Our Verdict
The Key Cashback® Credit Card* has a simple rewards model offering up to 2% back on all spending if you hold an eligible account with KeyBank. This makes it an easy fit if your checking account is already in the same place. However, if you don’t keep your checking account there, the card only earns 1% cash back. Such consumers are likely better off with a different card.
Pros
- $0 annual fee
- 1% cash back on purchases; 2% cash back for clients who bank with Key
- 0% for the first 12 billing cycles on balance transfers made in the first 60 days
Cons
- Requires an account with KeyBank to earn 2% cash back
- 3% of each foreign purchase transaction in U.S. dollars
- This card does not offer a welcome bonus
- Must apply in person if you’re not already a KeyBank client
Highlights
- Earn 1% cash back on purchases, 2% cash back when you bank and save with Key
- No categories or spending caps
- No annual fee
- Balance transfer introductory APR offer
Introduction
The Key Cashback credit card is aimed at KeyBank customers looking for a straightforward cash-back credit card that earns a flat rate across all purchases with no special categories or promotions to track. Note that while existing KeyBank clients can apply for the card online, everyone else must apply at a local branch.
For cardholders with a qualifying KeyBank checking account, the card earns 2% cash back on all purchases, competing with major issuers. But for cardholders who don’t do their banking with KeyBank, 1% cash back is less impressive.
The card also comes with the standard Mastercard suite of benefits, including rental car insurance, zero liability for fraudulent purchases and identity protection.
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Quick Facts
- $0 annual fee
- Earn 1% cash back on purchases; 2% cash back for clients who bank with Key
- 3% of each foreign purchase transaction in U.S. dollars
- Intro APR of 0% for the first 12 billing cycles on balance transfers made in the first 60 days
Key Cashback Credit Card Rewards
Earning Rewards
The Key Cashback card earns 2% cash back on all purchases if you have a qualifying KeyBank account and 1% if not. A qualifying KeyBank account means a personal checking account with at least five transactions each calendar month. These transactions can include ATM withdrawals, deposits by cash or check, bill payments and other daily expenses.
If you’re approved for the card and don’t already have a KeyBank account, you will have a one-month grace period to open a qualifying account. During that first month, you will earn 2% rewards.
Whether or not you have a KeyBank account, you accrue rewards automatically with each purchase.
Redeeming Rewards
KeyBank Cashback Rewards can be redeemed for a credit against your statement or directly deposited into your KeyBank checking or savings account. There is no minimum redemption amount like other cards—even one penny can be redeemed.
Rewards Potential
To assess the reward potential of the Key Cashback Credit Card, Forbes uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage-earning households brings in $118,438 annually and has $39,337 in annual expenses that can reasonably be charged to credit cards.
If you maintain a qualifying KeyBank account, your rewards on this spending will total $786.74. However, customers who hold their checking accounts elsewhere will earn half this amount of cash-back rewards—$393.37.
0% Introductory APR on Balance Transfers
The Key Cashback credit card offers a 0% for the first 12 billing cycles on balance transfers made in the first 60 days. Following that, interest will accrue at a rate between 22.24% - 29.24% based on creditworthiness. Keep in mind that balance transfers are subject to a fee of $10 or 4% of the amount of each transaction, whichever is greater.
Other Key Cashback Credit Card Benefits
- Access to your FICO Score. KeyBank’s app provides you access to your FICO Score.
- $0 fraud liability. Like other Mastercard-branded cards, you won’t be liable for any fraudulent use of your account.
- Rental car insurance. Master Rental insurance provides coverage if your rental car is lost or damaged.
- Mastercard ID theft protection. Mastercard promises to monitor and resolve identity theft threats for cardholders proactively.
Fine Print
Interest Rates
- Regular APR: 22.24% - 29.24% based on creditworthiness
- Purchase intro APR: N/A
- Balance transfer intro APR: 0% for the first 12 billing cycles on balance transfers made in the first 60 days
Fees
- Annual fee: $0
- Balance transfer fee: $10 or 4% of the amount of each transaction, whichever is greater.
- Foreign purchase transaction fee: 3% of each foreign purchase transaction in U.S. dollars
How the Key Cashback Credit Card Stacks Up
Key Cashback® Credit Card* vs. Wells Fargo Active Cash® Card*
If you’re looking for simple cash-back rewards without switching banks, a card like the Wells Fargo Active Cash® Card* will likely be a better fit. It earns 2% cash rewards on purchases, with no limit. It earns 2% cash rewards on purchases, with no annual limit. It also offers a host of benefits, including a $200 cash rewards bonus after spending $500 in purchases in the first 3 months (for eligible new applicants) and insurance for your cellphone.
The Active Cash doesn’t require you to bank with Wells Fargo, though it’s possible to have your rewards credited to your checking or savings account there. If you’re looking for a cash-back card that earns a flat rate across all purchases, the Active Cash is likely a better fit.
Key Cashback® Credit Card* vs. Citi Double Cash® Card
The Citi Double Cash® Card is a longstanding leader among cash-back cards. It provides a simple model—earn 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off. Paying your bill in full and on time means 2% cash back on everything.
The Double Cash also has a 0% intro for 18 months on Balance Transfers. Neither card offers a welcome bonus, and the Double Cash charges a similar foreign transaction fee of 3%.
Key Cashback® Credit Card* vs. Chase Freedom Unlimited®
The Chase Freedom Unlimited® offers 5% cash back on travel purchased through Chase Travel℠, 3% cash back on eligible dining and drugstores and 1.5% on all other purchases, plus an additional 1.5% cash back on the first $20,000 in purchases the first year.
As a welcome bonus, the Freedom Unlimited earns an additional 1.5% cash back on up to $20,000 spent in the first year, worth up to $300 cash back. The bonus can potentially beat the Wells Fargo Active Cash® Card*, plus you earn extra rewards on everyday purchases.
If you’re not a KeyBank banking customer, the Freedom Unlimited’s 1.5% cash back plus bonus categories beats the Key Cashback’s 1% earning rate for all purchases. With the Freedom Unlimited, you also get a nice welcome bonus and better ongoing bonus categories.
The Chase Freedom Unlimited® earns rewards in the form of Ultimate Rewards points, which can be redeemed for cash back but can also be redeemed for travel if you have other cards from Chase. This card can be used for its convenient cash-back program or as a starter points and miles rewards card.
Is the Key Cashback Credit Card for You?
If you already hold your regular checking account at KeyBank or are willing to switch, then this card’s 2% cash-back rate competes with some of the best credit cards. However, there are alternatives with a welcome bonus, better earnings and perks. If you don’t bank with KeyBank and aren’t willing to switch, you’re likely best served by another card.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards.
*The information for the following card(s) has been collected independently by Forbes Advisor: Key Cashback® Credit Card, Wells Fargo Active Cash® Card. The card details on this page have not been reviewed or provided by the card issuer.
