KeyBank Graduates More than 4,500 Secured Credit Card Clients, More Than Double Since Last Year
"Given the economic uncertainty of the past year, we believe it's more important than ever to help our clients build a strong financial wellness foundation," said
The Key Secured Credit Card improves financial wellness by providing eligible clients with simple access to credit, while also helping them develop good spending habits and an educational foundation for future credit cards. Cardholder accounts are reviewed twice each year to determine if the client meets the criteria to graduate to an unsecured credit card.
The exponential growth in graduates—with many Secured Credit Card clients being new to Key—demonstrates the bank's commitment to financial wellness and opening doors for the communities they serve, especially those most impacted by the pandemic. To date, Key has helped more than 25,000 clients build or rebuild credit with the Secured Credit Card.
To further increase access to this product,
Other features of the Secured Credit Card:
KeyBankchecks in on clients' accounts twice each year to determine if they meet the criteria to graduate to an unsecured credit card.
- Unlike prepaid or debit cards, the Secured Credit Card reports clients' history to credit bureaus, allowing them to show progress.
- While clients build their credit*, their Secured Credit Card deposit must be kept in a Key Active Saver account, enabling users to build their credit and savings in tandem—all with a
- With Key's temporary lock security feature, cardholders can easily use online or mobile banking to lock and unlock a misplaced credit card, thus avoiding having to cancel it and open a new one—potentially harming their credit score.
For more information on Secured Credit Card, visit https://www.key.com/personal/credit-cards/key-secured-credit-card.jsp
*Use of the Key Secured Credit Card can help build credit when the minimum payment is made by the due date, each month.
1 Please see the cardmember agreement for rates and fees associated with this card.
The Key Secured Credit Card is subject to credit approval.
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