Bank of Cyprus launches €3 million reward programme for borrowers
The Bank of Cyprus on Monday announced a new reward programme for borrowers who have maintained timely payments on their home loans.
According to a statement from the bank, the initiative aims to recognise and support borrowers who have been consistent in their repayment schedules, particularly in light of previous interest rate hikes by the European Central Bank (ECB) and Euribor.
Under the new programme, the bank will allocate a total of €3 million in reward points through its corresponding reward card scheme in January 2025.
“These points can be redeemed for purchases at hundreds of participating businesses,” the bank said.
It added that “the benefits of rewarding diligent borrowers, who are members of the Pronomia programme, are multi-faceted”.
“The scheme not only enhances the purchasing power of individual clients but also indirectly supports the bank’s business customers participating in the reward scheme”, the bank explained.
The programme will be exclusively available to clients enrolled in the Pronomia reward scheme. For example, borrowers at the Diamond and Gold levels of the Pronomia programme will receive €250 in reward points per 100,000 euros of loan balance.
The bank mentioned that approximately 20,000 Bank of Cyprus customers with a total loan amount of €1.2 billion are expected to benefit from the scheme.
To qualify for the programme, clients must be registered with the Pronomia reward scheme and have a variable-rate home loan linked to the ECB’s base rate or Euribor, secured by their primary residence.
If they have not already done so, clients must register with the Pronomia reward scheme by November 30, 2024, and be at the Diamond or Gold level of the programme.
Additionally, clients must not have received any special concessions on their facilities from September 30, 2022, to December 31, 2024.
Moreover, their loans must have been classed as performing as of June 30, 2024, and still be considered as performing until December 31, 2024.
Director of Consumer Banking Theodosis Theodosiou stated that “at the Bank of Cyprus, we recognise the challenges our customers face”.
“With the introduction of this new reward programme, we want to show our appreciation in a tangible way and assist with their daily lives,” he added.
“This initiative once again underscores our commitment to providing real benefits to our valued customers,” Theodosiou concluded.
Finally, it should be noted that in 2023, the Bank of Cyprus also rewarded its customers with a similar programme worth €2.2 million.