What Is KeyBank, and Are Its Credit Cards Right for You?
KeyBank has some solid credit cards, but they’re available only to residents of certain states.
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Managing Editor KeyBank is a regional bank based in Cleveland, Ohio, with a small portfolio of four consumer credit cards that includes two rewards cards, a 0% intro APR card and a secured card.
Despite the different card types, the cards share some key similarities. None of the cards charges an annual fee or offers a welcome bonus. More importantly, as of this writing, KeyBank’s credit cards are only available to residents in 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.
Here’s an overview of KeyBank’s credit cards, but because of the geographic restrictions, we’ve also added an alternate pick that’s available to all U.S. residents.
For a break from interest: KeyBank Latitude Credit Card
The KeyBank Latitude is the only 0% APR card of the bunch; as such, it has a solid no-interest period on purchases and balance transfers — and that’s about it. As of this writing, cardholders get 0% APR for the first 15 billing cycles on purchases and balance transfers, as long as the transfer is made within 60 days of account opening.
If you plan to transfer a balance to the Latitude card, be mindful of the fine print: The balance transfer fee is 4%, and the transfer amount cannot exceed 90% of the total credit limit. Finally, as would be the case with most issuers, you can’t transfer balances from another KeyBank product, such as a different KeyBank credit card or a KeyBank personal loan.
Alternate pick: Chase Slate®. The card offers a 0% intro APR on Purchases and Balance Transfers for 21 months, and then the ongoing APR of 18.24%-28.24% Variable APR.
For flat-rate rewards: Key Cashback Credit Card
At first glance, the Key Cashback card looks like a low-maintenance rewards card. Yes, it earns an unlimited 2% cash back on all purchases — but only if you make at least five qualifying transactions with an active KeyBank checking account. In the months that you don’t meet that threshold, you’ll earn just 1%. Some cardholders won’t have any trouble meeting that transaction minimum every month; others won’t want their credit card rewards to be conditional.
Cash back may be redeemed for any amount as a statement credit or as a deposit to a KeyBank checking or savings account.
Alternate pick: Wells Fargo Active Cash® Card. Cardholders earn an unlimited 2% cash back on all eligible purchases without any strings attached. It also comes with a solid welcome offer.
For building credit: Key Secured Credit Card
As far as secured credit cards go, the Key Secured card is pretty standard fare. To open the card, you’ll need to put down a security deposit of at least $300. (The maximum deposit is $5,000.) The security deposit is housed in a Key Active Saver account, which is required to open the Key Secured card. Note, though, that the Active Saver account has a $4 monthly maintenance fee. To waive that fee, you need a KeyBank checking account. Overall, opening the Key Secured card may require jumping through quite a few hoops.
The card reports to the three major credit bureaus, which is essential if you’re aiming to raise your credit scores. KeyBank also reviews your account every quarter to see whether you’re eligible to upgrade to one of KeyBank’s unsecured cards. If you upgrade, you’ll get your entire security deposit back.
Alternate pick: Discover it® Secured Credit Card. The card requires only a $200 security deposit, and it earns rewards.
For redemption variety: Key2More Rewards Credit Card
Of KeyBank’s four personal cards, the Key2More Rewards card offers the most earning potential and redemption options.
Its baseline rewards rate: an unlimited 5 points per $1 on every purchase. However, cardholders can get a points boost based on their monthly spending. You’ll get a 25% points bonus for spending $1,000-$1,999 per month, and a 50% bonus for spending $2,000 or more.
Say the Key2More Rewards card is your go-to payment method, and you put $3,000 worth of purchases on the card in a single month. Thanks to the points bonus, you’d get 22,500 points that month.
Redemption options for those points include travel booked through KeyBank, cash back, gift cards, merchandise, donations, and event tickets.
Alternate pick. Capital One Savor Cash Rewards Credit Card. The card earns an unlimited 3% cash back in big spending categories for many households: dining, grocery stores, entertainment and popular streaming services. Rewards may be redeemed for cash back, travel, gift cards, event tickets, and to pay for purchases made through PayPal or Amazon.
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