's been great, made me feel totally comfortable (and as a bonus, gave my BF some answers about his law school LOC - sounds like the guy my BF has been dealing with isn't totally on the ball). In the end, though, you have to feel comfortable with who you go with. If you don't mind me asking, which card did they give you? Quote Link to comment Share on other sites More sharing options...
osteogeek Posted June 20, 2013 Report Share Posted June 20, 2013 If you don't mind me asking, which card did they give you? I got the passport gold, but I didn't actually ask for anything else, just went with the default. Quote Link to comment Share on other sites More sharing options...
shady Posted June 20, 2013 Report Share Posted June 20, 2013 great, thanks Quote Link to comment Share on other sites More sharing options...
ADH Posted June 20, 2013 Report Share Posted June 20, 2013 Did anyone get an LOC with a rate of prime guaranteed in the contract? I am aware that many reps say that it is guaranteed, even if the contract fine print states otherwise. Quote Link to comment Share on other sites More sharing options...
shady Posted June 20, 2013 Report Share Posted June 20, 2013 ^ that would really worry me. I haven't yet signed the papers (I haven't had the time to go) but I'm afraid that when they come in and I check the fine print (I will) it won't say prime. I'm curious to know about the experiences of those who signed already... Also, ADH, what bank was it that didn't write prime in the contract? Quote Link to comment Share on other sites More sharing options...
optimism101 Posted June 20, 2013 Report Share Posted June 20, 2013 My paperwork with scotiabank definitely listed the interest rate is prime, which is currently 3%. This can of course go up, if prime goes up. Quote Link to comment Share on other sites More sharing options...
Leon Posted June 20, 2013 Report Share Posted June 20, 2013 The writing actually allows the bank to change this in the future but they don't do it. Quote Link to comment Share on other sites More sharing options...
ADH Posted June 20, 2013 Report Share Posted June 20, 2013 ^Optimism101, are you sure there isn't something in the contract saying that they reserve the right to increase the interest rate above prime? Ignore what you were told verbally, and look closely at the fine print. Shady, I signed with Scotiabank, and they have an "adjustment factor" that is added to the prime rate to determine the total interest rate they will charge. Currently, the adjustment factor 0.00%, but they state that they can increase this adjustment factor if they wish. I asked BMO, RBC, and CIBC if they had something similar in their contracts, and all of these banks said yes. So it appears to be standard. Also, to ease anxieties, I was told that it is extremely unlikely that the banks would increase the rate above prime (of course prime itself will fluctuate, but the banks cannot control that). For those still shopping around, I strongly recommend asking for copies of the contracts BEFORE submitting applications (since multiple applications decrease your credit rating). No worries though, as I think we will all be just fine. Edit: I didn't mean to have the smiley face in the subject line lol Quote Link to comment Share on other sites More sharing options...
schmitty Posted June 20, 2013 Report Share Posted June 20, 2013 ALways good to read the fine print... However, if your bank ever DID increase said 'adjustment factor' you could always threaten to switch banks and if they don't back down, just switch banks! Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 20, 2013 Report Share Posted June 20, 2013 ALways good to read the fine print... However, if your bank ever DID increase said 'adjustment factor' you could always threaten to switch banks and if they don't back down, just switch banks! Which is exactly why they would never do it. at the end of the day that is really your most important protection in all of this - it is a razor thin competitive market out there, and switching takes 2 days and no real effort on your part ( in my case the guy drove to my house with the paperwork, I signed the form, and 24 hours later it was done - I mean how easy is that?). and you are going to know your options - on of the important functions of this and other forums - you will be in the know so it isn't like they can do anything sneaky either. Finally they are actually afraid to lose you as a client. I mean you are just worth more in the end to them than most people - they are going to take steps to protect that investment but not doing anything messy. Quote Link to comment Share on other sites More sharing options...
shady Posted June 20, 2013 Report Share Posted June 20, 2013 But ... but ... if it was so unlikely for them to raise interest rates, why won't they just write it in the contract? The fact that they don't write it means they may use it. If the competition was so cut-throat, surely there is a bank somewhere that writes it in the contract. Or do borrowers not look for these things and not care about them... All this does is strip you of the legal right to defend yourself from an arbitrary interest rate increase. We have a legal system and courts in place to ensure contracts are enforced and people/parties/companies stick to their words. But if they are promising you things that they won't write in the contract, you are effectively waiving your right to hold them accountable to their promises. This is a huge pet peeve of mine. It's like cell phone contracts where the company says "we have the right to change our services and the price of our services whenever you want and there is not much you can do about it and if you leave, you have to pay an early cancellation fee" or "we can change all the terms and conditions in the future whenever we want". Things like these should not happen in contracts. Question to those with MD Management: does their contract specify in writing that the interest rate is fixed at prime? (if I find a bank that gives me the LOC with such a phrase in writing, I am willing to ditch all the benefits, credit cards, over-draft protection, checking account, whatever, for such a phrase in my contract). Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.