Whether you’re dining out, traveling the world, or just making everyday purchases, the Discovery Bank Platinum Credit Card ensures you get the most out of every dollar.
Plus, it offers you full transactional capabilities, allowing you to perform tasks like accept salaries, make digital payments, and set up debit orders.
But that’s not all. Let’s get a comprehensive review of this card to help you establish if it suits your needs.
Discovery Bank Platinum Credit Card Features
Like many credit cards, the Discovery Bank Platinum Credit Card offers numerous features to its customers. Here are those that stand out:
The first one is the banking app. This advanced and intuitive app makes it extremely easy to use and manage your account. For starters, it allows you to upgrade your accounts or open new ones, it enables you to manage your cards, limits, and PINs, and you can transfer funds within accounts.
Using this app, you can also track foreign currency allowances, manage your discovery miles, and even set up beneficiaries.
The second feature on this list involves the comprehensive banking benefits. For example, this credit card account offers a 55-day interest free period on purchases, although on select transactions.
Additionally, it gives you access to unlimited virtual cards that you can start using instantly. And if you want to save, the account allows you to save and transact in US dollars, UK pounds, and Euros using your Real-Time Forex Accounts.
Enhanced security is another feature that can’t be underrated. The card includes security features such as facial recognition technology, PIN and Chip technology, as well as secure tap-and-go payments.
Lastly, you get access to a free cover while using the card. Here, the card offers up to 24 months of automatic warranty extension and protection against accidental damage or theft of purchases.
How the Discovery Bank Platinum Credit Card Works
Now, this credit card is designed to reward you for getting financially fit. What does this mean? You receive Discovery Miles for things like driving well, spending responsibly, and even getting healthier.
Discovery Miles are usually the card’s rewards currency and are more versatile and valuable than cash.
For instance, when you use your card to make healthy grocery purchases at Pick n Pay and Woolworths, you get a cashback of up to 50%. Personal care items from Dis-Chem or Clicks with HealthyCare also earn you up to 50% cashback.
Other rewards include a 15% cashback when you make fuel purchases at BP or select Shell fueling stations, and a 3.5% cashback when you buy Bank-Integrated Discovery Life Plan premiums.
For every Rand you earn as cashback, you receive 10 Discovery Miles. However, the number of Discovery Miles are determined by your Vitality Money status.
The deal becomes even better when you are redeeming your Discovery miles. For instance, you can redeem your miles from over 40 in-store and online partners, use them in the Vitality Mall, or use them to pay for airtime, electricity, data, and prepaid water.
Redeeming your Discovery Miles throughout the month can earn you up to 15% off your purchases.
Pros and Cons of the Discovery Bank Platinum Credit Card
While the Discovery Bank Platinum Credit Card presents numerous benefits for users, it also has some drawbacks you must consider. Let’s get an overview of the main ones.
Benefits
The main benefits you get from using the Discovery Bank Platinum Credit Card include:
- Dynamic Interest Rates: The card allows you to control your interest rates through the Vitality Money status. This way you can pay less and save more. For instance, you get 2% on your positive balances, 6.75% on saving accounts, and 5% less interest when you borrow.
- Travel Discounts: Through Vitality Travel, you get access to exciting discounts on flights, accommodation, and car hire bookings. For instance, you get up to 50% cashback on local flights, 35% on international flights, 25% on car hire and accommodation, and 15% on beach, city, or cruise adventure.
- A Discovery Miles Account: This allows you to monitor and manage your Discovery Miles. You can also use the account to exchange your miles for cash or even send miles to your contacts.
Disadvantages
- Minimum Qualifying Income: You must have a monthly income of at least R155 or a yearly income of R350,000 to R850,000.
- Complicated Rewards: There are numerous reward programs that might get confusing for the user.
Discovery Bank Platinum Credit Card Fees and Rates
How are the rates? This credit card offers a 55-day interest-free period on purchases for select transactions. After that, it uses a convenient pay-as-you-transact model. By improving your Vitality Money status, you can enhance your rates. You can earn up to 2.50% on positive balances in your transaction and credit card accounts.
The account comes with a competitive interest rate structure, which varies based on your product type and card color, including Blue, Bronze, Silver, Gold or Diamond. You can earn interest rates starting at 1.00%, and increasing to 1.15%, 1.30%, 1.75%, and up to 2.00%.
This tiered interest rate system ensures that the more you save, the more you earn. It makes it an attractive option for those looking to maximize their savings while enjoying the flexibility of a transactional account.
Discovery Bank’s pay-as-you-transact fee structure includes a monthly account fee of R155, which covers the account fee (R70), Vitality Money premium (R40), and single credit facility fee (R45). Additional physical cards and credit card accounts each cost R45 per month.
Transaction fees include local ATM withdrawals at R5 + 2.5%, international ATM withdrawals at R85, and local point-of-sale withdrawals at R2. Digital payments are R2.75, while real-time payments range from R1 to R35.
On the other hand, cash deposits at Pick n Pay and Boxer stores are R19.95 per R5,000. International purchase fees are 2%, with a cap of R500. And lastly, balance inquiries and payment notifications are free.
Requirements and Eligibility Criteria
So, what are the Discovery Bank Platinum Credit Card requirements? One, you must be a South African resident. Two, you must be an adult (at least 18 years).
This means that you must have a government issued ID to prove your residency and age. Also, you must provide proof of your income using the latest payslips.
How to Apply for the Discovery Bank Platinum Credit Card
The process is easy and takes less than 60 seconds. Start by visiting the Discovery Bank Platinum Credit Card page. Here, you can see the “Get Started” button at the top of the page.
Click on it to start the application and choose the type of benefits you want from a card. For example, you can pick best rewards, dynamic rates, or minimum interest. Click next to continue.
Fill in your financial and personal information as prompted, and you’ll be a few seconds from getting your card.
Conclusion
The Discovery Bank Platinum Credit Card offers a compelling blend of rewards, benefits, and security features. It’s tailored for individuals seeking a premium banking experience and provides generous cashback on purchases, travel perks, and comprehensive insurance options. Overall, the Discovery Bank Platinum Credit Card stands out as a versatile and advantageous choice for customers aiming to maximize their financial and lifestyle benefits.