KeyBank Key2More Rewards Credit Card Review – 1%, 1.25%, 1.5% Everywhere

I thought about running this for Weird Wednesday, but there’s really nothing weird about this card: it’s just meh so-so. So I decided to tag it as Meh Monday So-So Sunday*, even though it’s technically Tuesday. This series is similar to Weird Wednesday in that we highlight unknown or lesser known credit cards – except the cards are so-so and not likely to be useful. Tune in this coming Sunday to see if another card pops up!

* all credit for the rechristening goes to reader Ben.

As always, we do not use credit card affiliate links, so our review is not biased by monetary incentives.

Card Basics

Benefits

• No annual fee
• Standard MasterCard benefits, specifically MasterCard Basic (as far as I can tell)

Earning Structure

• Earns 5x KeyBank Relationship Rewards Points per $1 (a full review of KeyBank Relationship Rewards points can be found here)
• Earns 6.25x Relationship Rewards Points via the 25% bonus to points earned in a month if you spend more than $1,000 but less than $2,000
• Earns 7.5x Relationship Rewards Points via the 50% bonus to points earned in a month if you spend more than $2,000

Signup Bonus

• You can only get a signup bonus on this card if you have a checking account with KeyBank; to wit:
  • if you have a Privilege or Privilege Select checking account, you get 10,000 Relationship Rewards Points if you complete 5 purchases in the first 60 days
  • if you have a lower-tier checking account, you get 5,000 Relationship Rewards Points if you complete 5 purchases in the first 60 days
• 0% APR for the first 6 months on purchases, and balance transfers completed within 60 days of account opening

Pricing Details

APRs

• Purchase & Balance Transfer APR: 13.49% to 22.49%*, based on your credit worthiness
• Cash Advance APR: 24.49%*
• Penalty APRs: None stated.
• Grace period: 25 days (minimum, up to 28 days)
• Minimum interest charge: $0.50

* Note: these rates vary based on the Prime Rate.

Fees

• Balance transfer fee: $10 or 4% of the amount of each transfer, whichever is greater.
• Cash & Convenience check advance fee: $10 or 4% of the amount of each transaction, whichever is greater
• Cash equivalent fee: $10 or 4% of the amount of each transaction, whichever is greater
• Overdraft protection transfer fee: $10
• Foreign transaction fee: 3%
• Late payment fee: Up to $37

Application Information

Please feel free to add your own application information in the comments at the end of this review.

What Credit Score Is Required

Since KeyBank is regional, it’s tough to get an idea of their requirements. It’s likely anything in the low 700s and up will get you an approval.

What Credit Bureau Does KeyBank Pull?

Again, since KeyBank is regional, it’s tough to get a handle on this. Though it likely depends on what state you’re in, recent DPs (past 2 years) from OH and MA indicate they pull Equifax.

What Credit Limit Will I Receive?

Once again, I have no idea. It looks like this is a MasterCard Basic, so there’s no reason to suspect there’s a lower limit on CL like there is with higher-tier MasterCards.

Rewards Program

Terrible. Relationship Rewards Points are worth 0.2¢ per point (as a statement credit), which means this is a 1% cash back card, a 1.25% cash back card if you have $1,000 and $2,000 in purchases per month, and a 1.5% cash back card if you have more than $2,000 in purchases per month.

Why’s It So-So?

There are a plethora of flat cash back cards without any limitations, including the Citi Double Cash at 2% and the Freedom Unlimited at 1.5% (in cash back, more if redeemed by other methods). And I’d be remiss if I didn’t mention the USAA Limitless at 2.5% cash back, though there are obviously quite a few limitations involved.

Even the signup bonus can’t redeem this card. The signup bonus of 5,000 points is worth $10 while the signup bonus of 10,000 points is worth $20. Of cards that offer actual signup bonuses (i.e. not including the free rotisserie chicken on the Costco Citi Visa card), the signup bonus is bested/equaled by no less than the Synchrony BP credit card, which was offering a $20 statement credit for a BP purchase (expired January 31).

Perhaps the sole redeeming feature of this card is that I could be convinced that it looks somewhat cool. I believe it would be particularly useful if you regularly open doors with a credit card (legally or otherwise). If you ever get stopped by passerby or law enforcement, there’s a key right on the card! D’oh.

Questions, comments, etc.? Drop them below.