Professional Line Of Credit, I Am Here To Help! (Cibc)

[advisor.nalin]

Pre-Dent Students!

 

Congratulations to all who have been accepted into your desired program! Please give me a call regarding any questions or concerns you may have regarding your financing!

 

Medical student link with references of my service:

http://forums.premed101.com/index.php?/topic/84485-professional-line-of-credit-i-am-here-to-help/

 

Details of CIBC Professional Edge line of credit

• Maximum program limit is $275,000
• Annual limit increase of $70,000
• Interest rate is at prime (currently 2.85%)
• Canadian students do not require a co-signor depending on credit history

Nalin J.
CIBC Imperial Service Financial Advisor
Phone:416-488-1155 ext 349
 

[DDS2019]

Hi Nalin,

It appears that the big-5 are all offering roughly the same line of credit. 

What would you say gives CIBC the advantage over other banks? 

Help us decide. 

[advisor.nalin]

Hi Nalin,

It appears that the big-5 are all offering roughly the same line of credit. 

What would you say gives CIBC the advantage over other banks? 

Help us decide. 

 

Hi

 

Thank you for your question. As a CIBC Imperial Service Financial Advisor, I will be assisting you with all your financial planning needs, which include but are not limited to, Cash and credit management, retirement planning, investment planning, education planning and wealth protection. I can also help with setting up your dental practice and all planning regarding your business. I have extensive experience assisting Medical and dental students. If you are looking for references please refer to the link on my original post.

[Stethescope]

Are students applying for the States available to get a Line of Credit?

[cookiemonster99]

Are students applying for the States available to get a Line of Credit?

 

yes however you will need a co-signer 

[DDS2019]

Hi

 

Thank you for your question. As a CIBC Imperial Service Financial Advisor, I will be assisting you with all your financial planning needs, which include but are not limited to, Cash and credit management, retirement planning, investment planning, education planning and wealth protection. I can also help with setting up your dental practice and all planning regarding your business. I have extensive experience assisting Medical and dental students. If you are looking for references please refer to the link on my original post.

Scotia Bank is offering their Scotia Gold Passport with the annual fees waived for the entire four years of studies in addition to free travel rewards. What can we get from CIBC?

[( ͡° ͜ʖ ͡°)]

Scotia Bank is offering their Scotia Gold Passport with the annual fees waived for the entire four years of studies in addition to free travel rewards. What can we get from CIBC?

 

Which advisor from what branch did you speak to if you don't mind me asking?

[DDS2019]

Which advisor from what branch did you speak to if you don't mind me asking?

 

The following is from this thread: http://forums.premed101.com/index.php?/topic/84613-funding-dental-school-uwoschulich/

 

I would say its the combination of all of the benefits of the plan that sets our plan apart from other banks. 

1.Line of Credit at Prime (No co-signor required)

2.Free Unlimited Chequing Account

3.Free Travel Rewards for all 4 years of Schooling

4.Interest is simply added to the balance each month.  Most banks require you to make interest payments.

5.Interest rate stays at prime after completion of school

 

I can't speak for at other schools but at Western I would say another thing that sets us apart is our service.  We know your studies are the most important thing so we try to make everything as convenient as possible.

 

 

With our plan you can get the Scotia Gold Passport or the Scotiabank Gold American Express.  The fee would be waived for the entire 4 years of schooling on each of these cards.

 

[advisor.nalin]

I can only dicuss the offers on the CIBC website, but CIBC is very competitive in terms of perks.(if you don't ask you don't get) So if you have specific questions please do not hesitate to give me a call.

[DDS2019]

I can only dicuss the offers on the CIBC website, but CIBC is very competitive in terms of perks.(if you don't ask you don't get) So if you have specific questions please do not hesitate to give me a call.

 

"if you don't ask you don't get"

 

I am asking. 

[DoctorJ]

In terms of perks, would CIBC be competitive enough to offer the Aventura Visa Infinite Card or the Aerogold Visa Infinite Card with annual fee waived for 4 years duration?

[rmorelan]

I can only dicuss the offers on the CIBC website, but CIBC is very competitive in terms of perks.(if you don't ask you don't get) So if you have specific questions please do not hesitate to give me a call.

 

I understand that - but of course that defeats the forums rules a bit. We allow occasionally banks to provide information on the forum to help people decide choices and compare things. Otherwise it is just advertising which is not inline with our forum rules (the difference between say "we are great!" and saying "we are great and this is exactly why" It is the why that is of up most importance.

 

I actually don't want ideally forum members randomly getting perks because they happen to ask. I want the knowledge of the perks so widely know from the forum that people will already know exactly what they should get regardless  (to basically rise all to the best possible level).  Equality of information.

