Alpha Bank reward programme saves borrowers over €3 million

Alpha Bank Cyprus announced on Friday that more than 4,000 of its borrowers received over €3 million in benefits through the bank’s reward programme.

The programme, which ran from August 1, 2023, to July 31, 2024, offered reduced interest rates and protection from rate increases for customers who were up-to-date with their payments.

In its announcement, Alpha Bank Cyprus noted that its reward programme for borrowers with performing loans—meaning those who have not missed any payments—has now successfully concluded.

The primary objective of the programme, the bank said, was to lower the current interest rates on qualifying housing loans and to protect up-to-date borrowers from potential increases in base rates during the programme period.

The programme capped the variable base rate at the level agreed in mortgage loan agreements as of March 31, 2023, and then reduced it by 20 basis points (0.20 per cent) for a year.

Moreover, this cap on the variable base interest rate remained fixed throughout the programme, providing additional security to borrowers.

“Throughout the duration of the programme, more than 4,000 of the bank’s customers benefited from reduced interest rates while also being protected from increases in base rates,” the bank’s statement concluded.