Friday, 2 March 2007
FNB - First National Bank home finance
Being a Discovery Health member, yes I'm one of those lucky few ;-), I get to receive that awesome Discovery magazine of theirs. Now I'll be honest, this morning for the first time in 5 years of getting this magazine I actually decided to open it up and read a couple of articles.
Much to my surprise they sent a little booklet with the benefits of having a Discovery card. Browsing through this incredible little booklet consisting of 150 pages I found an article on FNB and Discovery Health offering some great "benefits" with regards to home loans.
Looks like if you're a Discovery Health Vitality member and you switch your home loan to FNB you'll receive up to 10% of your monthly home loan repayments paid back to your Discovery Card.
There are some catches from what I can see :
1. If you're already with FNB there's an activation fee of R3000 per home loan
2. There's a registration fee per home loan that's not with FNB
3. There could be a penalty of up to 90 days interest charges from your bank (OUCH) if you do not adhere to their requirements (probably varies depending on the bank)
SO, the question is...Does it pay to switch to FNB?
For more information please visit Discovery Card Benefits