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”.
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. Banks have been driving down incidences of credit card fraud in particular, with this 26% lower in 2022 versus 2021.
There is no change to the underlying earning rates across its various bank accounts. This rate is dependent on one’s Vitality Money status. However, earning at these rates will now require the use of a virtual card.Meet the bank that’s had zero card fraud since launch
Source: News Formal (newsformal.com)
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