The Key Cashback® Credit Card offers a competitive cashback program that allows cardholders to earn up to 2% cashback on all their purchases. The card is designed to provide flexibility and rewards, with no annual fee and no limits on how much cashback you can accumulate.
If you have an active KeyBank checking account and meet certain transaction criteria, you can maximize your earnings to 2% cashback. Additionally, the card offers a 0% introductory APR on balance transfers for the first 12 billing cycles, provided that the balance transfer is made within the first 60 days of opening the account.
After the introductory period, the APR for balance transfers and purchases varies between 21.74% to 28.74%, depending on creditworthiness. Cardholders also benefit from features such as contactless payment technology, access to their FICO® score, and several Mastercard® security benefits.
Main information about the card
Qualification requirements
To qualify for the Key Cashback® Credit Card, you need to meet specific creditworthiness requirements. The card is aimed at individuals with good to excellent credit scores. If you are not a U.S. citizen or do not currently have a KeyBank account, you will need to apply in person at a KeyBank branch.
For existing KeyBank clients, applying online is straightforward and typically takes about five minutes. You will need to provide your Social Security number and a valid form of primary identification.
Benefits
The Key Cashback® Credit Card is packed with benefits that enhance both convenience and security. The cashback reward program is one of the card’s standout features, providing the potential to earn 2% cashback on all purchases when paired with a qualifying KeyBank checking account.
The redemption process for your cashback is seamless, allowing you to apply your rewards as a statement credit or deposit them directly into your KeyBank checking or savings account. The card is also built with safety in mind, offering Mastercard ID Theft Protection™ and Zero Liability Protection to ensure your finances stay secure.
Additionally, cardholders have access to online and mobile banking, making account management simple and convenient. With Tap & Go® technology, you can make purchases quickly and securely using contactless payment.
Pros
The Key Cashback® Credit Card has numerous advantages, including:
- Unlimited cashback: Earn up to 2% unlimited cashback on all purchases if you have a qualifying KeyBank checking account.
- No annual fee: Enjoy the benefits without the burden of yearly fees.
- 0% introductory APR on balance transfers: For the first 12 billing cycles on balance transfers made within the first 60 days.
- Flexible redemption options: Choose between statement credit or direct deposit to your KeyBank account.
- Contactless payments: Tap & Go® technology for fast and secure transactions.
- Security features: Mastercard ID Theft Protection™, Zero Liability Protection, and easy card locking through the KeyBank app.
Cons
While the Key Cashback® Credit Card has great perks, there are a few drawbacks:
- Requires a KeyBank checking account for maximum rewards: To earn 2% cashback, you must have a qualifying KeyBank checking account and meet the required transaction criteria.
- Variable APR: After the introductory period, the card’s APR can be as high as 28.74%, depending on your creditworthiness.
- Balance transfer fees: A fee of $10 or 4% of the amount of each balance transfer, whichever is greater.
- Foreign transaction fee: A 3% fee on foreign purchases in U.S. dollars (excluding Canadian transactions).
How to apply
The application process for the Key Cashback® Credit Card is simple and user-friendly. You have the option to apply either online or in person at any KeyBank branch. If you choose to apply online, visit the KeyBank website and ensure you have your Social Security number and a valid form of primary identification, such as a driver’s license, passport, or government-issued ID, ready for submission.
For non-U.S. citizens, or if you don’t have an existing KeyBank account, the process requires an in-person application at a KeyBank branch to complete the necessary steps.
Is the card worth it after all?
The Key Cashback® Credit Card is a top choice for current KeyBank customers or anyone willing to open a KeyBank checking account to maximize rewards. By meeting the eligibility criteria, cardholders can earn 2% cashback on all purchases, making this card appealing for everyday spending without having to worry about an annual fee.
This unlimited cashback potential, combined with no fees, provides great value. Additionally, the card is ideal for individuals who value flexible redemption options and prefer the security and convenience of contactless payments, enhancing the overall user experience.
However, if you aren’t planning on opening a KeyBank checking account or meeting the monthly transaction requirements, your cashback rate will be limited to 1%. This rate may not be as competitive as some other cashback cards on the market, which offer higher rewards without additional conditions.
Furthermore, the card’s variable APR can be quite high, especially for those who tend to carry a balance month to month, making it a less attractive option in terms of interest rates. Additionally, the foreign transaction fee may be a downside for frequent international travelers.
Conclusion
The Key Cashback® Credit Card is tailored for consumers seeking to earn unlimited cashback on everyday purchases without worrying about annual fees. It stands out for its simplicity and convenience, offering 1% cashback on all purchases and the potential to earn 2% if you hold a qualifying KeyBank checking account and meet certain transaction criteria.
For existing KeyBank customers, this enhanced cashback structure makes the card an excellent companion for regular spending, as it seamlessly integrates with your banking relationship. If you’re looking for a no-fuss cashback card that rewards both small, everyday transactions and larger purchases alike, and you either have or are willing to open a KeyBank checking account, this card is a smart choice.
However, if you do not currently bank with KeyBank or are looking for a card with no foreign transaction fees, it may be worthwhile to explore other cashback options that better suit your financial lifestyle.
