Review: Key Bank Credit Cards

key-ccKey Bank offers 3 credit cards to its customers, only one of which we can recommend in any way. Below we offer an overview / review of each card:

  • The Key2More Rewards Mastercard offers a points-based rewards program, and it is structured in such a way to make you feel like you are getting much more than you really are. It gives you points in Key’s Relationship Rewards program, and these points are only worth 1/5 of a penny each, so it takes 5 points to equal 1 cent, or 500 points to equal $1. (In most credit card programs, 1 point equals 1 penny, so this card essentially requires you to earn 5 times the amount that other cards give you in order to earn the same rewards.)  The card gives you 5 points per dollar on all purchases, which is basically the same as a 1% reward, and you can earn greater points (up to the equivalent of a 1.5% reward) if you spend at least $1000 with the card in a particular month. Bottom line: There are many better cash back credit cards that we’d choose before this card. There is no annual fee for the card. Interest rate may be as low as 14.99% or as high as 23.99% depending on your credit history, though you will have a 0% rate for the first 6 months you have the card. (You’ll also get a 0% rate on balances transferred from other credit cards for 6 months, but there is a 3% fee on balance transfers.)

  • The KeyBank Latitude Credit Card is not a rewards card; this one is all about the interest rate. It gives you a 0% interest rate on your purchases for the first 15 months you have the card. After that, your interest rate could be as low as 11.99% if you have a good credit history, although you could also be approved at a rate as high as 21.99%, which is not so great at all. You can also transfer a balance to this card and it will get a 0% rate for 15 months — note, however, that you’ll pay a one-time fee of 3% of the amount transferred if you do move a balance from another card on to this one. No annual fee.
  • The Key Secured Credit Card is a credit card aimed at those building a credit history for the first time or those trying to rebuild their history after past credit problems. Unlike most credit cards, a secured card like this one requires a refundable security deposit as collateral. You put down a security deposit of at least $300 and you get the card with a credit line equal to the amount of your security deposit. You then use the card just like any other credit card, making purchases and paying your bill on time each month — note that your payments DO NOT come from that security deposit; you are paying with other money. The security deposit is only a safety for the bank, and they will return that money to you when you no longer want the card, provided you’ve paid all your card bills. This card reports to the major credit bureaus, which can help you build or rebuild a good credit score if you make payments on time. KeyBank will also keep tabs on your account progress and may return your security deposit early and let you continue to use the card if you’ve shown responsible use of it. This card has a high 24.99% interest rate, but no additional annual fee like some secured cards.