'Miles more valuable'

On 15" of each month, discount across its partner network is doubled.

Discovery says its rewards currency, Discovery Miles, is 1.23 times more valuable than cash based on transaction data last year. A new mini-white paper from the group argues that the way its rewards currency is structured makes it better than a "cash-out option".

It says this increase in value follows a change 2020 where it offered additional discounts when redeeming miles, depending on how many of the group's products a client holds. Previously, Discovery Miles were simply redeemed at a rate of 10 to R1.

A customer with Vitality Health and Vitality Money, for example, gets a 10% discount (versus the 5% if one is only on one Vitality programme).

On the 15th of each month (what it brands as "Miles D-Day"), this discount across its partner network is doubled.

Someone on all three programmes Vitality Health, Drive (Discovery Insure) and Money (Discovery Bank) will receive value equivalent to R143 (due to the 30% discount) when they spend 1000 Discovery Miles across the partner network on Miles D-Day.