Discovery Bank

ReXeL25 said:
I've noticed discovery have updated their points for money rewards.

You also get the points almost immediately while it's still on pending state on bank app.


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I'm not sure how this is encouraging good financial behaviour. I've been looking at Discovery Bank and trying to figure out whether it's worth switching over from FNB/eBucks - and it's very seldom that I make purchases of more than R2500 in one go. R500+ would be just about every weekly grocery shop, but R2.5k is more rare.
 
newby_investor said:
I'm not sure how this is encouraging good financial behaviour. I've been looking at Discovery Bank and trying to figure out whether it's worth switching over from FNB/eBucks - and it's very seldom that I make purchases of more than R2500 in one go. R500+ would be just about every weekly grocery shop, but R2.5k is more rare.
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If you have ebucks dont switch - vitality is nowhere close to it and unless you are a vegetarian vitalitaly healthy foods are not worth it - no meats.
 
newby_investor said:
I'm not sure how this is encouraging good financial behaviour. I've been looking at Discovery Bank and trying to figure out whether it's worth switching over from FNB/eBucks - and it's very seldom that I make purchases of more than R2500 in one go. R500+ would be just about every weekly grocery shop, but R2.5k is more rare.
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It isn't. Its encouraging you to spend more to get points.
 
newby_investor said:
This is kind of my concern. Doesn't seem to be aligned with my financial health, really.
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I ignore the Money Goal now. If I get points, I don't care and I'm spending much less because of it. I was admittedly reckless in my first month with Discovery Bank
 
newby_investor said:
This is kind of my concern. Doesn't seem to be aligned with my financial health, really.
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I'm sure this will change, I reckon they needed to think of a 'weekly' reward system for launch..

Atleast, I hope that is the case because it definitely isn't promoting healthy spend lol.. They should calculate a spend % based on your credit card, and if you go over it weekly you don't get a reward.
 
Thor said:
If you have ebucks dont switch - vitality is nowhere close to it and unless you are a vegetarian vitalitaly healthy foods are not worth it - no meats.
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Unfortunately I just was not earning enough ebucks to justify having both platforms. At the end of the day the Discovery account won out with the apple watch benefit, and pnp cash back.
 
Recallza said:
I'm sure this will change, I reckon they needed to think of a 'weekly' reward system for launch..

Atleast, I hope that is the case because it definitely isn't promoting healthy spend lol.. They should calculate a spend % based on your credit card, and if you go over it weekly you don't get a reward.
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Not sure what they could come up with. If they give rewards for not spending then the headlines will be "Discovery Bank wants you to not spend any money" or something like that. Can't please everyone. Same thing with their Vitality Drive rewards. Currently they don't give rewards if you don't drive at all although you are much lower risk as the headlines will probably read "Discovery Insure wants you to not drive your car".
 
mattrudlles said:
Unfortunately I just was not earning enough ebucks to justify having both platforms. At the end of the day the Discovery account won out with the apple watch benefit, and pnp cash back.
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You pay for the apple watch - make no mistake.
 
Thor said:
You pay for the apple watch - make no mistake.
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I do, but I also get 2 x virgin active memberships included, 2 x shoe boosters, and then the watch with vitality. It makes sense to take the watch and the discovery card over the ebucks that I earn.

I tabled down the rewards from each so far, and the ebucks were barely more than the FNB card fee each month. With the cash back from healthy foods, petrol, and discovery miles it didn't make sense to stick with ebucks right now.
 
SaiyanZ said:
Not sure what they could come up with. If they give rewards for not spending then the headlines will be "Discovery Bank wants you to not spend any money" or something like that. Can't please everyone. Same thing with their Vitality Drive rewards. Currently they don't give rewards if you don't drive at all although you are much lower risk as the headlines will probably read "Discovery Insure wants you to not drive your car".
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This is one of the main reasons I'm not on Discovery Insure - I do about 30-50km per week with my car, since I commute to work by bicycle. While my car is parked in my garage, it's FAR lower risk than those people who are doing 100+kms per week and getting points for not braking too hard or turning too sharply.
 
