How to enroll in a Discovery Secured Credit?
Discovery Bank offers a unique way to improve and build your credit score with a complete banking process Discovery allows you to connect all your financial needs in a single spot, right in the palm of your hands, allowing You to manage your accounts, credit card and request credit loans all in its app. And to be able to use it, you will only need:
- Valid South African ID or passport
- Proof of residence (e.g., utility bill or rental agreement)
- Proof of income (e.g., payslip or bank statements)
How does it work?
It’s simple, If you don’t have a Discovery account, all you need to do is enroll for one online by sending the required documentation as pointed out above.
After that, you will need to fund the credit line with an investment. The deposited amount will act as collateral, securing your credit line and allowing you to start building your credit history. That will also allow you to secure a Credit Card.
How does the credit Line work?
You can apply via App, for a secured single credit facility up to a maximum of 50% of the investment value across your qualifying Discovery Invest products. The minimum secured credit you can take out is R250 000 (investment value of R500 000), and the maximum is R5 million (investment value of R10 million).
Alongside the credit Line, Discovery offers you many rewards and advantages:
- Up to 50% Back on HealthyCare Items
- Up to 75% off local and international flights
- Control over your interest rates
- Proof of residence (e.g., utility bill or rental agreement)
- You can pay up to 7% less on your borrowing rate
- Up to 20% back on Uber Rides
- Up to 20% back on your fuel purchases
- And much more…
Access all your needs and control your financial life in a single spot, Continue below to get a step closer to your Discovery Secured Credit.
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