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Bank of Cyprus, perhaps feeling a twinge of sympathy for mortgage holders grappling with those pesky European Central Bank interest rate hikes, has unveiled a €2 million rewards program. This windfall is aimed at 13,000 lucky souls who happen to be members of the bank's Pronomia loyalty program. Apparently, over 8,500 have already jumped at the chance for some relief, mostly in the form of cold, hard cash.
For those card-carrying Gold and Diamond members, the bank is offering a generous €250 in reward points for every €100,000 of outstanding mortgage balance. Of course, there are a few hoops to jump through. You had to be a Gold or Diamond member by November 30, 2024, have taken out your mortgage before September 30, 2022, and have a floating interest rate tied to the ECB base rate or EURIBOR between September 2022 and June 2024. Oh, and the mortgage has to be on your primary residence, and you had to have kept your loan in good standing as of June 30, 2024, with no funny business or special arrangements between September 2022 and December 2024.
This isn't the bank's first rodeo. They also rolled out a similar €2.2 million program in 2023. Eligible customers have been notified, presumably not by carrier pigeon, but via SMS and mobile app notifications.
