Discovery Bank Home Loans
What is a Discovery Bank Home Loan?
A Discovery Bank Home Loan is the first and only shared-value home loan in South Africa. Whether you're a first-time home buyer or looking to upgrade, you'll enjoy a full ecosystem of benefits and tailor-made service that starts in minutes in your Discovery Bank app. Plus, you'll get a personalised interest rate and a further discount of up to 1% on your home loan, when you manage your money well.
How do Discovery Bank Home Loans work?
Qualifying Discovery Bank clients can apply for a Discovery Bank Home Loan in the Discovery Bank app - this includes new home loans, switching your current home loan to Discovery Bank, and refinancing a paid-off property.
The main applicant will start the process in their app and can add up to three co-applicants during the app application process. You'll be asked to provide some details about the home loan you're applying for, your income and expenses, as well as other relevant details.
Discovery Bank will then provide you with an initial offer so you can see what rates, discounts and instalments you could qualify for. This whole process can be completed in as little as five minutes.
What types of home loans can I apply for with Discovery Bank?
Discovery Bank offers three types of home loan financing options, namely:
- New home loan - You can apply for a new home loan on an existing property and for a unit still to be built in a new sectional title development (called a turnkey loan).
- Switch - You can move your existing home loan facility to Discovery Bank.
- Refinance - You can apply for a new loan on an existing property that you own to get extra cash equal to the value of the property.
What is the difference between a switch and refinance home loan from Discovery Bank?
Switching your home loan is when you move an existing home loan account to Discovery Bank. You'll have the option to add an additional cash amount over and above the outstanding loan amount.
Refinancing your home loan is when you own an unbonded property and you want to apply for a new loan to get extra cash equal to the value of the property.
If I switch my bond to Discovery Bank, can I choose a different payment term?
Yes, you'll be able to select a new loan term when you apply in the Discovery Bank app. The terms we offer you will be based on your age, the loan amount and its affordability to you.
Applying for a Discovery Bank Home Loan
How do I apply for a Discovery Bank Home Loan?
You can apply for a Discovery Bank Home Loan and get an initial offer in minutes using the Discovery Bank app. Simply update to the latest version of the Discovery Bank app, then:
- Log in to the banking app.
- Tap Accounts then tap the menu in the top-right corner
- Tap Add Account
- Select Home Loan
- Accept the terms and conditions at the bottom of the screen and tap Next
- Select if you want to apply for a new home loan, switch your existing home loan, or refinance a paid-up property.
- Provide the necessary information and document and submit your application for assessment.
Who can apply for a Discovery Bank Home Loan?
To qualify as a main applicant for a home loan, or to be added as a co-applicant to a home loan application:
- You must be a Discovery Bank client with a transactional account.
- If you're a secondary cardholder, you must add a qualifying primary Discovery Bank account.
- Your account must be in good standing, meaning:
- Your Discovery Bank accounts or credit facilities are not overdrawn, in arrears, in default, or subject to any legal process with Discovery Bank.
- You're not under debt counselling, administration or sequestration.
- Your verification and personal information is up to date.
- You won't be able to apply if you have any other Discovery Bank credit applications in progress.
- You must agree that we can retrieve and use your credit bureau information.
What do I need to qualify for a Discovery Bank Home Loan?
When you apply for a Discovery Bank Home Loan in the Discovery Bank app, you'll need to provide the following information for Discovery Bank to assess if you qualify:
- Confirmation of your personal information (like your population group, country of residence, highest qualification, marital status and your number of dependants) and those of your co-applicants (if you have any).
- Details of the property being bought, switched or refinanced. You'll need a letter confirming the physical address and information about the property's roof and type of boundary.
- Your employment information and those of your co-applicants (if you have any).
- Your monthly income, expenses and credit repayments and those of your co-applicants (if you have any).
- Payment information for the home loan repayment.
