A proven market leader in providing premium credit solutions to physicians tailored to their needs, MD Physician Services has launched a new banking bundle – the MD Platinum Plan2. This plan provides CMA members with exclusive access to:
- A personal line of credit at Prime Rate3, (the Prime Rate is 3.00% as of Mar. 1, 2012. Account handling fees $0/month),
- A premium CMA/MD Platinum MasterCard4 at an annual fee of only $1255 (the annual interest rate is 19.5% as of
Mar. 1, 2012) and,
- Up to three chequing accounts ($Cdn) with no monthly service fee covering the transactions included in the accounts.
This program is uniquely offered to help practicing physicians, who are CMA members, save annual interest costs and/or banking service charges. In addition, members receive a premium rewards credit card, with many benefits including an attractive insurance program.
“We are always looking for new ways to put physicians’ first, meet our changing member needs and enhance the value of being a CMA member. This plan comes at a time when many members are concerned about managing their debt as part of their overall financial planning goals, particularly medical residents transitioning into practice and newly practicing physicians,” says Brian Peters, president and chief executive officer.
“We were among the first in offering medical students and residents premium lines of credit combined with expert advice on how to manage debt early in their careers. Now, we are leading the way by bundling other key banking products for practicing physicians at a much reduced cost to members to ensure they are getting maximum value.”
CMA members interested in more information about the MD Platinum Plan can contact their MD advisor.
1Banking products are provided by National Bank of Canada’s Partnership Branch through a relationship with MD Management Limited.
2The program is an advantage program offered to all CMA members who hold a CMA/MD Platinum MasterCard.
3Subject to credit approval by National Bank. Certain conditions apply. The Prime Rate means the annual variable interest rate published by National Bank of Canada from time to time and used by the Bank to determine the interest rates on demand loans granted by the Bank in Canadian dollars in Canada. This rate is subject to change without notice.
Account statements are issued monthly.
The line of credit accrues interest from the time it is used. The minimum monthly payment is limited to monthly interest charges and any insurance premiums. Example of interest charges for a 30-day period at the rate applicable as of Mar. 1, 2012:
|Annual Interest Rate||Average Balance|
|Prime rate (3%)||$1.23||$7.40|
4Subject to credit approval by National Bank. Certain conditions apply.
5The annual fee will be billed automatically and will appear on the Platinum MasterCard account statement. The statement of account is issued monthly. The minimum payment required corresponds to 3% of your account balance plus any overdue amount or $10, whichever amount is higher (unless your account balance is lower than $10, in which case you must pay the entire balance). If you have exceeded your credit limit, the minimum, payment due will then be 3% of the account balance or the amount exceeding the credit limit, whichever is higher. The grace period is 21 days. No grace period applies to cash advances and balance transfers. Examples of credit charges calculated for a 30-day period at the rate in effect as of Mar. 1, 2012:
|Annual interest rate||Average Balance|