Discovery Credit Card Review 2023

The Discovery Card is a credit card series that includes:  The monthly credit facility fee for Discovery Credit cards ranges […]

discovery credit card

The Discovery Card is a credit card series that includes: 

  • the Discovery Gold Credit card, which is available to those with annual incomes ranging from R100,000 to R350,000.00; 
  • the Discovery Platinum Credit card, which is available to those with annual incomes ranging from R350,000 to R850,000.00; 
  • the Discovery Black Credit card, which is available to individuals with annual incomes ranging from R850,000.00 to R2.5 million; and 
  • the Discovery Purple credit card, which is available to individuals with annual income of R2.5 million.

The monthly credit facility fee for Discovery Credit cards ranges from R35.00 to R65.00. The monthly credit facility fee is determined by the credit card used. An annual card fee is only applicable to the Discovery Purple credit card, which charges R3,250.00 per year.

Credit cardholders can also earn discounts and rewards when they use their credit card through the Discovery Vitality Money Program. Discovery Vitality Money Premium has a monthly fee ranging from R25.00 to R75.00 depending on the credit card.

Credit card holders can earn lifestyle, banking, and travel benefits through Vitality Money Premium. These benefits are listed below.

Discovery Credit Card Benefits

  • Credit card holders get access to the Discovery Vitality Money rewards program. 
  • There are lifestyle, travel and other benefits that credit card holders enjoy. 
  • Credit card holders can earn up to 75% cash back on healthyfood purchases. 
  • International flights get up to 75% off. 
  • Credit card holders get access to 1200 luxury airport lounges when travelling. 
  • Uber rides get up to 20% Discounts. 
  • Fuel purchase at BP and Shell Garages with the Discovery credit card can earn up to 20% back in miles rewards. 
  • Up to 50% back on Healthcare purchases at Clicks and Dis-Chem. 
  • Up to 20% off when using Discovery Miles to buy prepaid airtime, data, water or electricity. 
  • Spending on Vitality Mall get up to 20% off. 
  • Credit card holders receive interest of up to 5% on positive balance. 
  • Credit card holders can get an iPhone 14 courtesy of Discovery Bank by completing Discovery Health goals. 
  • Fitness devices and performance gear at Nike, Sportsmans warehouse and Totalsports stores. 

Types of Discovery Credit Cards

Discovery Bank provides its customers with four credit cards, each with a minimum income requirement. Furthermore, a customer must have a good credit score in order to obtain a credit card from Discovery Bank. Before applying for a Discovery Credit Card, you should check your credit score.

We on cover 3 of the Discovery Bank credit cards below.

 1. Discovery Gold Credit Card

The Discovery Gold Credit Card is a first-tier credit card available to individuals earning between R100,000 and R350,000.00 per year. The monthly credit facility fee for the credit card is R35.00. Credit card holders can boost their rewards earnings with  Vitality Money premium which is available at monthly subscription fee of R25.00.

Gold credit cardholders can get up to 40% back on healthy food purchases with Vitality Money Premium. Furthermore, credit card holder get up to 10% back on Uber rides and fuel purchases made with the credit card. More travel rewards and discounts can be earned when buying air tickets, paying for accommodation, and other travel necessities.

Competitive Advantage of Discovery Gold Credit Card

With Discovery Bank Gold Credit, you can get free POS swipes for both domestic and international transactions. Pick n Pay cash deposits, interbank transfers, returned debit orders, and denied transactions are also accepted. Discovery does not charge a fee for failed purchases, but other banks do, such as R8.50 for declined transactions on a FNB gold credit card.

Other benefits of using the Discovery Gold credit card include being rewarded for good driving habits, eating well, and staying in shape, among other things. With the exception of Discovery Bank’s Gold Credit Card, no other bank in South Africa offers similar benefits. You earn points for saving money that you cannot get from any other bank except Discovery Bank.