- You'll have to upload documents as part of the application. Based on your employment, income and property information, the documents needed will be shown in the banking app.
All new home loan purchases will need a signed offer to purchase document that the seller has accepted. The document must have been completed in full.
How do I check if I qualify for a Discovery Bank Home Loan?
You can check if you qualify for a Discovery Bank Home Loan in the Discovery Bank app. Simply update to the latest version of the Discovery Bank app, then:
- Log in to the banking app.
- Tap Accounts then tap the menu in the top-right corner
- Tap Add Account
- If you qualify for a Discovery Bank Home Loan, the Home Loan option under Products will be blue and you can continue with your application.
If it's greyed out, you don't qualify for a home loan at this point. The reason for not qualifying will be shown on the tile - for example: Credit application in progress.
How much do I qualify for with a Discovery Bank Home Loan?
You can check the home loan amount you could qualify for in the Discovery Bank. Simply log in and supply your income and loan information by starting a home loan. You'll see an estimate of the contracted interest rate, monthly repayment, interest rate discount and once-off fees that'll apply to your home loan.
How much cash can I get with a Discovery Bank Home Loans switch application?
The value you'll qualify for is based on your current loan balance versus the property value. When providing the Income and Loan Information during the application, you'll be able to enter an additional cash amount over and above the outstanding loan amount, but less than the estimated property value.
The estimated property value is subject to confirmation after inspection by an accredited property valuer. This inspection is part of the credit assessment stage of the application.
How much cash can I get with a Discovery Bank Home Loans refinance application?
The value you can qualify for is based on the property value. When providing the Income and Loan Information during the Discovery Bank Home Loan application, you'll be able to enter a loan amount over the minimum amount shown on the screen but less than the estimated property value.
The estimated property value is subject to confirmation after inspection by an accredited property valuer. This inspection is part of the credit assessment stage of the application.
Do I need to give notice to my current bank?
Your bank may require a notice period of up to 90 days to avoid an early settlement penalty also called an early termination fee. Give notice as soon as you accept the Discovery Bank Home Loan offer. The bond attorneys will send a request for cancellation figures to the current bond holder but only after the attorneys have been instructed.
How do I get pre-approved for a Discovery Bank Home Loan?
Discovery Bank Home Loans are very personalised and consider your changing financial conditions to offer you better personalised rates and discounts. Discovery Bank therefore doesn't offer pre-approval of home loans.
Can a business get a Discovery Bank Home Loan?
Discovery Bank doesn't offer home loans to businesses at this point. You need to apply for a Discovery Bank Home Loan as an individual for us to offer you the best interest rates and discounts based on how well you manage your money.
Can I apply for a home loan if I want to buy into a development?
Yes, Discovery Bank now offers loans for properties in projects where the builder completes the home and hands it over to the buyer in a ready-to-move-in condition. These are called turnkey development loans, usually for sectional title properties. When you apply for a development or turnkey loan in the Discovery Bank app, it's classified as a new home loan application.
Can I use part of my Discovery Bank Home Loan for renovations?
If you're switching your existing home loan to Discovery Bank, you'll have the option to add an additional cash amount over and above the outstanding loan amount but less than the estimated property value. This can be used however you choose, including renovations.
Alternatively, you can access funds for renovations using your built-in Revolving Credit Facility.
How do I switch or transfer my home loan to Discovery Bank?
You can apply to transfer your existing home loan facility to Discovery Bank by selecting to switch your home loan during the application process in the Discovery Bank app. Simply update to the latest version of the Discovery Bank app, then:
- Log in to the banking app.
- Tap Accounts then tap the menu in the top-right corner
- Tap Add Account
- Select Home Loan
- Accept the terms and conditions at the bottom of the screen and tap Next
- Select Switch your home loan and complete the application steps.
What is a main applicant when applying for a Discovery Bank Home Loan?
The main applicant is the person who initiates the home loan application. If you're the main applicant, you can complete the application as a single applicant or add co-applicants.
