The Bank of Cyprus announces a new reward program for its consistent borrowers. In a statement, the bank reveals it will reward participants of the scheme who maintain a mortgage loan and have been diligent in their repayment plan.

The goal of the program is to support borrowers who have been affected by previous increases in the European Central Bank (ECB) interest rates and Euribor.

Through this new program, in January 2025, the bank will distribute a total of €3 million in reward points through the corresponding Card Rewards Scheme. The points can be redeemed for purchases at hundreds of participating commercial businesses in the Rewards Card Scheme.

The benefit of rewarding consistent borrowers—members of the Pronomia program—is multi-dimensional, as it enhances the purchasing power of individuals and indirectly supports the bank's business customers who are part of the Rewards Program, according to the statement.

The program will be available exclusively to customers enrolled in the Pronomia Rewards Scheme. For example, consistent borrowers in the Diamond and Gold tiers of the Pronomia program will receive €250 in reward points for every €100,000 loan balance.

Approximately 20,000 bank customers with loans totaling €1.2 billion will benefit.

To be eligible for the scheme, customers must be enrolled in the Pronomia Rewards Scheme and have a mortgage loan with a variable interest rate linked to the ECB base rate or Euribor, secured by their primary residence. If they have not already done so, they must register for the Pronomia Rewards Scheme by November 30, 2024, and belong to the Diamond and Gold tiers of the program.

Additionally, customers must not have received any special arrangements for their facilitation from September 30, 2022, to December 31, 2024. The loan must have been performing as of June 30, 2024, and remain performing until December 31, 2024.

The Director of Retail Banking, Theodosis Theodosiou, commented, "At Bank of Cyprus, we recognize the challenges faced by our customers. With the introduction of this new Reward Program, we want to demonstrate our appreciation and help with their daily lives. This initiative once again highlights our commitment to providing tangible benefits to our customers, who are valued and continuously appreciated."

The Bank of Cyprus also rewarded its consistent customers in 2023 with a similar program worth €2.2 million.