Bank of Cyprus has launched a €2 million rewards programme for mortgage holders affected by recent European Central Bank interest rate hikes, the bank announced.
The scheme targets 13,000 eligible customers who are members of the bank’s Pronomia loyalty programme, with more than 8,500 already responding to claim their benefits, primarily opting for cash payments.
Diamond and Gold tier customers will receive €250 in reward points for every €100,000 of outstanding mortgage balance, the bank said in a statement.
To qualify, customers must have been registered Gold or Diamond members as of November 30, 2024, and hold mortgages issued before September 30, 2022.
The loans must have floating rates based on ECB base rate or EURIBOR between September 2022 and June 2024.
Additional eligibility criteria include having the mortgage secured against a primary residence and maintaining the loan in good standing as of June 30, 2024.
Customers must also have kept all facilities performing without any special arrangements from September 2022 through December 2024.
The initiative follows a similar €2.2 million programme implemented by the bank in 2023, demonstrating continued support for customers facing higher borrowing costs.
Eligible customers have been notified via SMS and mobile app notifications, the bank said.