[advisor.nalin]

"if you don't ask you don't get"

 

I am asking. 

 

 

In terms of perks, would CIBC be competitive enough to offer the Aventura Visa Infinite Card or the Aerogold Visa Infinite Card with annual fee waived for 4 years duration?

 

 

I understand that - but of course that defeats the forums rules a bit. We allow occasionally banks to provide information on the forum to help people decide choices and compare things. Otherwise it is just advertising which is not inline with our forum rules (the difference between say "we are great!" and saying "we are great and this is exactly why" It is the why that is of up most importance.

 

I actually don't want ideally forum members randomly getting perks because they happen to ask. I want the knowledge of the perks so widely know from the forum that people will already know exactly what they should get regardless  (to basically rise all to the best possible level).  Equality of information.

 

 

I apologize for my vague answers regarding the perks, this is due to the fear of big brother and official vs unofficial. In my experience I have seen advisors waive the premium credit card fees for all four years. Most experienced advisors should be aware of all the perks offered by the banks and should be offering you those perks from the beginning.I offer the same perks to all students and it has never been random. 

[DDS2019]

I apologize for my vague answers regarding the perks, this is due to the fear of big brother and official vs unofficial. In my experience I have seen advisors waive the premium credit card fees for all four years. Most experienced advisors should be aware of all the perks offered by the banks and should be offering you those perks from the beginning.I offer the same perks to all students and it has never been random. 

 

So, once again, what are these perks that you offer?

[advisor.nalin]

So, once again, what are these perks that you offer?

 

An unlimited student transcation account. Advisors have waived the premium credit card fees for all four years.

[( ͡° ͜ʖ ͡°)]

An unlimited student transcation account. Advisors have waived the premium credit card fees for all four years.

Can you specify which credit card? All major banks seem to be offering a similar one but I have yet to come across one that will wave a Visa infinite card for 4 years plus 1 year grace. It's a little vague which card you're referring to.

[advisor.nalin]

Can you specify which credit card? All major banks seem to be offering a similar one but I have yet to come across one that will wave a Visa infinite card for 4 years plus 1 year grace. It's a little vague which card you're referring to.

 

 

 

It would be for aerogold and aventura infinite depending on qualification and approval.

[DDS2019]

It would be for aerogold and aventura infinite depending on qualification and approval.

 

What would it take for a dental student, receiving the CIBC professional student line of credit, to NOT be approved for those cards?

Please give us a concrete answer since the cohort you are dealing with is reasonably homogeneous. The advisor for ScotiaBank was very straightforward (see below).

Thanks for the response.

 

 

With our plan you can get the Scotia Gold Passport or the Scotiabank Gold American Express.  The fee would be waived for the entire 4 years of schooling on each of these cards.

 

[( ͡° ͜ʖ ͡°)]

It would be for aerogold and aventura infinite depending on qualification and approval.

 

Thanks!

 

And to clarify, the waived fee wouldn't be explicitly written in the contract for 4+1 years... would it? I assume it would have to be requested by the student each year and then the advisor would manually waive the fee.

[trojjanhorse]

What would it take for a dental student, receiving the CIBC professional student line of credit, to NOT be approved for those cards?

Please give us a concrete answer since the cohort you are dealing with is reasonably homogeneous. The advisor for ScotiaBank was very straightforward (see below).

Thanks for the response.

 

 

DDS2019, before anyone feels any more frustration or neglect, maybe I can chime in as I feel partly responsible for exposing/mentioning these so called "perks".

 

All banks are constantly trying to "up the ante" to win over loyalty of newly admitted MD/DO/DDS students. What it comes down to, is how aware is your financial advisor of these perks (for their own bank) and those of their competitors. A good advisor would stay up to date with all the perks so they can offer every one of them to win a client over. A great advisor would constantly check the perks of their competitors and take the initiative of notifying the head office of these said perks and request permission to offer/match these perks to their own current and future clients. So this might relate back to what Nalin meant with, "If you don't ask you don't get". If the advisor does not know that a particular perk exists, or that other banks are offering this perk, how would you expect this perk to be offered without asking for it?

 

Just earlier this week, I got an email notifying me of a change in my account that would end up saving me over $350 in the next 3 years. This change was based on a perk that a different bank was offering and Nalin managed to get approval to offer the same, so he contacted and notified me of this change and applied it to my account. All in one day. This would be an example of an advisor who stays up to date and takes initiative to offer such updated perks to all his clients.

