5 Things to Know About the Key Cashback Credit Card

While the 2% cash-back rate is appealing, you will earn that high rate only if you meet certain conditions.
Kimberly Palmer
By Kimberly Palmer 
Edited by Kenley Young
5 Things to Know About the Key Cashback Credit Card

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

The Key Cashback credit card, issued by KeyBank, has an annual fee of $0 and features an appealing 2% cash back on every purchase, an ongoing flat rate that’s hard to beat.

But there are some catches for that high rate: You will earn it only under certain conditions, and if those conditions aren't met, you'll earn 1.5% back on purchases instead. That's still a solid rate, but it's not unique.

Here are five things you should know about the Key Cashback credit card.

1. Eligibility for the card is based partly on where you live

KeyBank is based in Cleveland, and while you don’t have to live in the Buckeye State, card applicants are limited by location. To apply for the card (either in person or online), you must live in one of 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont or Washington.

2. The 2% cash-back rate comes with certain conditions

Earning 2% cash back on all purchases is among the best flat rates you'll find. But to get that rate, you must have a KeyBank checking account with at least $1,000 in deposits each month, as well as a KeyBank savings or investment account with a minimum daily balance of $1,000.

3. The card offers a 0% introductory balance transfer APR

While the card does have a balance transfer fee of $10 or 4% of the transfer (whichever amount is greater), it offers a 0% introductory APR for the first 12 billing cycles on balance transfers made in the first 60 days. After that introductory period, a variable ongoing APR kicks in.

4. You can redeem for cash back in multiple ways

Your options for receiving cash back include direct deposit into a KeyBank checking or savings account, as a statement credit on your card or as a redemption against specific transactions on your card.

5. You'll get rental car insurance

The card provides rental car insurance through Mastercard, which can be helpful when you're traveling. But you'll need to put the entire purchase on this card in order to take advantage of it.

Find the right credit card for you.

Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.

Get Started
Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.