NeuroD Posted August 5, 2016 Report Share Posted August 5, 2016 CIBC is offering Mac students Prime -0.25%, so I'm switching. The down side is they only offer one credit card. Do you guys think a travel rewards or a cash back card is better for a med student? The travel, car rental, warranty insurance etc.. is pretty similar. CIBC Aventura Visa Infinite: 1 Point for every 1$ + 1.5 points for every $1 spent on gas, groceries or drugs CIBC Dividend Visa Infinite: 4% cash back on gas and groceries + 1% on everything else. Link to comment Share on other sites More sharing options...
deathvvv Posted August 5, 2016 Report Share Posted August 5, 2016 Prime -0.25 is amazing Imagine your interest on 40 k debit/ year. Thats like 1200 dollars per year saved. Even with rewards card with best travel perks you may get like 600-700 dollars in savings. So clearly win there. Link to comment Share on other sites More sharing options...
Snowmen Posted August 5, 2016 Report Share Posted August 5, 2016 There's no reason to go for the travel card. The points you get are worth 1 cent so it's a 1% cash back anyway but you only get 1,5% on the rest... Actually, the travel card could be worth it but only because of the extras it might come with. Link to comment Share on other sites More sharing options...
Jessica160 Posted August 6, 2016 Report Share Posted August 6, 2016 I think it really depends what you want at the end of it... I am not a traveller but I went with Aventura as my financial advisor says he ALWAYS recommends the Aventura over the Dividend card... While I don't get cash back, I've been able to get a couple of gift cards and a new iPod that I otherwise never would have paid for. It also really saved me on a trip to Toronto when I needed a rental car and I did not need to pay for insurance. Link to comment Share on other sites More sharing options...
NeuroD Posted August 7, 2016 Author Report Share Posted August 7, 2016 I think it really depends what you want at the end of it... I am not a traveller but I went with Aventura as my financial advisor says he ALWAYS recommends the Aventura over the Dividend card... While I don't get cash back, I've been able to get a couple of gift cards and a new iPod that I otherwise never would have paid for. It also really saved me on a trip to Toronto when I needed a rental car and I did not need to pay for insurance. The infinite dividend card comes with a he same travel/car rental insurance. Link to comment Share on other sites More sharing options...
BuriedSleeper Posted August 8, 2016 Report Share Posted August 8, 2016 Does CIBC still require a guarantor on their student LOCs? Its the one thing that's making me hesitant to go forward with them. Link to comment Share on other sites More sharing options...
plane Posted August 8, 2016 Report Share Posted August 8, 2016 Does CIBC still require a guarantor on their student LOCs? Its the one thing that's making me hesitant to go forward with them. Never go with a bank that requires a guarantor/co-signer. You should be able to get your LOC without one. Link to comment Share on other sites More sharing options...
JohnGrisham Posted August 8, 2016 Report Share Posted August 8, 2016 Does CIBC still require a guarantor on their student LOCs? Its the one thing that's making me hesitant to go forward with them. "Still"? They haven't required gaurantors as a blanket statement. Maybe for one off occasions with uninformed banking reps or some colossal liability of a student. If you walk in their now, they should not require one. Majority of accepted Canadian med students should be able to get it without a cosigner. Link to comment Share on other sites More sharing options...
BuriedSleeper Posted August 8, 2016 Report Share Posted August 8, 2016 Ah, sorry I guess I was misinformed. You're right Commons, I went in and spoke to a rep today and he hasn't heard of any Canadian med student LOC requiring a guarantor. Thanks Link to comment Share on other sites More sharing options...
rmorelan Posted August 8, 2016 Report Share Posted August 8, 2016 Ok this is the second time someone has presented a bank that is less than prime - historically that means they all with be forced to at some point - competition and all that. It would be nice if we got a bunch of confirmation with respect to drop (as it really is a big deal - you either match the lowest rate in the country or you basically are getting out of the LOC business as nothing else you do will make up for the different in the savings on the loan itself). So who as gotten this deal, is it just Mac, or is it more wide spread? Link to comment Share on other sites More sharing options...
thestar10 Posted August 8, 2016 Report Share Posted August 8, 2016 Prime -0.25 is amazing Imagine your interest on 40 k debit/ year. Thats like 1200 dollars per year saved. Even with rewards card with best travel perks you may get like 600-700 dollars in savings. So clearly win there. Your math is way way off. 100,000 k in debt will save 256.51 comparing prime to prime -0.25. Link to comment Share on other sites More sharing options...
