Discovery says it has extended its partnership with Apple to help clients fully fund a new iPhone through its Vitality Active Rewards platform.
“Clients can activate the benefit, which includes the new iPhone 11 and iPhone 11 Pro, by upgrading to Discovery Bank,” it said in a statement.
“We brought you Apple Watch to help you exercise more and we saw a 34% increase in physical activity, so we wanted to take it further to bring you iPhone and encourage positive behaviour change in other aspects of your life like safer driving and healthier banking too,” said Discovery chief executive Adrian Gore.
Clients will need to achieve all of their Vitality Active Rewards goals over 24 months – ie, close their exercise, drive and money rings – to fund an iPhone.
Discovery began scaling up its banking service in June, following an early onboarding period. The group said that its bank “motivates and rewards people to understand and improve their finances with easy to use tools, personalised money goals and real-time tracking on the Discovery Bank app”.
“A behavioural bank encourages and incentivises people to make long-term and short term positive financial decisions. As they do this, they strengthen the bank while lowering their chance of getting into financial trouble.
“This creates a cycle of value: the bank in turn can give those clients better interest on savings, lower interest on borrowing, and ever greater rewards to manage their money even better,” Gore said.
- You need to activate Vitality Active Rewards by downloading the latest version of the Discovery app.
- You must have either a qualifying Discovery Platinum credit card, Discovery Platinum full banking suite, Discovery Black credit card, Discovery Black full banking suite, Discovery behavioural Purple full banking suite or Discovery Purple Wealth full banking suite that is in good standing.
- If you don’t have a qualifying Discovery Bank product, you can soon apply for an upgrade in your Discovery Bank app.
- Only the primary Discovery Bank account holder will qualify for the Vitality Active Rewards with iPhone benefit.
- You can qualify for one iPhone benefit as the primary Discovery Bank account holder in a 24-month period.
- To enjoy cash back, you must meet your monthly spend requirement of at least R5,000 based on your Discovery Bank product regardless of the number of Vitality Active Rewards goals you have achieved.
You can choose from a range of iPhones – the iPhones you may qualify for is dependent on your Discovery Bank product and credit available at the time of purchase at iStore, Discovery said.
Here are the iPhones that the bank will fully fund:
- Discovery Platinum Card (iPhone 8 – 64GB);
- Discovery Platinum full banking suite (iPhone XR – 64GB);
- Discovery Black Card (iPhone XR – 64GB);
- Discovery Black full banking suite (iPhone 11 – 64GB)
- Discovery Purple full banking suite (iPhone 11 Pro – 64GB).
Discovery said that if you do not meet any of your weekly Vitality Active Rewards goals, you will forfeit your monthly cash back and will have to pay the full instalment amount for the iPhone.
“You will then be liable to Discovery Bank for a monthly instalment amount due on your qualifying Discovery Card. This amount can vary depending on the retail price of the iPhone at the time of collection.”
If you only reach some of your weekly goals in a given month, your instalment amount will be reduced based on your engagement in Vitality Active Rewards, Vitality said.
“You can fund your iPhone in full as long as you choose the correct iPhone for your Discovery Bank product, activate Vitality Active Rewards with iPhone, and achieve all your Vitality Active Rewards exercise, drive and money goals for 24 months in a row.”
Discovery said that you can still fund part of your iPhone even if you only have one of the programmes.
Your monthly cash back is based on the number of Vitality Active Rewards goals you achieve, which we offset against your monthly instalment. If you don’t meet your Vitality Active Rewards goals, you have to pay all or part of your monthly instalment for your iPhone.