Thor said:
Explain this one to me please?
(I am new to Discovery)
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Alright, here is the current breakdown. My wife and I are on the +1 vitality for around R375 a month.

Each of the two members may apply for the virgin active discount (75% off, with 25% back for goals achieved) for each (25% * 2 = R450 in total a month).

Ditto that for either the shoe, fitness device or bicycle - ? - benefit too for both members. (can't remember the figure here, but around R300 for both a month)

Only one member, however, can activate the apple watch benefit which requires a discovery bank card. It seems you also get your activation fee repaid now as well. (then the watch at R250 a month I think)

Well worth being on vitality. Not even counting the 75% off gym * 2 which is around R1200 in total.

I was getting really bad ebucks earn on level 3 (no home loan, contract, insurance etc with FNB) - ~ R200 a month from petrol.

With discovery bank I get around R200 from healthy food alone, and should get about R150 from petrol (will confirm from this month end payout).

I have to have a discovery card for the watch at R185 a month.

When I considered my ebucks earn vs my account fee I was only coming out with R50 real world ebucks. Sometimes more.

When I pooled the fees of each card and its benefits and compared, it didn't make sense to keep going with ebucks at this stage.

Other guys not so much - ebucks is rocking for them.
 
newby_investor said:
This is one of the main reasons I'm not on Discovery Insure - I do about 30-50km per week with my car, since I commute to work by bicycle. While my car is parked in my garage, it's FAR lower risk than those people who are doing 100+kms per week and getting points for not braking too hard or turning too sharply.
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Same here. I actually do have my car insured with Discovery Insure as they were much cheaper than the rest. I didn't take the Vitality Drive addon though as I don't drive 100km a week.
 
mattrudlles said:
Alright, here is the current breakdown. My wife and I are on the +1 vitality for around R375 a month.

Each of the two members may apply for the virgin active discount (75% off, with 25% back for goals achieved) for each.

Ditto that for either the shoe, fitness device or bicycle - ? - benefit too for both members.

Only one member, however, can activate the apple watch benefit which requires a discovery bank card. It seems you also get your activation fee repaid now as well.

I was getting really bad ebucks earn on level 3 (no home loan, contract, insurance etc with FNB) - ~ R200 a month from petrol.

With discovery bank I get around R200 from healthy food alone, and should get about R150 from petrol (will confirm from this month end payout).

I have to have a discovery card for the watch at R185 a month.

When I considered my ebucks earn vs my account fee I was only coming out with R50 real world ebucks. Sometimes more.

When I pooled the fees of each card and its benefits and compared, it didn't make sense to keep going with ebucks at this stage.

Other guys not so much - ebucks is rocking for them.
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Wait,

So does your wife still need to have medical and life with discovery? How does this vitality +1 work?

I am currently:
Medical with Genisis
Life Insurance with Discovery
Vitality
Discovery Bank

I pay 225 for the gym which I get back through Discovery Bank

What is required to have my SO join Virgin as well at the discount?
So does not have medical or insurance.
 
Thor said:
Wait,

So does your wife still need to have medical and life with discovery? How does this vitality +1 work?
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I have no idea :) But I would try to add her - it would be like R60 more a month.

Do you qualify for the watch? I know my brother-in-law says he doesn't - same setup as you.
 
mattrudlles said:
I have no idea :) But I would try to add her - it would be like R60 more a month.

Do you qualify for the watch? I know my brother-in-law says he doesn't - same setup as you.
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Does your wife have medical/insurance with discovery?
 
Thor said:
Wait,

So does your wife still need to have medical and life with discovery? How does this vitality +1 work?

I am currently:
Medical with Genisis
Life Insurance with Discovery
Vitality
Discovery Bank

I pay 225 for the gym which I get back through Discovery Bank

What is required to have my SO join Virgin as well at the discount?
So does not have medical or insurance.
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You need have her on medical aid or life insurance then can add her on vitalty profile.
 
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