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Discovery Credit Card Review 2022

Discovery has a lengthy and illustrious history spanning 28 years. Asset management and insurance are two of the company’s specialties. We’ll look at each and every Discovery credit card in this study, with the exception of those provided by special invitation to high-net-worth individuals. Discovery Bank is regarded as the world’s first behavioral bank. Clients are practically rewarded for their purchasing habits and lifestyle choices.

Discovery has a lot of weight on its back, yet it manages to carry it comfortably. You can earn up to 100% cashback in rewards on some reward goods depending on how you behave as a discovery client. Shopping healthily, going to the gym, saving money, purchasing health equipment and gear, retirement planning, having medical insurance, and maintaining a solid credit score all earn you considerable incentives. If you’re doing any of these things well and aren’t getting paid for it, it’s time to reconsider and get paid for doing what you love.

Discovery Credit Card Types

Credit cards from Discovery Bank are available for a variety of earners. The organization offers four different credit cards: Gold, Platinum, Black, and Purple. Because the purple credit card is only issued via special invitation, it will be excluded from this review. We’ll assess each credit card and compare it to similar credit cards from different banks, highlighting the benefits and drawbacks of each. Each card’s features, rates, incentives, and conditions will be added as well. We’ll also provide you some pointers on how to get started with your discovery credit card application.

 1. Discovery Gold Credit Card

The Discovery Gold Credit Card from Discovery Bank is a first-tier credit card. When compared to the credit cards offered by the big five banks in the same category, this isn’t your normal first-tier credit card. The card rewards you for leading a healthy lifestyle, spending wisely, and more. With free comprehensive travel insurance and free cash deposit at a local pick n pay supermarket, this card delivers better value for money than a gold credit card.

Features

  • Your credit card comes with built-in transactional capabilities, for example, you’re able to create debit orders and make EFT payments from it
  • You get up to 55 days interest-free for credit card transactions
  • You get Vitality Money, which rewards you for banking healthier with Dynamic Interest Rates and boosted Vitality discounts and rewards
  • Your rewards include up to 50% back on Healthy Food
  • You also get enhanced payment features including tap and go, Fitbit Pay, Garmin Pay and Samsung Pay

Fees

  • R30 monthly fee
  • R15 monthly vitality premium
  • R30 Monthly single credit card facility
  • R4 withdrawal at local arm plus 1,5% of withdrawal amount
  • R65 withdrawal on international ATMs
  • R10 discovery instant pay

Rewards

  • Up to 6% off your borrowing rate
  • You can get up to 6.5 % on your demand savings rate
  • Up to 5.5% on the money in your everyday accounts
  • You can get up to 40% back on HealthyFood
  • Up to 10% back on fuel at Shell and BP
  • You can get up to 10% back on Uber trips
  • Earn more weekly rewards for responsible spending and meeting your weekly money goal

Requirements

  • Must be 18 years or older
  • Have a South African ID
  • Earn up to R350,000.00

Competitive Advantage of Discovery Gold Credit Card

Free point-of-sale swipes for local and international transactions are available with Discovery Bank Gold Credit. It also accepts Pick n Pay cash deposits, interbank transfers, returned debit orders, and denied transactions. Discovery does not charge a cost for failed purchases, but other banks impose a significant price, such as R8.50 for declined transactions on a gold credit card from FNB. Other advantages of using the discovery gold credit card include being rewarded for good driving habits, eating well, staying in shape, and so on. Except for Discovery Bank, no other bank in South Africa offers similar privileges, with the exception of their Gold Credit Card. You can get points for saving money, which you won’t be able to acquire from any other bank except Discovery Bank.

Competitive disadvantage of discovery gold credit card

When purchasing abroad with the Capitec Bank Gold Credit Card, there are no currency conversion or withdrawal fees. You can’t say the same regarding the Discovery Bank gold credit card. Withdrawals are charged at a predetermined rate, and foreign currency conversion costs are charged. The bank levies a hefty R65 fee for ATM withdrawals outside of the nation, as well as a currency translation rate of 2.75 percent.

2. Discovery Platinum Credit Card

Features

  • Your credit card comes with built-in transactional capabilities, for example, you’re able to create debit orders and make EFT payments from it
  • You get up to 55 days interest-free for credit card transactions
  • You get Vitality Money, which rewards you for banking healthier with Dynamic Interest Rates and boosted Vitality discounts and rewards
  • Your rewards include up to 50% back on HealthyFood
  • You also get enhanced payment features including tap and go, Fitbit Pay, Garmin Pay and Samsung Pay

Rates

  • R60 Monthly service fee
  • R30 Monthly vitality fee
  • R30 Monthly single credit facility fee
  • R4 withdrawal at local arm plus 1,5% of withdrawal amount
  • R65 withdrawal at international ATMs
  • R10 discovery instant pay

