Key Cashback card review

Who is the Key Cashback Card for?

The Key Cashback card is a solid cashback credit card for people living where KeyBank operates. If you are a KeyBank client, you will receive 2% cash back on all purchases, and if you do not use KeyBank, you will only receive 1.5% cashback. 

This card also offers a few benefits to accompany the cashback rewards you receive. If you use this card you will get 0% APR for the first 12 months on balance transfers, and you will be able to redeem your rewards quickly and easily.

We recommend this card for people who use KeyBank as their primary bank and who want a simple cashback rewards structure at no cost. If KeyBank is your bank of choice, then this card may be the one for you.

No Initial Bonus

The Key Cashback card does not come with an initial bonus to incentivize people to use the card. Many other cash back cards will offer a certain amount of cashback when you reach $1,000 in purchases for example. However, KeyBank believes that the 2% cash back rewards are generous enough to offset the need for an initial bonus.

Cash Back Rewards

If you are a KeyBank customer who shops and saves with this bank, then you will receive an unlimited 2% cash back on all purchases. If you do not use KeyBank, you will only receive 1.5% cashback, making it important to use KeyBank as your primary bank if you want to maximize your rewards.

One beneficial aspect of this card is that you can earn an unlimited amount of rewards. KeyBank will never cap the amount of cashback you can earn. This allows you to save all your earnings until you want to redeem them, giving you greater flexibility on what you can use your earnings for. Thus, if you want to save your cashback earnings for a large purchase such as a vacation, you can keep earning cashback until you reach the number that you want to reach.

Also, KeyBank makes it very simple to redeem your cash back rewards. You can either redeem your earnings as a statement credit, pay yourself back for a purchase that you have made, or deposit your earnings in a KeyBank checking or savings account.

Also for people that do not want to research the optimal ways to earn, this card’s flat-rate rewards structure is very beneficial. No matter what you are buying, you are earning 2% cash back, making this card useful for people who do not want to try to spend more in certain categories in order to optimize their earnings.

However, KeyBank does have a lot of stipulations for their 2% cashback earnings. In order to receive a 2% cashback, you must have a KeyBank checking account with $1,000 in deposits per month, which cannot include transfers from another account. You must also have a KeyBank saving or investment account with a minimum balance of $1,000. If you do not reach these requirements, then you will only receive 1.5% cashback. This shows that the Key Cashback card is only valuable for people who use KeyBank as their main bank, as people with accounts at different banks will not receive the full cashback rewards.

Other Benefits

The Key Cashback card offers 0% APR on balance transfers for the first 12 months. This makes it really easy to transfer money from accounts with high interest to this account without being penalized.

Also, this card gives you access to KeyBank’s online and mobile banking. This will allow you to check your account balance, pay bills, transfer money, and open new accounts anywhere at any time. 

KeyBank offers 24/7 customer assistance. If you ever have issues with your account, call a customer service specialist who will guide you every step of the way.

If your card is lost or stolen, you can lock your credit card online and report it missing. When the card is locked, it will no longer be available to make purchases until it is unlocked.

You also will receive zero liability protection so that you are not charged for fraudulent purchases, identity theft protection, and cell phone protection, giving you $1,000 in coverage on a broken or lost cell phone. Finally, you will get MasterRental Coverage, protecting you from charges on damaged or stolen rental cars.

Cautions

This card has a 3% foreign transaction fee, making it not the best option for the international traveler. Most people spend more while they are traveling, meaning that 3% foreign transaction fees can add up. Thus, if you are planning on using this card, you should pair it with another travel rewards card that waives the 3% fee.

Another limitation of this card is the lack of states in which KeyBank operates. If you are not a resident of one of the following 16 states, then this card does not make sense for you because you will not receive a 2% cash back if you use another bank. The 16 states where KeyBank operates include:

• Alaska
• Colorado
• Connecticut
• Florida
• Idaho
• Indiana
• Maine
• Massachusetts
• Michigan
• New York
• Ohio
• Oregon
• Pennsylvania
• Utah
• Vermont
• Washington

No Annual Fee

The last perk of this card is that there is no annual fee. Simply sign up online and receive your cashback rewards without having to pay. Many cashback cards will charge you to receive your earnings, but KeyBank has made this card free, giving it value to not only KeyBank clients, but also all people who want rewards.

Conclusion

The Key Cashback card will give KeyBank clients unlimited 2% cashback on all purchases. However, if you are not a KeyBank customer, you will only receive 1.5% cashback, making this not the card for you. Also, KeyBank is only available in a handful of states, so check your proximity to a KeyBank before considering this card. If you do choose this card, you will receive generous cash back rewards, 0% APR for 12 months on balance transfers, and many other benefits, making this a card solid option for anyone not wanting to pay an annual fee.