VF
VARI F
1 reviews | Active since Aug 2019
30 Aug 2019, 11:47
All rewards as long as you rack up the debt
If i could give no stars at all. Your marketing is so good you mislead people. I opened an account with this idea of being rewarded for being financially savvy --- i was recently advised that i cant have any of the rewards because i dont hold a credit card ( funny that - how does one become financially fit if you forced to hold credit?? and not even smart credit??? ---- no where on you website etc does it even mention that these rewards are only for credit card holder ---- basically your offering an overpriced transactional account with an extra fee for vitality money but you really cant benefit from if you once again dont hold a credit card....... On another point may i suggest educating your staff on what they are selling because they clearly havent got a clue.......
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Replies (2)
Discovery Bank's replyOfficial
04 Sept 2019, 11:08Hi Vincenzo
Discovery Bank’s purpose is to get South Africans banking healthier. One of the five key behaviours that lead to becoming financially healthy is adequately managing debt. We want clients to manage their credit cards responsibly, and we will reward them for this behaviour with a better Vitality Money status and better rewards. The structure of credit cards gives the Bank more opportunities to fund better rewards for our clients, hence the higher rewards.
Discovery Bank’s purpose is to get South Africans banking healthier. One of the five key behaviours that lead to becoming financially healthy is adequately managing debt. We want clients to manage their credit cards responsibly, and we will reward them for this behaviour with a better Vitality Money status and better rewards. The structure of credit cards gives the Bank more opportunities to fund better rewards for our clients, hence the higher rewards.
With just the transaction account, you can still earn rewards with Dynamic Interest Rates, interest rates that flex based on your behaviour.
Vitality Money is focused on getting clients to bank healthier. This includes using the financial system in the most efficient way. For someone that uses their credit card, and pays off the balance in full, the credit card is the most efficient method. If you use your credit card and leave the money in your transaction account, you can earn interest on this balance. This wouldn’t be impactful if you didn’t earn much interest on your transaction account – we pay 5% and it can go up to 6.5% based on your Vitality Money status. If you kept R100 000 there, it would amount to R6 500 per annum.
Kind regards
Kind regards
Discovery Bank's reply04 Sept 2019, 11:08
Official
Hi Vincenzo
Discovery Bank’s purpose is to get South Africans banking healthier. One of the five key behaviours that lead to becoming financially healthy is adequately managing debt. We want clients to manage their credit cards responsibly, and we will reward them for this behaviour with a better Vitality Money status and better rewards. The structure of credit cards gives the Bank more opportunities to fund better rewards for our clients, hence the higher rewards.
Discovery Bank’s purpose is to get South Africans banking healthier. One of the five key behaviours that lead to becoming financially healthy is adequately managing debt. We want clients to manage their credit cards responsibly, and we will reward them for this behaviour with a better Vitality Money status and better rewards. The structure of credit cards gives the Bank more opportunities to fund better rewards for our clients, hence the higher rewards.
With just the transaction account, you can still earn rewards with Dynamic Interest Rates, interest rates that flex based on your behaviour.
Vitality Money is focused on getting clients to bank healthier. This includes using the financial system in the most efficient way. For someone that uses their credit card, and pays off the balance in full, the credit card is the most efficient method. If you use your credit card and leave the money in your transaction account, you can earn interest on this balance. This wouldn’t be impactful if you didn’t earn much interest on your transaction account – we pay 5% and it can go up to 6.5% based on your Vitality Money status. If you kept R100 000 there, it would amount to R6 500 per annum.
Kind regards
Kind regards
VF
In none of your marketing or mentioned by your consultant did it say that one had to hold a credit card....to actually benefit from this so called vitality money..... to be frank how many people settle there cards in full --- your response is rather poor very simi**** to the service and knowledge held by your banking staff
VARI F's updateReviewer Update
28 Sept 2019, 05:10In none of your marketing or mentioned by your consultant did it say that one had to hold a credit card....to actually benefit from this so called vitality money..... to be frank how many people settle there cards in full --- your response is rather poor very simi**** to the service and knowledge held by your banking staff
VF
VARI F's update28 Sept 2019, 05:10
Reviewer Update
In none of your marketing or mentioned by your consultant did it say that one had to hold a credit card....to actually benefit from this so called vitality money..... to be frank how many people settle there cards in full --- your response is rather poor very simi**** to the service and knowledge held by your banking staff