Rewards

  • Up to 6% off your borrowing rate
  • You can get up to 6.5 % on your demand savings rate
  • Up to 5.5% on the money in your everyday accounts
  • You can get up to 50% back on HealthyFood, HealthyCare and HealthyGear items
  • Up to 15% back on fuel at Shell and BP
  • You can get p to 15% back on Uber trips

Requirements

  • Must be 18 years or older
  • Have a South African ID
  • Earn between R350,000 to R850,000.00

Discovery Bank Platinum Credit Card competitive advantages

When it comes to instant payment, Discovery Bank costs less than Standard Bank and FNB for the same card. For its Platinum Credit Card, Discovery charges only R10 for instant payment, although FNB and Standard Bank charge R50 and R12.50, respectively. No other bank offers rewards of up to 50% when shopping for food, exercise equipment, and health products, and Discovery Bank is the only bank that does so with a platinum card.

Discovery Bank Platinum Credit Card competitive disadvantages

Standard Bank covers your credit facility if your card is stolen in an armed robbery, whereas Discovery Bank’s Platinum Credit Card does not. FNB costs only R18.50 for a new premier card, however Discovery Bank charges R150.00 for one, a difference of R131.50.

3. Discovery Black Credit Card

The first word that comes to mind when I think of a black card is ‘wealth.’ Banking on your own can be exhausting at times, and hiring someone to do it for you is the most cost-effective option. All you have to do with Discovery Bank is get a Black Card! A private banker devoted to helping you with your financial requirements is included with a Discovery Black Credit Card. You may obtain help whenever you need it and consult with us 24 hours a day, 7 days a week. Aside from having your own personal banker, you’ll also enjoy faster rewards, which Discovery Bank is known for.

Let’s look at the features, rates, rewards, and requirement for the Discovery Bank Black Card.

Features

  • Your Discovery black credit card comes with built-in transactional capabilities, for example, you’re able to create debit orders and make EFT payments from it
  • You get up to 55 days interest-free for credit card transactions
  • You get Vitality Money, which rewards you for banking healthier with Dynamic Interest Rates and boosted Vitality discounts and rewards
  • Your rewards include up to 60% off local flights and up to 50% off international flights
  • You and a guest get six free visits each year to more than 1 000 airport lounges worldwide
  • You also get enhanced payment features including tap and go, Fitbit Pay, Garmin Pay and Samsung Pay

Rates

  • R110 monthly service fee
  • R45 monthly vitality fee
  • R30 monthly single credit facility fee
  • R4 withdrawal at local arm plus 1,5% of withdrawal amount
  • R65 withdrawal at international ATMs
  • R10 discovery instant pay

Rewards

  • Up to 6% off your borrowing rate
  • You can get up to6.5 % on your demand savings rate
  • Up to 5.5% on the money in your everyday accounts
  • You can get up to60% off local flights and up to 50% off international flights
  • Up to 50% back on HealthyFood
  • 50% back on HealthyCare and HealthyGear items
  • You can get up to 15% back on fuel at Shell and BP
  • Up to 15% back on Uber trips
  • Earn more weekly rewards for responsible spending and meeting your weekly money goals.

Requirements

Discovery Black Credit Card competitive advantage

With the Discovery Black Credit Card, you get more bang for your buck. You can use airport lounges all over the world if you have a credit card. Six trips to over 1000 private lounges throughout the world are included for you and a guest of your choice. Furthermore, you are richly rewarded for your expenditures. When you shop healthy, you can earn up to 75% in rewards – the greatest rate of reward in South Africa for any card type.

Additionally, when you keep fit with Virgin Active or Planet Fitness, you may earn up to 100% back in incentives. When you shop healthy, you can earn up to 75% in rewards – the greatest rate of reward in South Africa for any card type. When purchasing healthcare supplies and equipment from some stores, you can save up to 50%. When compared to black cards from the major five banks and Investec Bank, the Discovery Black Card has the lowest monthly service price.

Discovery Black Credit Card Competitive Disadvantages

It charges for withdrawals for a black card for both local and international transactions yet this is not the case with other banks. FNB doesn’t charge any amount on withdrawal internationally and locally.

R65 on international withdrawal can be a very large sum of money if one makes cash withdrawals in small amounts. Banks use a regressive model when calculating currency conversion fee but that’s not the case with Discovery Bank with their Black Card since they charge 2.75% as conversion rate.

This is high when compared to other banks black cards. Standard Bank and FNB charges range from 1.75%, using a regressive model.

