From 1 December, Discovery Bank clients using physical credit cards – i.e., plastic – will earn a so-called “base rate” of just 1 Discovery Mile for every R100 spent, regardless of the type of account they hold or their Vitality Money status. The changes were announced by the bank in the past week. It says this base rate is “not changing”.
From next month, earning Discovery Miles at a better rate than (effectively) 1% will require account holders to use their virtual cards for in-store and online purchases.
Virtual cards are more secure than physical ones as they are stored within the banking app and have a CVV that dynamically regenerates hourly. And crucially, they can’t be cloned at a point-of-sale because they’re virtual.
Source: Moneyweb
