Discovery Credit Card Review 2021

Posted on Jan 9, 2021 by Staff Writer

Rateweb | South Africa

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Discovery has a long history spanning over 28 years. The company is known for asset management and insurance. On this review, we are going to look at each and every Discovery credit card save for those that are issued by special invitation to high wealth individuals.

What is Discovery all about?

Discovery bank is known as the first behavioural bank in the world. The company literally rewards its clients for their lifestyle and spending behaviour.

Discovery has put so much weight on its back and fortunately, it is able to carry it with ease. Depending on how you behave as a discovery client, you can earn up to 100% cashback in rewards on certain reward items.

You receive significant rewards for shopping healthy, going to the gym, saving money, buying health equipment and gear, retirement planning, having medical aid and keeping good credit score. If you are doing any of these well and you are not rewarded maybe it’s time that you think twice and get rewarded for doing what you love.

Discovery Credit Cards ?

Discovery bank has credit cards for different types of earners. The company offers 4 types of credit cards; The Gold, Platinum, Black and Purple Credit Card.

This review will ignore the purple credit card since it is only issued by special invitation. We will evaluate each credit card and compare it with the same credit card from different banks stating its advantages and disadvantages.

Also added will be each card’s features, rates, rewards, and requirements. We will also help with tips on how to start your discovery credit card application.

 Discovery Gold Credit Card

Discovery Credit Card Gold

Discovery Gold Credit card is a 1st tier credit card from discovery Bank. Not exactly your typical 1st tier credit card compared to the big 5 banks credit card in the same category.

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.

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

Rates ??

  • 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

Discovery Bank Gold Credit offers free point of sale swipes of local and international transactions. It further offers cash deposits at Pick n Pay, interbank transfer, returned debit order and declined transactions.

Discovery doesn’t charge anything on declined transactions while other banks charge a considerable fee for example, FNB charges R8.50 on declined transactions on gold credit card.

There are other benefits of using the discovery gold credit card such as getting rewarded for your driving behaviour, eating healthy, keeping your body in good shape and more.

No other bank in South Africa give these benefits except for discovery bank and it’s an exception for their Gold Credit Card.

You get to earn points for saving money and this is something that you cannot get from any other bank except for discovery bank.

Competitive disadvantage of discovery gold credit card

With Capitec Bank Gold Credit Card, when shopping overseas, there are no currency conversion costs and withdrawal costs. That’s something you cannot say about the Discovery Bank gold credit card. It charges a fixed rate on withdrawals and conversion costs on foreign currency. The bank charges a hefty R65 on ATM withdraws outside the country and 2.75% in currency conversion rate.

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

Compared to Standard Bank and FNB, Discovery Bank charges low for the same card when it comes to instant payment.

Discovery only charges R10 for instant payment for its Platinum Credit Card while FNB and Standard Bank charge R50 and R12.50 for instant payment respectively.

No other bank offer rewards of up to 50% when shopping for food, gym products and health products, discovery bank is the only bank that offer such high rates and for a platinum card.

Discovery Bank Platinum Credit Card competitive disadvantages

Standard Bank covers your credit facility if your card was stolen in cases of armed robbery, for its Platinum Credit Card, Discovery Bank doesn’t cover this.

FNB charges only R18.50 to get a new premier card while Discovery Bank charges R150.00 for a card replacement that’s a difference of R131.50.

Discovery Black Credit Card

The only language I understand about a black card is ‘wealth’. Banking on your own can be tiring at times and the most cost-effective way is to get someone to do it for you.

With Discovery Bank, all you need is to get yourself a Black Card!

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 and we know that Discovery Bank rewards handsomely.

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 Discovery Black Credit Card you literally get more value for your money. As a credit cardholder, you get access to airport lounges across the world.

You and a guest of your choice get 6 visits to more than 1000 private lounges across the world. Plus, you get handsomely rewarded for your spending.

You can get up to 75% when you shop healthy in rewards – the highest rate of reward in South Africa for any card type. Additionally, you can get up to 100% back in rewards when you keep fit with Virgin Active and Planet Fitness.

You can get up to 75% when you shop healthy in rewards – the highest rate of reward in South Africa for any card type You can get up to 50% when buying healthcare products and health gear from selected stores.

Discovery Black Card has the lowest monthly service fee compared to black cards from the big 5 banks and Investec Bank.

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

Discovery credit cards are some of the best credit cards in South Africa. They offer better rewards than some of the big 5 banks.

Discovery has also done well with its behaviour banking and has implemented it so well even during the prevailing COVID-19 pandemic.

If you want to stay healthy and plan for your future retirement, then Discovery Bank is your definite answer.

I hold different bank cards for different reasons but I am yet to see a bank that matches what Discovery does for its clients.

Personally, I have a medical cover, life insurance, retirement plan and go to the gym to stay fit.

I couldn’t have done all these if it wasn’t for Discovery Bank. Taking a 3km jog every day has become normal and healthy eating is now my part of my daily 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.

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