Bank of Cyprus rewards performing borrowers
Performing borrowers who are holders of some 17,000 home loans stand to benefit from €3.7 million as part of a reward programme being rolled out by Bank of Cyprus. The Bank is essentially rewarding borrowers who meet the criteria described below, by activating the 'Antamivi' rewards scheme and crediting it with 370 million reward points.
This action will be implemented according to criteria which, if met, will automatically enroll eligible borrowers in the reward programme.
The criteria are:
- Home loans must be performing as at 30 June 2023;
- Home loans are secured with a primary residence valued up to €350,000, bearing a variable interest rate linked to the base rate of the European Central Bank and EURIBOR, and granted prior to September 2022;
- The loan installments must be repaid on schedule, without any delays, during the six-month period between 30 June 2023 and 31 December 2023;
- To be eligible, borrowers must not have benefited from any other special arrangements between 30 September 2022 and 31 December 2023.
The Bank will contribute to the 'Antamivi' scheme 25,000 points per €100,000 loan balance (corresponding to €250 cash value). The points will be redeemable at merchants participating in the 'Antamivi' scheme. Taking part in 'Antamivi' are more than 280 merchants from all economic sectors - clothes stores, restaurants, bakeries, supermarkets, electronics, DIY stores, petrol stations, airlines, hotels and so on.
Commenting on the fact that the Bank is delivering on its commitment to reward its performing borrowers, Theodosis Theodosiou, Director of the Consumer Banking Division, said it is meant to offer tangible support.
"We are attuned to their needs," said Theodosiou, "and so with targeted actions like this one we're them giving cash back through the 'Antamivi' scheme, providing some relief at a time of high living costs. In this way we're boosting people's purchasing power, while at the same time supporting our merchant clients who take part in 'Antamivi'."
Reward points will be automatically credited to borrowers' 'Antamivi' account after the end of six-month period (i.e. after 31 December 2023).
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