JohnGrisham Posted August 9, 2016 Report Share Posted August 9, 2016 Ok this is the second time someone has presented a bank that is less than prime - historically that means they all with be forced to at some point - competition and all that. It would be nice if we got a bunch of confirmation with respect to drop (as it really is a big deal - you either match the lowest rate in the country or you basically are getting out of the LOC business as nothing else you do will make up for the different in the savings on the loan itself). So who as gotten this deal, is it just Mac, or is it more wide spread? That would be great! Strategy: Step 1: All MAC students who aren't with CIBC, demand their respective banks to match CIBC -0.25. Hopefully, then other banks will offer it to Mac Students. Step 2: Non-Mac students in the region(ontario), start telling their banks that its not fair only MAC students get it. Hopefully then all region students regardless of school will get access to -0.25, irregardless of major bank. Step 3: All med students in Canada demand it, even if it means dealing directly with Ontario banks. So...really its on you MAC students to get the ball rolling for the rest of us Link to comment Share on other sites More sharing options...
rmorelan Posted August 9, 2016 Report Share Posted August 9, 2016 That would be great! Strategy: Step 1: All MAC students who aren't with CIBC, demand their respective banks to match CIBC -0.25. Hopefully, then other banks will offer it to Mac Students. Step 2: Non-Mac students in the region(ontario), start telling their banks that its not fair only MAC students get it. Hopefully then all region students regardless of school will get access to -0.25, irregardless of major bank. Step 3: All med students in Canada demand it, even if it means dealing directly with Ontario banks. So...really its on you MAC students to get the ball rolling for the rest of us Kind of - it is very bizarre for a bank to have some sort of regional bias like that - if true it is time to make a lot of noise about it. it isn't just medical students that would jump on this - anyone with an existing loan would, and that is more than the current number of students ha. Link to comment Share on other sites More sharing options...
JohnGrisham Posted August 9, 2016 Report Share Posted August 9, 2016 Time for people to all pick up the phones and call the banks Link to comment Share on other sites More sharing options...
NeuroD Posted August 9, 2016 Author Report Share Posted August 9, 2016 Kind of - it is very bizarre for a bank to have some sort of regional bias like that - if true it is time to make a lot of noise about it. it isn't just medical students that would jump on this - anyone with an existing loan would, and that is more than the current number of students ha. It's not the first time Rob. I believe RBC did the same for U of T last year. I have confirmation today: -0.25 is being offered only from CIBC to Mac students (and it looks like only one branch in Hamilton too). The advisor is not authorized to offer to non-Mac students. That being said, reps from a few of the banks are taking some of us out to lunch to "explain" LOCs at the end of this month. The e-mail mentioned that they have "new" offers for us, so it seems like the -0.25% might spread, at least for McMaster, which is the first step. I'll keep you guys posted after that lunch. Link to comment Share on other sites More sharing options...
NeuroD Posted August 9, 2016 Author Report Share Posted August 9, 2016 Time for people to all pick up the phones and call the banks That would be great! Strategy: Step 1: All MAC students who aren't with CIBC, demand their respective banks to match CIBC -0.25. Hopefully, then other banks will offer it to Mac Students. Step 2: Non-Mac students in the region(ontario), start telling their banks that its not fair only MAC students get it. Hopefully then all region students regardless of school will get access to -0.25, irregardless of major bank. Step 3: All med students in Canada demand it, even if it means dealing directly with Ontario banks. So...really its on you MAC students to get the ball rolling for the rest of us Kind of - it is very bizarre for a bank to have some sort of regional bias like that - if true it is time to make a lot of noise about it. it isn't just medical students that would jump on this - anyone with an existing loan would, and that is more than the current number of students ha. UPDATE: Rumours are that other Hamilton banks are willing to match if you've got documentation of the offer. Guess things are starting to move. Link to comment Share on other sites More sharing options...
rmorelan Posted August 9, 2016 Report Share Posted August 9, 2016 It's not the first time Rob. I believe RBC did the same for U of T last year. I have confirmation today: -0.25 is being offered only from CIBC to Mac students (and it looks like only one branch in Hamilton too). The advisor is not authorized to offer to non-Mac students. That being said, reps from a few of the banks are taking some of us out to lunch to "explain" LOCs at the end of this month. The e-mail mentioned that they have "new" offers for us, so it seems like the -0.25% might spread, at least for McMaster, which is the first step. I'll keep you guys posted after that lunch. ok sounds good - please do. This is exactly the sort of thing we would want to spread, ha. Let's see if competitive forces can make it work. In particular it would be a nice start if ALL CIBC branches offered this to professional students. Link to comment Share on other sites More sharing options...
ploughboy Posted August 9, 2016 Report Share Posted August 9, 2016 Make sure to check the fine print, that the LOC will always be at prime minus a quarter and not just for the first 12 months or something... Link to comment Share on other sites More sharing options...
NeuroD Posted August 9, 2016 Author Report Share Posted August 9, 2016 Yea its for the life of your training (including residency and fellowship). Make sure to check the fine print, that the LOC will always be at prime minus a quarter and not just for the first 12 months or something... Link to comment Share on other sites More sharing options...
JohnGrisham Posted August 9, 2016 Report Share Posted August 9, 2016 Make sure to check the fine print, that the LOC will always be at prime minus a quarter and not just for the first 12 months or something... Thats actually a great point - never know if its just an introductory offer! Kind of like the telecoms... Link to comment Share on other sites More sharing options...
ploughboy Posted August 10, 2016 Report Share Posted August 10, 2016 Yea its for the life of your training (including residency and fellowship). That's a great deal, then. Link to comment Share on other sites More sharing options...
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