Competitive disadvantage of discovery gold credit card

There is no currency conversion or withdrawal fees when using the Capitec Bank Gold Credit Card to make purchases abroad. The same cannot be said for the Discovery Bank gold credit card. Withdrawals are charged at a predetermined rate, as are foreign currency conversion fees. The bank charges an R65 fee for ATM withdrawals made outside of the country, as well as a 2.75% currency conversion rate.

2. Discovery Platinum Credit Card

The Discovery Platinum Credit Card is a midtier credit card available to individuals with annual incomes ranging from R350,000.00 to R850,000.00. For credit limits less than R2,000.00, credit card holders must pay a once-off R150.00 single credit facility initiation fee. The once-off credit facility initiation fee is R185.00 if the credit limit is greater than R2,000.00.

The monthly single credit facility fee for the Discovery Platinum Credit card is R69.00. Credit card holders can boost their rewards earnings with the Discovery Vitality Money Premium, which costs R55.00 per month.

Discovery Platinum credit cardholders can get the following benefits with Vitality Money Premium:

  • Up to 60% off local flights.
  • Up to 50% back on healthfood purchases.
  • Savings on international flights, accommodation and car hire. 

Discovery Bank Platinum Credit Card competitive advantages

When it comes to instant payment, Discovery Bank is less expensive than Standard Bank and FNB. Discovery charges only R10 for instant payment on its Platinum Credit Card, whereas FNB and Standard Bank charge R65 and R12.50, respectively. No other bank offers up to 50% rewards when purchasing 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 cover your credit facility if your card is stolen during an armed robbery, whereas Discovery Bank’s Platinum Credit Card will not. FNB charges R18.50 for a new premier card, whereas Discovery Bank charges R150.00, a R131.50 difference.

3. Discovery Black Credit Card

The Discovery Black Credit Card is a credit card available to individuals with an annual income ranging from R850,000.00 to R2.5 million. The monthly single credit facility fee for the credit card is R499.00. For credit cards with a limit of less than R2,000.00, a once-off single credit facility initiation fee of R150.00 is required; however, accounts with a credit limit of more than R2,000.00 pay a once-off fee of R185.00.

The Discovery Black Credit Card charges a monthly subscription fee of R65.00 for the Vitality Money program. Credit card holders can earn up to 50% off international flights, 75% back on healthy food purchases, and discounts on accommodation and car rentals.

Discovery Black Credit Card competitive advantage

The Discovery Black Credit Card provides more value for your money. If you have the credit card, you can use selected airport lounges worldwide. Credit Card holders get 6  trips to over 1200 private lounges worldwide with a guest included.  When you shop healthily, you can earn up to 75% back in Discovery miles.

Discovery Black Credit Card Competitive Disadvantages

Some banks use a regressive model to calculate currency conversion fees, but this is not the case with Discovery Bank’s Black Card, which charges 2.75% as a conversion rate. On the other hand, Standard Bank charges a conversion rate of 1.75%.

Discovery Credit Card Application

  • Must earn an annual income of at least R100,000.00. 
  • Must be 18 years or older at the time of application. 
  • Have a good credit score. 
  • Have a valid South African ID book or Smart card. If you are a foreign national, you must have a passport and a valid work permit. 
  • Provide proof of income or have a 3 months bank statement showing salary deposits. 

Conclusion

Discovery credit cards are among the best in South Africa. They offer more attractive discounts and rewards than some of the Big Five banks. Discovery has also excelled at behavioural banking, successfully implementing it despite the COVID-19 pandemic. 

FAQ

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 57 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 75% off local flights and up to 75% 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 to 75% off local flights and up to 75% off international flights
  • Up to 75% back on HealthyFood
  • 50% back on HealthyCare and HealthyGear items
  • You can get up to 20% back on fuel at Shell and BP
  • Up to 20% back on Uber trips
  • Earn more weekly rewards for responsible spending and meeting your weekly money goals.

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