As the main applicant, you're responsible for:
- The selections made in the home loan calculator to maintain the estimated interest rates.
- The uptake of Discovery insurance policies that influence projected interest rates.
- Maintaining the Vitality Money statuses that influence the interest rates.
- The monthly loan repayments, although every applicant is individually liable for the outstanding loan amount.
- Transferring money into and out of the home loan facility.
If the main applicant is married in community of property or has a foreign marriage, their spouse must by law be added as a co-applicant on the application.
What is a co-applicant when applying for a Discovery Bank Home Loan?
A co-applicant is an additional person considered in the underwriting and approval of a loan or other type of application. A main applicant can add three co-applicants to an application.
Applying for a loan with a co-applicant can improve the chances of loan approval and get more favourable loan terms. For example, adding a salaried co-applicant increases the combined income, which makes qualifying for a higher loan amount possible.
The co-applicants' marital and credit statuses can affect the application.
What's an offer to purchase?
An offer to purchase (also known as a sale agreement) is the legal document or contract you complete and sign when you intend to buy a home.
An offer to purchase must be signed by the buyer and seller of the property, to be valid.
If you're applying for a development loan, the developer will give you an offer to purchase pack.
What is the maximum loan term offered by Discovery Bank?
You can apply for a Discovery Bank Home Loan with a maximum loan term of 30 years.
If I get a better rate or offer at another bank, will Discovery Bank match or beat that offer?
If you have a written offer from another institution or bank, you can ask your sales consultant for an interest rate review. Our credit panel will review the offer and your sales consultant will give you feedback.
Home loan interest rates and discounts
How does Discovery Bank Home Loan interest work?
Your effective interest rate will be made up of a contracted interest rate less the interest rate discount (which is discretionary and re-calculated each month).
The contracted interest rate is linked to the JIBAR interest rate, and your personalised link rate is based on your circumstances, for example, your employment status and type, your credit score and if a deposit will be paid.
The Summary of Estimated Rates you see in the home loan application isn't final.
You'll see your final, effective interest rate in the Letter of Acceptance document after the loan is approved.
What is JIBAR?
JIBAR, the Johannesburg Interbank Agreed Rate, is the average rate at which banks lend to each other in the interbank market.
Three-month JIBAR is an independently determined three-month rate quoted on the SA Futures Exchange. The SA Reserve Bank sets and periodically revises the REPO rate. REPO and JIBAR rates move similarly, but JIBAR is adjusted on set quarterly dates and is about 0.2% to 0.5% above REPO at any time.
We use three-month JIBAR as our base rate, while other banks add 3.5% to the REPO rate to determine their Prime rate. Unlike other banks that use Prime as their base rate, we add a personalised link rate (depending on your risk profile) to JIBAR to get to the contracted interest rate we apply to your home loan.
After your home loan is approved, our lending rates are reset every quarter when JIBAR is reviewed. We use the latest market-quoted JIBAR rate to determine your contracted interest rate for the following quarter.
The effect on you is that your interest won't move at the same time as Prime, but only on predetermined quarterly reset dates.
What is the Discovery Bank Home Loan interest rate discount?
The interest rate discount is a benefit we offer for Discovery Bank Home Loans, and is recalculated each month based on the main applicant's behaviour. This means, you could reduce your effective interest rate if the main applicant engages with Vitality Money, enhances their Discovery product portfolio, and uses Discovery Bank as their primary bank.
The Discovery Bank Home Loan interest rate discount is based on:
- The main applicant's Discovery Bank product
- The main applicant's Vitality Money status
- The main applicant having specific products from Discovery Life and Discovery Insure tailored to the home loan offering
- If the main applicant is a Discovery employee.
