The Key Cashback® credit card offers a flexible and rewarding experience for consumers looking to maximize their everyday spending. With up to 2% unlimited cashback on purchases and no annual fee, it’s an ideal option for anyone who values simplicity and financial perks without complicated categories or hidden costs.

The card is particularly appealing to individuals who already bank with KeyBank, as they can qualify for the 2% cashback by maintaining an active KeyBank checking account. Even if you don’t meet the criteria for the 2% cashback, you’ll still earn 1% on all purchases, ensuring that you’re always rewarded for your spending.

Key information about the Key Cashback® credit card

The Key Cashback® credit card provides a straightforward cashback structure, allowing cardholders to earn 1% to 2% cashback on all purchases. To qualify for the 2% cashback, you must have an active KeyBank checking account and make at least five qualifying transactions per month, such as debit card purchases or bill payments. For those who don’t meet this requirement, the card still offers 1% cashback on every purchase, making it a reliable option regardless of your banking relationship.

How does the annual fee work?

One of the most appealing aspects of the Key Cashback® credit card is its no annual fee structure. Many credit cards charge a yearly fee that can range from $50 to $100 or more, but with the Key Cashback card, you can enjoy the rewards and features without worrying about this additional cost. The absence of an annual fee means you can keep more of your cashback rewards, making it easier to manage your finances and maximize the value you get from the card.

How is the credit limit determined?

The credit limit for the Key Cashback® credit card is determined based on several factors, including your credit score, income, and overall financial health. When you apply for the card, KeyBank reviews your credit report to assess your creditworthiness. Higher credit scores and stable incomes generally lead to higher credit limits, giving you more flexibility in your spending.

For individuals with excellent credit, the credit limit may be significantly higher, allowing for larger purchases or more frequent use of the card. However, for those with lower credit scores or less established credit histories, the initial credit limit may be more conservative. Over time, with responsible use of the card—such as making on-time payments and keeping balances low—your credit limit may increase.

Credit card benefits 

• Up to 2% unlimited cashback: Earn 2% cashback on every purchase if you have an active KeyBank checking account and meet the monthly transaction requirements. Otherwise, enjoy 1% cashback on all purchases.
• No annual fee: You can enjoy the rewards and features of the card without the burden of an annual fee, maximizing your savings.
• 0% introductory APR for 12 months: Take advantage of 0% APR on balance transfers made within the first 60 days of account opening, allowing you to consolidate debt and save on interest.
• Access to your FICO® Score: Keep track of your credit health with free access to your FICO® Score through KeyBank’s online and mobile banking platforms.
• Contactless payment technology: The card supports Tap and Go® technology, making purchases faster and more secure at participating merchants.
• Mastercard security features: Enjoy ID Theft Protection and Zero Liability Protection, ensuring that your card is safe from fraudulent activities.

Unlimited cashback rewards

The unlimited cashback rewards program is the standout feature of the Key Cashback® credit card. Whether you’re earning 2% by meeting the KeyBank checking account requirements or 1% if you don’t, the ability to earn cashback on all purchases without limits or categories sets this card apart. You won’t need to worry about tracking specific spending categories like groceries or gas—every purchase contributes to your cashback total, and there’s no cap on how much you can earn.

This makes the card particularly beneficial for individuals who want a simple and straightforward rewards system that consistently provides value, regardless of their spending habits. Additionally, the cashback can easily be redeemed as a statement credit or deposited into your KeyBank account, giving you flexibility in how you use your rewards.

Disadvantages

• Balance transfer fee: While the card offers 0% APR on balance transfers for 12 months, there’s a balance transfer fee of $10 or 4% of the amount transferred, whichever is greater.
• No travel or specific category rewards: Unlike some other cards, the Key Cashback® credit card does not offer enhanced rewards for specific spending categories like travel or dining.
• Foreign transaction fee: The card charges a 3% foreign transaction fee on purchases made outside the U.S., which can add up if you travel frequently or make international purchases.

Foreign transaction fee

The 3% foreign transaction fee is one of the key disadvantages of the Key Cashback® credit card. For frequent travelers or those who regularly make international purchases, this fee can quickly diminish the value of the cashback rewards.

While the card offers solid cashback for domestic purchases, the foreign transaction fee makes it less ideal for use abroad or for online shopping from international retailers. If you travel internationally often, you may want to consider a credit card that does not charge foreign transaction fees.

Who can apply for this card?

To apply for the Key Cashback® credit card, you need to meet certain eligibility criteria:

• Age: Applicants must be at least 18 years old.
• Residency: The card is available to U.S. residents.
• Credit score: While KeyBank doesn’t specify a minimum credit score, having a good to excellent credit score (typically 670 or higher) will increase your chances of approval.
• Income verification: You may need to provide proof of income during the application process, as this will help determine your credit limit and ensure that you can manage your payments.

The card is suited for individuals with stable credit histories and those who want to maximize their cashback rewards without worrying about an annual fee.

How to apply for the Key Cashback® credit card

Applying online

The online application process for the Key Cashback® credit card is quick and straightforward. You can apply by visiting KeyBank’s website and navigating to the credit card section. The application takes about five minutes to complete and requires basic information, including your Social Security number and a valid form of ID, such as a driver’s license or passport. Once you submit your application, KeyBank will conduct a credit check to determine your eligibility. If approved, you will receive your new card within a few business days.

From there, you can activate your card online or through KeyBank’s mobile app, where you can also manage your account, track spending, and redeem your cashback rewards. By choosing the Key Cashback® credit card, you’ll enjoy the simplicity of earning cashback on all your purchases, while benefiting from the card’s security features and no annual fee.