 

As for the homogenous comment, you're right when it comes to our future careers and potential to be a valuable/lucrative client to the banks. I do not, however, think that we're homogenous in terms of our credit score. Some perks would only be offered to you if you qualify for them, such as credit cards with comfortable limits and reward systems.

 

I clearly have a conflict of interest as he's my advisor and I have vouched for his good work few times now. 3 individuals from this forum whom I've helped prep for interviews and with applications, and are newly admitted this year, all have echoed my praise for Nalin's work and demeanour.

[( ͡° ͜ʖ ͡°)]

^^ So true. I just shopped around at Scotia, RBC, BMO, TD, and CIBC branches that have med/dent LOC specialists.

 

Unfortunately, many of the advisors I got meetings with who are supposed to be the designated people handling these LOCs were not very knowledgeable... I felt like I knew more about what their bank was offering than they did. Anytime I asked something, they had to pull it up online to check and would say things like "oh.. I think it's changed from previously", "I'm not sure", or express shock at what I said other banks were offering. Many were also trying to give me non-competitive CCs that had no annual fee to begin with.For example, the BMO advisor I saw kept saying I would only be able to get the SPC MasterCard.

 

You can definitely negotiate smaller perks like waived CC fees and free money orders/drafts depending on the advisor you end up with. I feel like some may have more authority to do this than others. There are obviously big things you cannot change though. For example you can't get a bank who offers 250k with an annual limit to give you 275k upfront. But if a bank says their package only has 1 year CC fees waived.. you can definitely pressure the advisor into more years by getting them to match other banks. Your need for a LOC will be met regardless of where you go. However, the advisor and your relationship with them is important as that is what will determine whether you can get them to match whatever perks other banks are offering.

 

This was my experience. If you're really set on a bank/branch because of the big stuff and the advisor isn't working out, maybe try asking for another designated advisor who may be more knowledgeable. Be aggressive (but not overly so ).

[( ͡° ͜ʖ ͡°)]

I feel like I should add that my experience with a CIBC advisor in downtown Toronto was not good at all. I was not able to get what Nalin is clearly offering here. Goes to show the advisor is really important. Right now CIBC is 1 of the only 2 banks that are offering 275k. Something to consider since dental school (and living in Toronto) costs significantly more than anything else. This was a huge selling point for me that made me consider CIBC more thoroughly. In the end, I found the advisor much better at the other bank who is essentially offering the same deal as Nalin after some negotiating, maybe even slightly more. I'm pretty sure this is around the best you'll get for this year. The advisors at other banks were not willing to match this.

[ottawaliquid]

I find that more or less the banks are all offering pretty close to the same thing.

The only one that doesn't seem to be competitive at all is BMO (200,000) with 50,000 released per year.  Considering tuition costs at UBC are over $200,000, unless you have rich parents that are willing to help you'd be living off of OSAP (Provincial loans), maxxing out your LOC and working summers.

 

It is important obviously to educate yourself too.  I found out that RBC releases all the funds at once so the full 275,000 is available to you immediately.  This is a big deal for me as I will have a lot more expenses in my 1st year and I'm hoping to join the military and will have a source of income by 2nd year and tuition costs paid.  

 

That being said I contacted advisors at TD, CIBC and Scotiabank.  Only the Scotiabank advisor impressed me.  And they really impressed me and I would've gone with Scotia except for the technicality on the LOC being released in chunks over the 4 years.

 

My RBC rep was second best but they had the  better product for me over the next 4 years.

 

Everyone's financial needs will be a little different and thats where advice can be important and I appreciated the advice the Scotiabank person gave me, even though it directed me toward their competitor.

 

Happy shopping.

[( ͡° ͜ʖ ͡°)]

I had a terrible experience with Scotia in Toronto. I'm definitely in the minority though since people here seem to recommend them like crazy. They really only have 2 ppl who know wtf they're talking about (RBC has much more). I was shuffled around 2 other inexperienced advisors before I was able to get 1 of the actual 2 to come in the room and sit with me even though I had an appointment with a specialist. It seemed like they just had so many students to deal with that they didn't want to bother taking the time to answer my questions unless I was 100% going to sign. "We can discuss these aspects later after you apply".... lol let's not.

 

I know UofT has a silly "deal" with Scotia and promotes them all over the place but it doesn't matter. Go with the bank that has a combination of the best package for you and the best advisor. For me, that was RBC hands down. I still believe they have the most competitive package by default (without negotiating perks). The only "downside" depending on your personal situation is that you must have funds in your chequing acct to pay the interest (it's automatically charged).

[premedar]

Thank you for sharing your experiences here. I too rather have access to all the funds. Just out of curiosity does RBC offer any of its credit cards with the annual fee waived for 4 years?