To be eligible for the interest rate discount, the main applicant must:
- Be in good standing every month on their banking portfolio
- Have Vitality Money active
- Have their home loan debit order mandate linked to their Discovery Bank account
- Meet the below minimum account usage criteria based on average monthly card spend OR average monthly card spend and minimum debit orders paid from their Discovery Bank account
| Card colour | Minimum average monthlycard spend | Minimum annual average monthly card spend PLUS minimum debit orders paid |
|---|---|---|
| Purple card | R22,500 or more qualifying card spend | R3,000 or more qualifying card spend + two or more debit orders |
| Black card | R17,500 or more qualifying card spend | R8,500 or more qualifying card spend + two or more debit orders |
| Platinum card | R11,500 or more qualifying card spend | R5,500 or more qualifying card spend + two or more debit orders |
| Gold card or the Ðiscovery Account | R5,500 or more qualifying card spend | R3,000 or more qualifying card spend + two or more debit orders |
Minimum annual average monthly card spend requirements effective for discounts applied from 1 January 2025 and are reviewed annually.
The interest rate discount will be calculated at the end of the month and applied from the first of the following month.
What percentage discount can I get on my Discovery Bank Home Loan?
Discovery Bank clients can get an interest rate reduction of up to 1% on their Discovery Bank Home Loan. This interest rate deduction is calculated based on:
- Your Discovery Bank product: Up to 0.25% reduction
- Your Vitality Money status: Up to 0.25%
- Your home loan-related Discovery Life and Discovery Insure products: Up to 0.50% reduction
Note: Clients with a sectional title property, will not be able to apply for Discovery Insure's building cover, so would therefor qualify for a maximum of 0.875% and not 1%. For more information on this, please see: What percentage discount can I get on my home loan with Discovery Life and Discovery Insure products?
What percentage discount can I get on my home loan with my Discovery Bank product?
The main applicant on the Discovery Bank Home Loan will receive the following interest rate reduction based on their qualifying Discovery Bank product - based on the Highest Price Indicator (HPI):
| Discovery Bank product | Home loan interest rate discount |
|---|---|
| Ðiscovery Account | 0% |
| PAYT Transaction Account - With Pay-as-you-transact fees (PAYT) | 0% |
| Credit Card Account | 0.10% |
| Transaction Account - with Bundled fees | 0.25% |
| Discovery Bank Suite | 0.25% |
How does my Vitality Money status impact my Discovery Bank Home Loan interest rate?
The main applicant on the Discovery Bank Home Loan will receive the following interest rate reduction based on their Vitality Money status:
| Vitality Money status | Home loan interest rate discount |
|---|---|
| Blue | 0% |
| Bronze | 0.05% |
| Silver | 0.10% |
| Gold | 0.15% |
| Diamond | 0.25% |
What percentage discount can I get on my home loan with Discovery Life and Discovery Insure products?
As a Discovery Bank client, you stand to benefit from a discounted interest rate by taking up Discovery Insure Building cover, Discovery Insure Contents cover and Discovery Life Home Loan Protector cover.
If you sign up for the Discovery Life Home Loan Protector cover and maintain a specific Vitality Money status, you will get the following interest rate discounts:
| Vitality Money status | Home loan interest rate discount |
|---|---|
| Blue | 0% |
| Bronze | 0.05% |
| Silver | 0.10% |
| Gold | 0.15% |
| Diamond | 0.25% |
If you sign up for Discovery Insure Building and Contents cover and maintain a specific Vitality Money status, you will get the following interest rate discounts:
| Vitality Money status | Contents cover only | Buildings cover only | Building and Contents cover |
|---|---|---|---|
| Blue | 0% | 0% | 0% |
| Bronze | 0.025% | 0.025% | 0.05% |
| Silver | 0.050% | 0.050% | 0.10% |
| Gold | 0.075% | 0.075% | 0.15% |
| Diamond | 0.125% | 0.125% | 0.25% |
Note: Clients with a sectional title property, will not be able to apply for Discovery Insure's building cover, so would therefor qualify for a maximum of 0.875% and not 1%.
