Bank of Cyprus rewards up-to-date borrowers for second time

The Bank of Cyprus on Tuesday announced that it has begun informing 20,000 eligible borrowers about its latest loyalty reward scheme.

According to the announcement, the Bank of Cyprus’ new Pronomia scheme seeks to reward customers who are up to date with their mortgage payments, in accordance with their respective plans.

“This initiative aims to support loyal borrowers who have been affected by previous increases in European Central Bank (ECB) and Euribor interest rates,” the bank said.

Under the new programme, the bank will allocate a total of €3 million in reward points to be distributed in January 2025.

These points can be redeemed for purchases at hundreds of participating retail businesses.

“The benefits of rewarding loyal borrowers through the Pronomia scheme are twofold,” the bank mentioned.

“It enhances the purchasing power of individuals and indirectly supports the bank’s business customers who participate in the rewards programme,” it added.

The announcement clarified that the programme is exclusively available to clients registered in the Pronomia rewards scheme.

For example, the announcement continued, borrowers in the Diamond and Gold tiers of the Pronomia programme will receive €250 in reward points for every €100,000 of the loan balance.

Approximately 20,000 Bank of Cyprus customers with loans totalling €1.2 billion are expected to benefit from this initiative.

To be eligible for the scheme, customers must be registered in the Pronomia rewards scheme and hold a variable-rate mortgage linked to the ECB base rate or Euribor, secured by their primary residence.

Those who are not yet registered need to join the Pronomia scheme by November 30, 2024, and be in either the Diamond or Gold tier.

Additionally, customers must not have received any special arrangements or facilitation from September 30, 2022, through December 31, 2024.

Furthermore, the loan must have been serviced as of June 30, 2024, and must continue to be serviced until December 31, 2024.

What is more, it should be noted that the Bank of Cyprus previously rewarded customers in 2023 with a similar programme amounting to €2.2 million.

For more information about the bank’s rewards schemes and Pronomia specifically, interested parties can visit the Bank of Cyprus website.