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KeyBank Key2More Rewards MasterCard – Key to Success?


KeyBank is a well-known entity throughout the country, and the Key2More Rewards MasterCard credit card offers a variety of options when it comes to rewards cards perks and benefits. Consumers who enroll in the program are insured of, according to the bank, excellent service and great benefits. Still, it’s important for consumers to look beyond the benefits and rewards of any card and to the fine print, and that goes for this one as well. We’ll provide a brief overview of the benefits, rewards, reward redemption, and terms and conditions applied to the the Key2More Rewards MasterCard.

Key2More Rewards MasterCard Perks

The Key2More Rewards MasterCard credit card comes with the variety of perks and benefits. In addition to no annual fee, the card comes with a 0% introductory APR for the first six months, applicable on balance transfers and purchases. After that, the APR ranges between 11.99% and 21.99%, depending on your own credit history and perceived credit worthiness.

Perhaps the most attractive perk to those considering this credit card is the potential to earn 25,000 KeyBank Relationship Rewards points for opening an account. The rewards card offers cardholders the capability of earning five KeyBank Relationship Rewards points for every dollar spent, and has no monthly maximum on the number of points you can earn. You can earn a bonus of up to 50% in monthly reward points on your total purchase transaction points within every calendar month.

A few other benefits of the Key2More Rewards MasterCard is that the card include zero liability fraud protection, qualifying purchase price protection, and capability to report a lost or stolen card 24/7. However, most cards these days also offer the same, so nothing new there.

About Rewards and Redemption of Rewards

The Key2More Rewards MasterCard offers the KeyBank Relationship Rewards Program.  Cardholders must enroll in the rewards program in order to start earning points. You can earn points not only on purchases, but on banking activities that include automated debits, direct deposit, Bill Pay usage, and of course, debit card and credit card purchases. Key Bank also offers additional points if you open or take advantage of additional products with the bank.

A list of reward categories and items are available to cardholders from the KeyBank website, using your log in and password. Rewards are available in a variety of options including but not limited to:

  •  cash back
  • gift cards (from major national retailers, vendors and restaurants)
  • travel expenses (including hotel and airfare with online booking)
  • electronics
  • merchandise
  • charities
  • cruises
  • limited time offers

Earning points is easy with the Key2More Rewards MasterCard, and as mentioned above, you can also earn reward points for your normal banking activities, such as making deposits (rewards of 100 points per transaction), writing checks, and of course, with card transactions. Here’s a brief breakdown of some rewards:

  • One reward for every $6 spent using debit or PIN/POS transactions or purchases
  • Earn five reward points for every dollar you spend on Key2More Rewards MasterCard credit card purchases

As mentioned, you can earn additional points by taking advantage of a KeyBank services including opening a CD, taking out a home equity loan, or opening a new savings account.

KeyBank offers a PDF that explains all the ways that you can earn rewards using your accounts, including ATM deposits, automated debits and credits, recurring transfers, a birthday bonus, receiving online statements, and setting up recurring payments with your credit card, among others.

Keep in mind that KeyBank has a set of terms and conditions, agreements and disclosures for both the rewards program and for the Key2More Rewards MasterCard. Read both to be informed on not only the pros, but the cons related to your card and card usage.

To redeem points, you need to log onto the website, where you can check your point accrual, and utilize the key bank rewards catalog for easy redemption of your points.

Terms and Conditions, Rates and Fees

Any credit or rewards card comes with terms and conditions and applicable bank rates and fees. Take the time to read carefully through these, as you may avoid unpleasant surprises by doing so. Rates and fees may also differ depending on your geographic location.

As of January 13, 2014, the Key2More Rewards MasterCard offers a 0.0% introductory APR for the first six billing cycles, and, as mentioned earlier, after the introductory period, the APR ranges between 11.99% and 21.99%, based on your credit history.

When it comes to cash advances, expect to pay a 23.99% APR.  A 0.00% introductory APR also applies to balance transfers for the first six months bills, but only if those balances are transferred within 60 days of the account opening.  After that, the APR matches the annual percentage rate for purchases (11.99% to 21.99%).

It is true that the card does not charge any annual fee, but it does charge a number of transaction fees. For example; balance transfer fees, cash advance fees, convenience check advance fees and cash equivalents see a minimum of $10 or 4% charge of the transaction amount, whichever is larger.

Expect to pay $10 for an overdraft protection transfer fee, and 3% for foreign transaction fees, converted into US dollars. If you make a late payment, you can expect to pay up to $35 in penalty fees. Visit their website for more information regarding terms and conditions, rates and fees for your geographic location.

Bottom Line

The Key2More Rewards MasterCard credit card is a good deal, as credit cards go, but again, the rates and fees may be off-putting to some, depending on your credit history.  Keep in mind that like other rewards programs, your rewards are only available if your account remains in good standing.  Most banks, including KeyBank, reserve the right to change the terms and conditions, rules and regulations, and rates and fees at their discretion. To avoid unpleasant surprises when it comes to earning her redeeming your rewards, make sure you keep your account in good standing and know what the fine print says before you sign on the dotted line.

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