Where can I see my Discovery Bank qualifying spend/interest rate discount information?
Once your Discovery Bank Home Loan facility is open, you'll be able to see your monthly interest rate discount information in the Discovery Bank app by selecting the home loan account on the Accounts tab.
Managing your Discovery Bank Home Loan
How do I keep track of my Discovery Bank Home Loan application?
You can see the latest status of your application with a home loan tracker in your Discovery Bank app at any time. You and your co-applicants (if you have any) will also get notifications of key milestones as the application progresses.
After you've completed capturing your application and we've checked that your documents are in order, an SA Home Loan sales consultant will be assigned to your application.
They'll keep in touch about the progress of your application assessment and will be available to discuss the details of your application and loan agreement.
Can I use my own insurance or do I have to take up Discovery insurance?
You can choose to take up the Discovery Insure offer or provide proof of insurance by a third party, however as a Discovery Bank client, you stand to benefit from a discounted interest rate by taking up Discovery Insure Building cover, Discovery Insure Contents cover and Discovery Life Home Loan Protector cover.
Discovery Life offers Home Loan Protector cover for all property and application types. While this cover isn't mandatory, it insures the full home loan against death and a list of defined events.
Building insurance or Homeowners Cover (HOC) insurance is mandatory for all freehold or non-sectional title properties and application types, meaning new home loans, switch and refinance applications.
This insurance is necessary to protect the financial risk Discovery Bank undertakes in case the structure of the dwelling suffers damage, and it gives you peace of mind in the event of sudden and unforeseen circumstances.
Building insurance isn't required for sectional title properties unless not covered by the body corporate. You'll need to provide proof of where the body corporate pays for building or HOC insurance.
Contents cover is optional for all property types.
How do I pay off my Discovery Bank Home Loan faster?
Your monthly repayment will be debited from your selected Discovery Bank account. However, you can make additional payments into your Discovery Bank Home Loan to pay it off faster and save on interest. To make additional payments to your home loan from one of your Discovery Bank accounts, simply log in to you Discovery Bank app and follow the steps for transferring between accounts.
Can I pay my Discovery Bank Home Loan off early?
Yes, you can make additional payments into your Discovery Bank Home Loan to pay it off faster and save on interest. To make additional payments to your home loan from one of your Discovery Bank accounts, simply log in to you Discovery Bank app and follow the steps for transferring between accounts.
Fees and additional costs
What fees will apply to my Discovery Bank Home Loan application?
The fees involved with a Discovery Bank Home Loan are typical for home loans in South Africa and comply with all regulations. You'll see a summary of the estimated fees on the Summary of Estimated Rates screen during your home loan application in the Discovery Bank app.
What fees apply to switching my home loan to Discovery Bank?
The following fees will apply when switching your existing bond to Discovery Bank:
- A cancellation or early termination fee from your current bank.
- A bond registration fee.
- A Discovery Bank initiation fee.
- Interim interest.
You'll see the estimated fees on the Loan to value Percentage screen. These fees will be confirmed on the Letter of Acceptance after the loan has been approved.
To avoid the cancellation fee, give your current institution or bank notice to switch your home loan as soon as you accept the offer or sign the Letter of Acceptance.
Then simply wait until the required notice period, usually 90 days, passes.
What fees apply to refinancing my home loan with Discovery Bank?
When refinancing your property with Discovery Bank Home Loans, the following fees will apply:
- Bond registration fees
- Bank initiation fees.
What is the monthly servicing fee for a Discovery Bank Home Loan?
You'll pay a monthly credit service fee of R69.00 on your Discovery Bank Home Loan.
Do I pay transfer duties with a Discovery Bank Home Loan?
You must pay transfer duties to SARS if you're buying a home valued over R1,100,000. Transfer duties are a percentage of the cost of the home and are determined by the buyer's legal status (private, company, trust, etc.). Private buyers pay transfer duties on a sliding scale based on the value of the property.
