Discovery bank Vs FNB

Hamster

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Which requires one to pay it off, which is usually done far more cost effectively with lower interest rates. Most people don’t really have the luxury to be able to save up 200k+ to buy a car cash, it’s kind of a transport thing for work, the thing that pays the money that you use to pay for said car.
You are talking to a guy who drives a 10+ year old car and replaces the brake pads himself :p
 

hj007

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I was an FNB client since I had pocket money as I kid. I think that’s 20+ years now. Switched to Discovery and will never go back to FNB. I used to think Fnb had the best online experience but their service has deteriorated massively over the last few years. My husband has a standard bank account and even their app is super slick.

Apple Pay has been super awesome. Sometimes I don’t take my card with me to the gym. Super easy now to just pay with my watch/phone if I need to pop to the store.

I know a lot of people complain about jumping through hoops with discovery (which is true) but it’s really not that hard for me. Every month I get roughly 10500 discovery miles back which is 1.5k cash and that’s JUST for health food cash back, I get more overall. My Apple Watch is also free. Waaaaay more rewards than ebucks ever gave me.

The point I was trying to make is that everyone will tell you what bank to use based on what they know and love but you need to “see other people” and find out what works for you based on what’s important to you. I genuinely thought Fnb was the best until I experienced other things
Does the Bank portion boost a large portion of the miles? I haven't switched, but am closer to 5k miles per month without bank so wondering whether it would offset the cost of the bank account.

Currently paying the R150 for the cc, but pay basically a few rands to FNB/Capitec for banking vs Discovery's more expensive product. Yeah, so does Discovery Bank give you a lot of those 10k miles?
 

supersunbird

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People, remember Discovery Bank is app only, so if you like using Internet Banking on a computer browser, you won't have that with Discovery.
 

PotatoGuardian

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Does the Bank portion boost a large portion of the miles? I haven't switched, but am closer to 5k miles per month without bank so wondering whether it would offset the cost of the bank account.

Currently paying the R150 for the cc, but pay basically a few rands to FNB/Capitec for banking vs Discovery's more expensive product. Yeah, so does Discovery Bank give you a lot of those 10k miles?
I’m currently on Diamond status for Vitality money and Diamond for health. And I think your discounts are based on how much you spend as well.

So we have quite a bit of savings in discovery savings account (which is chilled because it’s an emergency fund). We also don’t have debt and basically use my credit card to pay for groceries and all household bills etc to keep the spend high and receive miles. We even get fuel points for buying gas at the garage

4FA54964-7A16-43CF-AC34-4D5291E5D14D.png
 

wonduhboy

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I’m currently on Diamond status for Vitality money and Diamond for health. And I think your discounts are based on how much you spend as well.

So we have quite a bit of savings in discovery savings account (which is chilled because it’s an emergency fund). We also don’t have debt and basically use my credit card to pay for groceries and all household bills etc to keep the spend high and receive miles. We even get fuel points for buying gas at the garage

View attachment 1053115
What's in 'other' ?
 

PotatoGuardian

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What's in 'other' ?
That should actually only be R250 which I got for activating Apply pay. The rest is because I tried to monetize my miles to settle my iPhone benefit directly but it didn't work so it just refunded the 5k back to miles. Had to monetize to transaction account and then transfer.
 

prOd

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That should actually only be R250 which I got for activating Apply pay. The rest is because I tried to monetize my miles to settle my iPhone benefit directly but it didn't work so it just refunded the 5k back to miles. Had to monetize to transaction account and then transfer.

Damn, how do you get that much back from the healthy food benefit? Seems like I've been missing out for a few years :D
 

PotatoGuardian

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Damn, how do you get that much back from the healthy food benefit? Seems like I've been missing out for a few years :D
uhmmm our food bill is quite high because we eat low carb high protein. In the week we eat chicken breasts, fish, ostrich and lots of salad and veggies.

When we want to buy treats for the weekend we don't swipe our rewards card and/or pay separately so they don't deduct points lol
 

Priapus

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I’m currently on Diamond status for Vitality money and Diamond for health. And I think your discounts are based on how much you spend as well.

So we have quite a bit of savings in discovery savings account (which is chilled because it’s an emergency fund). We also don’t have debt and basically use my credit card to pay for groceries and all household bills etc to keep the spend high and receive miles. We even get fuel points for buying gas at the garage

View attachment 1053115

Interesting. So why the CC then - is it not better to run it off straight from the transactional account? Or are you using the CC and paying it back in full each month - does that give you more points?
 

PotatoGuardian

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Interesting. So why the CC then - is it not better to run it off straight from the transactional account? Or are you using the CC and paying it back in full each month - does that give you more points?
Yup. You can only gain miles from CC swipes. We pay it off as we use.
 

CranialBlaze

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It’s the same with FNB, you get like 5x+ more rewards using the CC. So much better to use it as your transactional card and clear it monthly. Interest free for 55 days anyway, so simply spend what you can afford.

Hek at FNB I have a 140k limit, have never exceeded 25k.

Some people confuse credit limit with spending limit.
 

hj007

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It’s the same with FNB, you get like 5x+ more rewards using the CC. So much better to use it as your transactional card and clear it monthly. Interest free for 55 days anyway, so simply spend what you can afford.

Hek at FNB I have a 140k limit, have never exceeded 25k.

Some people confuse credit limit with spending limit.
Realized you don't even need a high limit. Kept mine super low to avoid fraud but you can pre-fund the card if you need to go above the 25k limit for a larger purchase. Seemed less hassle than fighting if someone maxed out the card.
 

CranialBlaze

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Realized you don't even need a high limit. Kept mine super low to avoid fraud but you can pre-fund the card if you need to go above the 25k limit for a larger purchase. Seemed less hassle than fighting if someone maxed out the card.

I got all that some time ago, it helps with your credit score, now that I have the house and car, it helps a lot less.

FNB and I presume other banks also tie your interest rate to your limit, so for each increase my interest rate went down, that that I ever used it, but if shot hits the fan, lower is better. Pulled it down from over 20 to under 13
 

air

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For people that have moved to Discovery Bank, was it a painless exercise to move the debit orders?
 

CranialBlaze

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For people that have moved to Discovery Bank, was it a painless exercise to move the debit orders?

That’s kind of not bank specific, if you leave it up to the bank it will take a while, not all institutions allow 3rd parties to do it and when I moved from FNB, it was literally a matter of logging onto each companies site and update the details, took like 15 minutes to update all mine.
 

Priapus

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Thanks @PotatoGuardian - I will look at Discovery CC option as well and use that to get miles back.

Need to close the CC on the FNB account though. Will try do that today.
 
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