/ 29 April 2024

Financial security is within reach with Discovery Bank’s game-changing Revolving Credit Facility

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You get immediate access to pre-approved funds – with affordable repayments

In an economic climate where every rand counts, financial security is a dream for many South Africans. When juggling school fees, groceries, car repayments and utility bills, something like a sudden car breakdown or urgent travel for a family emergency can cause financial stress. 

A modern solution to financial needs 

The innovation behind Discovery Bank’s Revolving Credit Facility (RCF) offers a modern solution to age-old money worries. With the RCF, you have a financial buffer to cover any unexpected costs without worrying about how they will affect a carefully planned budget. It gives you immediate access to pre-approved funds and provides relief without the delay of loan approvals. Added to that, you only pay interest on the amount you use, and you can arrange repayments that match your immediate or long-term needs and cash flow situation. 

The Discovery Bank RCF gives added financial flexibility and control 

With fast availability, it means there are always funds within reach when you need it. Beyond emergencies, the RCF can also be an empowering financial tool. It can give you the ability to make upfront payments to qualify for discounted rates on, for example, annual school fees — so you can make flexible repayments and open cash flow in your budget. 

With Discovery Bank, the RCF also extends to its entire home ecosystem. Discovery Bank’s Home Loan offering incorporates competitive home loans, protection for homes and families, access to additional financing and exclusive solar solutions, and rewards clients for managing their money well with up to 1.5% off their home loan interest rate. Adding the RCF to assist with fees gives homeowners the ability to make proactive decisions to grow wealth and improve financial control. 

How to use the RCF

The aim is to treat the revolving credit facility as a safety net that provides flexibility, rather than a quick fix. By integrating it into your financial planning, you can maximise its benefits without falling into the trap of revolving credit. 

With the revolving credit facility, Discovery Bank clients can:

  1. Apply for the facility in the Discovery Bank app within five minutes. 
  2. Access funds immediately, when needed, with no term limit.
  3. Only pay monthly fees when they use the facility, with affordable repayments from 2.5% a month of the outstanding amount. 
  4. Dynamically reduce their effective borrowing rate by up to  to 7% with Vitality Money.

Unplanned expenses, big or small, no longer have to derail your finances, forcing you to dip into your savings, or send you into a panic. The safety net provided by a Discovery Bank RCF allows you to borrow, repay and even reborrow within your credit limit. This is how Discovery Bank’s financial products support your needs and give you added security in an ever-changing economic landscape.