Transfer duties are for new home loans only. The seller conveyancer will confirm the amount.
Transfer duties and fees don't apply to a development loan.
What conveyancing costs and attorney fees apply when applying for a Discovery Bank Home Loan?
As with all home loan applications, the seller appoints the conveyancing attorney to transfer the property, but the buyer pays the conveyancing attorney the fees for transferring the property into their name.
In the same way as transfer duties, the fees are determined on an upward sliding scale in direct proportion to the cost of the property being bought. The calculated fee must be paid before or simultaneously with registration or transfer of the property. An exemption of R1,100,000 applies to transfer duties but not to these transfer fees.
Transfer fees are for new home loans only. The seller conveyancer will confirm the fees.
Transfer duties and fees don't apply to a development loan.
What bond registration fee will I pay on a Discovery Bank Home Loan?
For the service of registering your bond at the Deeds Office, you'll be charged a bond registration fee or attorney costs. This fee can vary, but you'll see an estimate in the Discovery Bank app when you apply for a home loan. This fee is charged by our attorney panel and will be confirmed on the Letter of Acceptance at the offer stage.
The bond registration fee is for new home loan purchases, switching your home loan and refinancing an existing home loan.
What initiation fees apply on a Discovery Bank Home Loan?
The National Credit Act allows finance providers to charge their customers initiation fees of up to R6,037.50 (R5,250 + VAT). You'll pay us this fee for processing your home loan application and opening your home loan facility.
The initiation fee is for new home loans, switching your home loan and refinancing an existing home loan.
Can I add all the fees to my Discovery Bank Home Loan to capitalise the fees?
Whether you can capitalise the fees to your Discovery Bank Home Loan depends on the type of loan you're applying for:
- For a new home loan, you can't capitalise your registration and initiation fees. You must pay these fees upfront, at registration.
- For a home loan switch, you can either add your registration, initiation and cancellation fees to your home loan (meaning you can capitalise the fees) or pay these fees at registration.
- For refinancing your home loan, you can either add your registration and initiation fees to your home loan (meaning you can capitalise the fees) or pay these fees at registration.
Capitalising these fees is subject to credit approval and may affect your contracted interest rate.
More about development loans
What is a development loan?
A development loan is a type of financing designed to help individuals pay for the construction of a new home or property. The loan covers the purchase of the land and the construction expenses.
What types of development loans are available?
There are two main types of development loans. Discovery Bank only offers the first one for now:
- Loans for projects where the builder completes the home and hands it over to the buyer in a ready-to-move-in condition. These are called turnkey development loans, usually for sectional title properties.
- Plot-and-plan loans cover the purchase of a plot of land and the construction of a home on that plot. These homes are usually freehold property.
What type of development loan is Discovery Bank offering?
Discovery Bank offers development loans on sectional title properties. You can make a new home loan application for such a turnkey development loan.
We'll announce in all our communication channels when we start offering plot-and-plan development loans.
How do I apply for a development loan with Discovery Bank?
- Log in to the banking app.
- Tap Accounts then tap the menu in the top-right corner
- Tap Add Account
- Select Home Loan
- Accept the terms and conditions at the bottom of the screen and tap Next
- Select to apply for a new home loan and follow the steps
- When you come to the Loan to Value percentage screen, select the property title type as sectional title
- Confirm that the property is a new development
- Provide the necessary information and documents, and submit your application for assessment.
Is a development loan different from the other types of home loan applications?
A development loan is regarded as a new home loan application, and it follows the same process. The only difference is that we wait for the building process to be complete, and for you to formally accept the home, before we open your home loan account and begin collecting your home loan repayments.
Are the bond and registration fees the same for development loans?
Transfer duty does not apply to a development loan.
The fees that do apply are the bond registration, initiation and transfer fees.
How can I track the progress of the building or development?
