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The Key Cashback bank card, issued by KeyBank, has an annual price of $zero and options an interesting 2% money again on each buy, an ongoing flat fee that’s laborious to beat.
However there are some catches for that prime fee: You’ll earn it solely below sure circumstances, and if these circumstances aren’t met, you’ll earn 1.5% again on purchases as a substitute. That’s nonetheless a strong fee, nevertheless it’s not distinctive.
Listed below are 5 issues you need to know in regards to the Key Cashback bank card.
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1. Eligibility for the cardboard relies partly on the place you reside
KeyBank relies in Cleveland, and when you don’t must reside within the Buckeye State, card candidates are restricted by location. To use for the cardboard (both in individual or on-line), you have to reside in considered one of 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont or Washington.
» MORE: Can’t get a bank card? Strive these various choices
2. The two% cash-back fee comes with sure circumstances
Incomes 2% money again on all purchases is among the many greatest flat charges you’ll discover. However to get that fee, you have to have a KeyBank checking account with not less than $1,000 in deposits every month, in addition to a KeyBank financial savings or funding account with a minimal day by day steadiness of $1,000.
» MORE: NerdWallet’s greatest money again playing cards
three. The cardboard gives a zero% introductory steadiness switch APR
Whereas the cardboard does have a steadiness switch price of $10 or three% of the switch (whichever quantity is larger), it gives a zero% introductory APR for the primary 12 billing cycles on steadiness transfers made within the first 60 days. After that introductory interval, a variable ongoing APR kicks in.
» MORE: NerdWallet’s greatest steadiness switch bank cards
four. You possibly can redeem for money again in a number of methods
Your choices for receiving money again embrace direct deposit right into a KeyBank checking or financial savings account, as a press release credit score in your card or as a redemption in opposition to particular transactions in your card.
5. You’ll get helpful aspect perks
The cardboard offers rental automotive insurance coverage by Mastercard, which might be useful if you’re touring.
You’ll additionally get cellular phone insurance coverage if you pay your month-to-month invoice with the cardboard, which may cowl you in case your cellphone is stolen or broken.