How to apply for Discovery Credit Card

  • Must be 18 years or older,
  • Have a South African ID,
  • 3 months payslip or proof of income,
  • Have a 3 months bank statement that shows your monthly income and must be current,
  • Select a discovery credit card that you qualify for,
  • Download the discovery app on your mobile device and start the application process, or
  • Go to Discovery Website to register or login to apply for a credit card of your choice

Conclusion

Credit cards from Discovery are among the best in South Africa. They provide better incentives than some of the Big Five banks. Discovery has also excelled with behavior banking, implementing it flawlessly even amid the current COVID-19 pandemic. Discovery Bank is the clear choice if you wish to keep healthy and plan for your future retirement. I have several bank cards for various reasons, but none of them compare to what Discovery does for its customers. I have health insurance, life insurance, and a retirement plan, and I go to the gym to stay in shape. Without Discovery Bank, I would not have been able to do all of these tasks. Every day, I go for a 3-kilometer jog, and I’ve made healthy eating a part of my regular routine.

I have 2 problems with Discovery Bank and these cannot be ignored.

  1. I have a problem with the discovery banking app. Though the app is secure, it allows one to take screenshots something that doesn’t sit well with me. Capitec and FNB offer much secure apps which do not permit the taking of screenshots. I’m pointing this out because information on my Banking App is personal and shouldn’t be screenshot for any reason since I can download bank statements and other documents online.
  2. Currently you can get any debit card you want as long as you can fill in any information on how much income you are getting. All the cards have a qualifying criteria including debit cards so it is somehow pointless to have these requirements if one can get any card without screening. The bank’s security system definitely needs to be upgraded to meet certain standards.

Straight Answer

How do l apply for a Discovery Credit Card?

The simplest way to apply for a Discovery Credit Card is filling up a credit card application form on the Discovery website. The process of approval takes a few minutes, as everything is done online. You will just need the necessary requirements with you to apply successfully. That is your SA ID number and payslip or proof of income that’s not less than 3months old.

How does Discovery credit card work?

  • Your Discovery black credit card comes with built-in transactional capabilities, for example, you’re able to create debit orders and make EFT payments from it
  • You get up to 55 days interest-free for credit card transactions
  • You get Vitality Money, which rewards you for banking healthier with Dynamic Interest Rates and boosted Vitality discounts and rewards
  • Your rewards include up to 60% off local flights and up to 50% off international flights

Can you withdraw cash with a Discovery Credit Card?

Discovery credit cardholders can withdraw cash from ATMs, selected superstores and even do cash deposits at these points. Withdrawing at local points is charged at R4 per withdrawal while withdrawals at International points are charged at a higher fee, that is at R65 per withdrawal.

Which is the best Discovery credit card?

The Four Discovery Credit Cards, that is the Gold, Black, Purple and the Platinum have all advantageous features that standout. The benefits and advantages depend on which of the credit cards you are using as they all offer benefits that are highly convenient to the client.

What is Discovery Gold credit card?

Discovery Gold Credit card is a 1st tier credit card from discovery Bank. The card offers rewards for healthy living, healthy spending and more. For a gold credit card, this card offers more value for money with free comprehensive travel insurance and free cash deposit at local pick n pay supermarket.

What is Discovery Platinum credit card?

The Platinum Credit Card is the typical high ranker credit card offered by the Discovery Bank. It is only offered to the few who earn from R350 000 to R850 000 per annum.

What is Discovery Black Credit Card?

The Discovery Black Credit Card is a top of the range credit card from the Discovery bank. With a Discovery Black Credit Card, you get yourself a private banker dedicated to helping you with your banking needs. You get advice whenever you need it and can consult 24/7. Besides getting your own private banker you get accelerated rewards.

How do l qualify for a Discovery credit card

To qualify for a Discovery Credit card, you have to meet the requirements needed for each credit card. Basic requirements would be your SA ID number, proof of income or payslip for the last 3 months and the ranges of income according to each credit card’s requirements.

What are the rates for Discovery credit cards?

The rates of the Discovery Credit Cards differ from each other. The Discovery Gold credit Card is, however, the credit card with the lowest rates compared to the Platinum and the Black credit card. The rates for the Discovery credit card are:

How does Discovery Bank work?

Discovery bank is known as the first behavioural bank in the world. The company literally rewards its clients for their lifestyle and spending behaviour. Depending on how you behave as a discovery client, you can earn up to 100% cash back in rewards on certain reward items.

Is Discovery a good bank?

Compared to other banks, Discovery is the only bank in South Africa that has exclusive offers which no other bank can offer to their clients.No other bank offers rewards of up to 50% when shopping for food, gym products and health products.

What rewards do l get with Discovery Credit Cards?

  • You can get up to60% off local flights and up to 50% off international flights
  • Up to 50% back on HealthyFood
  • 50% back on HealthyCare and HealthyGear items
  • You can get up to 15% back on fuel at Shell and BP
  • Up to 15% back on Uber trips
  • Earn more weekly rewards for responsible spending and meeting your weekly money goals.
Discovery Credit Card Review 2022

Martin du Toit

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