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Higher Money Status = Higher Rewards

The higher your money status is, the higher your percentage cash back per month. And not only that, it also affects your dynamic interest rate - whether it is interest towards your credit card or your savings.

Now the question is, how can you improve your money status? Well, that is pretty easy. Let me tell you first: Don't make assumptions! Most people assume that as soon as they look at their money status and they see savings, debt, insurance, retirement, property: they think that Discovery wants to take over their life. The assumption is that the only way my money status can go up is if I have my car and life insurance with them.

Well, that's wrong. Let’s look at how we can close these Money Status rings. For your Savings, you can upload documents manually of savings that are not linked to a Discovery product.

So, you go to your Savings ring and you have an option to upload external savings. This includes your Easy Equities portfolios as well as any savings in other bank institutions.

Choose the right institution, you can give it a nickname - according to whatever you can relate to. Then you put the amount. After you've done that, you save the changes. That will immediately trigger the button to upload your documents. You now need to support your claims. If you have R100,000, put the proof that you have R100,000 sitting somewhere with another bank. So, you don't have to move any of your funds. Keep them where they are if you are comfortable, just manually let Discovery know.

Then the next thing is the Debt ring. This is automated, they get their information from the Credit Bureau. Sometimes there can be discrepancies, but most of the time it works pretty well, so there's nothing we can upload there manually.

The next one, very easy: the Insurance ring. This one covers short term insurance, life insurance and medical aid. If you've got all these products, like me, with Discovery; it will just pick it up automatically. But if you’ve got insurance with other service providers, you need to manually add these documents similar to the Savings ring. This applies to car, home and all your other life insurance - as well as medical aid.

The next ring is the Retirement ring. This particular ring requires information about how much you've saved thus far. Whether it's Discovery or an external service provider, whether it's your government employee pension fund, that part of your life comes in here.

You can add your monthly contribution. You just click 'add more' and then you put the name of the institution, your nickname for it, and the total amount you're contributing towards your pension. This should be a combination of what you contribute and what your employer contributes: and to support this particular amount, you only need to attach your payslip. Then, add a statement from your service provider.

For example: if you already have a R1,000,000 that you've saved towards retirement, this is where you add that data. Put in the total amount and attach the statement from the service provider; that proves that indeed you have a R1,000,000 saved up for retirement.

It’s a very tough ring to close. If you are experiencing trouble closing this ring perhaps it’s time you consult your financial advisor and explore options to see if you can get close to 100% on this one.

Remember a higher money status will give you higher interest rates towards your savings and the lowest interest rates towards your credit card. Perfect combination! Who doesn't want some interest rate savings.

Lastly, the pink Property ring. Discovery Bank doesn’t have home loans yet (this will be launched in the year). In the same way that you manually uploaded other documents, please provide proof of home ownership or asset ownership under the property banner. If you own property, you're likely to find your details already uploaded. You can provide your building insurance cover to support property evaluation.

If you can fill up three to four rings, your Money Status is good to go!

The last thing to do: You need to have savings: money outside your credit facility - to the value of R100,000 if you're on the Black card and approximately R45,000 if you are Platinum card.

Beside the interest rate benefit you are also unlocking better cash paybacks: Up to 75% on your healthy food when you are Black suite with Diamond status.

And this is money that gets better on D-Day! Discovery Miles are very lucrative.

Watch the full video by clicking here: https://www.youtube.com/watch?v=mfxvKn7kj68