Do you happen to know if the interest rate of 0.5 is negotiable? because a friend of mine said her friend is in dentistry and she's also using the Scotiabank PSLOC but only paying the prime interest. Also, out of the two credit cards we can pick from, which one is better and why? I heard the annual fees are waived but would they be charged after we graduate?
I've never heard of anyone getting straight prime as an interest rate, but if you do swing it, PM me and tell me who you're dealing with so I can get in on that. Note that I consider this so unlikely I'm willing to have you over to taste from my impressive scotch collection if you manage it.
Annual fees on the credit cards are waived, although I am not certain whether this will continue once you enter repayment. I want to look into that now... although, quite frankly if that was a big thing for you they would probably waive that to retain you as a customer. They really don't make a lot off you as a student; the reason this deal is so good is that they're trying to keep your business when you become a well-paid professional.
As to which card is better, that depends on you and what you want from the card. If you're not interested in travel or rewards, go with the cash back card. You can either use whatever amount you get back as fun money or put it toward something useful. As for me, I took the travel card - not because I'm traveling a lot now, but because I put basically all my expenses on the card and pay it off each month, which results in me paying no interest but racking up the reward points. The goal is for my wife and I to take a vacation either post-graduation or post-articles and not pay for flights. If you're not interested in traveling, go over to scotiarewards.com and check out the other stuff you can use points for. Like I said, it basically comes down to what you want from it; both cards will function the same way.