Vitality Money: Your path to a lower borrowing rate with Discovery Bank

Nobody likes paying more for something than they need to, so you want to ensure you get lower interest rates when you borrow money from a credit facility. Great news - Discovery Bank's Revolving Credit Facility helps you do just that with interest rates you can control through Vitality Money.

Interest rates 101

An interest rate is the price you will pay to borrow money. When you borrow money, you must pay back the original amount you borrowed, plus a percentage of the loan amount as interest. The lower the interest rate, the less you'll be charged and the more you save.

For example, if you borrow R10,000 from a credit facility at 17% interest, you'll be charged monthly interest of R142. If you had a reduced interest rate of 10% you'll be charged monthly interest of R83. This may not seem like a lot in one month, but over multiple months and years, and with interest compounding, it could save you a lot in the long run.

Pay up to 7% less interest with Vitality Money

Typically, interest rates are fixed and based on your credit score, so you have no control over them. It's different with Discovery Bank. Discovery Bank clients get personalised interest rates through Vitality Money and their one-of-a-kind Dynamic Interest Rates, where clients can save up to 7% on their credit repayments.

Your Discovery Bank product and Vitality Money status, which is calculated automatically when you activate Vitality Money and updates each month as you manage your finances, determine the rewards you earn. The higher your status, the better your rewards - and the lower your interest on your credit.

How to improve your Vitality Money status

Your Vitality Money status depends on how you manage five financial behaviours:

Having enough savings

Managing short-term debt

Having the right types of insurance

Being on track for retirement

Managing property investments

The better you manage these behaviours, the less you pay in interest with Discovery Bank's Dynamic Interest Rates.

Take advantage of Discovery Bank's Revolving Credit Facility

Get immediate access to funds when you need them with a Revolving Credit Facility . Only pay fees as you use your facility and experience flexible repayment terms - and pay less in interest depending on your Vitality Money status.

With healthy banking behaviour, you can improve your Vitality Money status and lower your borrowing rate. Make payments as and when you want, with affordable monthly repayments from as little as 2.5% each month on your outstanding balance. Pay in additional lump sums as often as you can to save even more on interest over time.

Vitality Money helps you manage your money responsibly so that interest rates - and finances - are in your control.

Get your Discovery Bank Revolving Credit Facility in a few taps

You can apply for revolving credit in the Discovery Bank app - it only takes five minutes:

1. Log in to your banking app.
2. Tap More.
3. Tap Credit Facilities.
4. Tap Apply today on the Revolving Credit Facility tile and follow the steps to submit your application.

Discover credit  that revolves around you with Discovery Bank's Revolving Credit Facility.

Access, spend and repay - your way.

The Future of Banking. Now.

This article is meant only as information and should not be taken as financial advice. For tailored advice, please contact your financial adviser.