You can track the progress of the building with the developer and discuss any questions or concerns about the construction with them.
We'll only know once the development is complete, and will need your formal acceptance of your home before we pay out the loan amount.
What do I do once I decide to buy into a development?
You can talk to the developer and make an offer to purchase a unit. Once the offer is accepted, you can start the application in the Discovery Bank app.
How is the Offer to Purchase for a development loan different?
The seller is the developer and the occupation date is further into the future.
How do I know that the developer has followed all the legal procedures and the property is not at risk?
SA Home Loans will vet all developers and developments on behalf of Discovery Bank, to ensure that all the relevant criteria are met. We'll only deal with reputable developers who have all the required documentation.
If my developer is not approved, will my application be declined?
Yes, your application will be declined as security won't be sufficient and we therefore won't be able to extend a loan.
In this case, the property is being declined - not you, the applicant. You can still apply for a home loan on a different, approved property.
If my developer is not approved, when or how can I find this out?
You can ask SA Home Loans because they keep a list of approved developers and developments. The developer will also be able to tell you which banks have approved them.
What is the NHBRC and what are their requirements?
The National Home Builders Registration Council (NHBRC) is a regulation body in South Africa that oversees the home building industry. Their purpose is to protect the interests of housing consumers and ensure that builders comply with industry standards. They provide warranties and protection against poor building practices.
All home builders and developers must register with the NHBRC. This registration ensures that builders meet the required standards and are accountable for their work.
The NHBRC conducts inspections and assessments to ensure that construction projects meet the necessary quality standards. They also offer training courses for builders on building regulations, construction techniques, and business management.
Can I buy multiple units at the same time?
We allow only one home loan application at a time.
Is there any cost associated with cancellation during the development stages?
Any cancellation penalties or costs will be covered in the agreement between yourself and the developer.
Discovery Bank Revolving Credit Facility
How does the Revolving Credit Facility work?
The Discovery Bank Revolving Credit Facility makes credit available to you if you qualify.
You'll go through our credit validation process to see how much you qualify for.
You can only get a Revolving Credit Facility if you have one or more of the following accounts:
- Credit card account
- Transaction account
- Ðiscovery Account.
With the Revolving Credit Facility, you can get money when you need it. You'll transfer the money from the facility into a Discovery Bank account where you can make payments or cash withdrawals.
You'll only pay for the facility when you use it, meaning if you have an end-of-day debit balance of at least R500 at any point during the statement period.
I only have a Discovery Bank savings account. Can I get a Revolving Credit Facility?
No, unfortunately our Revolving Credit Facility is only available if you're already a Discovery Bank primary accountholder with Vitality Money, meaning you have a transaction or credit card account or Ðiscovery Account.
You can add a qualifying account in the Discovery Bank app.
Then you can open a Revolving Credit Facility in the app.
I haven't joined Discovery Bank; can I open just a Revolving Credit Facility on its own?
No, unfortunately our Revolving Credit Facility is only available if you're already a Discovery Bank primary accountholder with Vitality Money, meaning you have a transaction or credit card account or Ðiscovery Account.
You can download the Discovery bank app and join with a qualifying account.
Then you can open a Revolving Credit Facility in the app.
I still have only the credit card from before you launched Discovery Bank and no other Discovery Bank products. Can I open a Revolving Credit Facility?
No, unfortunately the Revolving Credit Facility is only available if you're already a Discovery Bank primary accountholder with Vitality Money, meaning you have a transaction or credit card account or Ðiscovery Account in good standing.
You can download the Discovery bank app and join with a qualifying account.
Then you can open a Revolving Credit Facility in the app.
How are fees charged on the Revolving Credit Facility?
The first time you use your Revolving Credit Facility, either to transfer money out of it or pay money into it, we'll charge you a once-off initiation fee of R350.
We'll charge you the standard monthly facility fee of R69 only if you have an end-of-day debit balance of at least R500 at any point during the statement period.