Key Bank , both offering KeyBank’s Relationship Rewards points and special interest rate offers for new cardholders. Below we offer an overview / review of each card:
Key makes a big deal about its Relationship Rewards program, which allows you to earn cash back for various banking activities, including credit card purchases. However, the program can be confusing, because it is not immediately apparent how much a “point” is actually worth. After some investigation, we determined that it takes 5 points to earn one cent, or 500 points to earn one dollar. This is important to remember, because most credit cards use a formula that makes one point equal one penny, and if you are accustomed to this standard, Key’s formula could make you believe that you are earning more than you really are.
That said, here’s what each Key Bank credit card is offering:
- The is a fairly standard cash back card, offering you essentially 1% cash back, which is really the baseline for any cash back card. (There are many others on the market that offer more.) You are offered this rebate in the form of 5 Relationship Rewards points for each dollar charged to the card — in other words, one penny per dollar, or 1%. There is no annual fee for the card. Interest rate may be as low as 11.99% or as high as 21.99% 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 4% fee on balance transfers.) You can .
- The offers a much smaller reward, but has a slightly lower interest rate and a longer 0% rate offer for new customers. You get 1 Relationship Rewards point for every dollar charged to this card. If you remember our math above, that means you’d basically earn 1 penny for every $5 charged to the card, or 1 dollar for every $500 charged to the card. There is no annual fee for this card, and it offers a 0% rate on both purchases and balance transfers for 12 months. (4% fee on balance transfers, though.) The standard interest rate after the first 12 months ranges from 10.99% at the low end to 20.99% at the high end, depending on your credit history. There is as well.