1 reviews | Active since Mar 2009
iPhone benefit
Hi there
I took out the iPhone benefit. At the time, I was made to pay for the phone and a budget facility was created on my card for this.
I then have been getting charged a monthly instalment over the time I have had the phone. This seems strange to me, as I transferred the money into the account and this cash was ring fenced for the phone.
What I don’t understand is that a liability was created for the purchase of the phone, and then on a monthly basis I am made to pay again with a monthly instalment.
I didn’t raise this issue earlier as I just assumed there was something I wasn’t understanding, but honestly it seems like I paid for something and now on a monthly basis I have to meet goals to avoid paying for it twice.
Please can you explain.
Thanks
Kate
Thanks for reaching out to us.
I will be looking into this for you and provide you with feedback as soon as possible.
Kind regards
Nkhensani
Best regards,
Thanks for reaching out to us.
I will be looking into this for you and provide you with feedback as soon as possible.
Kind regards
Nkhensani
Best regards,
The iPhone benefit will appear as a budget transaction on your Discovery Bank credit card. It will reduce your available balance on your credit card by the iPhone’s outstanding amount until the device is paid off.
As you pay off your budget transaction, the amount becomes available on your credit facility for you to use.
Interest is charged at your contracted borrowing rate and your cash back will be based on the number of Vitality Active Rewards goals you achieve as well as your Vitality Money status as part of your Dynamic Interest Rate benefit.
Your iPhone budget transaction will incur interest at your contracted borrowing rate, which is a variable rate based on the prime rate. An increase or decrease in the underlying prime rate will result in a recalculation of
the instalment due. In addition, any change to your underlying product which may impact your contracted rate will also result in a recalculation of your iPhone budget instalment.
By activating the Vitality Active Rewards with iPhone benefit, you agree that you’ll meet your weekly Vitality Active Rewards goals over the 24-month iPhone budget transaction period to receive cash back to help cover the cost of your iPhone.
Kind regards
Nkhensani
Best regards,
The iPhone benefit will appear as a budget transaction on your Discovery Bank credit card. It will reduce your available balance on your credit card by the iPhone’s outstanding amount until the device is paid off.
As you pay off your budget transaction, the amount becomes available on your credit facility for you to use.
Interest is charged at your contracted borrowing rate and your cash back will be based on the number of Vitality Active Rewards goals you achieve as well as your Vitality Money status as part of your Dynamic Interest Rate benefit.
Your iPhone budget transaction will incur interest at your contracted borrowing rate, which is a variable rate based on the prime rate. An increase or decrease in the underlying prime rate will result in a recalculation of
the instalment due. In addition, any change to your underlying product which may impact your contracted rate will also result in a recalculation of your iPhone budget instalment.
By activating the Vitality Active Rewards with iPhone benefit, you agree that you’ll meet your weekly Vitality Active Rewards goals over the 24-month iPhone budget transaction period to receive cash back to help cover the cost of your iPhone.
Kind regards
Nkhensani
Best regards,