Bank of Cyprus returns €2.2 million to up-to-date borrowers

The Bank of Cyprus on Friday announced that it has successfully returned a total of €2.2 million to up-to-date mortgage borrowers, as part of their ongoing reward plan.

According to the announcement, reward points with a total value of €2.2 million were credited to the accounts of responsible borrowers, covering more than 12,000 of the bank’s mortgages.

Moreover, the bank said that borrowers can utilise these reward points at any time by redeeming them for purchases from participating merchants in the reward programme, consisting of over 280 merchants from various sectors of the economy.

The bank stated that it has proportionally contributed 25,000 reward points per remaining €100,000 loan balance (equivalent to a cash value of €250) for mortgage balances during the period spanning June 30, 2023, to December 31, 2023.

For example, a mortgage holder with a balance of €95,000 as of June 30, 2023, and €85,000 as of December 31, 2023 (an average of €90,000) received 22,500 reward points, equivalent to a purchase value of €225.

The bank noted that borrowers have already been notified of the reward points credited to their accounts through text messages, announcements on the bank’s website, and through the 1bank service.

At the same time, they can view their points through the BoC Mobile App, 1bank, and the reward programme application.

“At the Bank of Cyprus, we recognise that the increased cost of living has burdened the household budgets of our borrowers,” the Director of Consumer Banking at the Bank of Cyprus Theodosis Theodosiou stated.

“The benefit of rewarding up-to-date borrowers is not one-dimensional, as it enhances both their purchasing power and indirectly supports the business customers of the bank participating in the reward programme,” he added.

Finally, the bank said that people can refer to the bank’s website for additional information.