CLEVELAND, May 26, 2021 /PRNewswire/ — KeyBank today announced their May 2021 graduating class of the secured credit card, including a record of 4,513 customers. The size of the recent graduating class has doubled in size compared to last year’s graduating class. This product will enable customers to build their credit or make a credit comeback as we emerge from the COVID pandemic, helping to improve the credit score for the 2,974 customers who start without a FICO score. Low FICO customers were also able to improve their scores by an average of 78 points in six months.
“Given the economic uncertainty of the past year, we believe it is more important than ever to help our customers build a strong financial foundation for well-being,” he said. Mitch Kime, Head of Consumer Loans and Payments. “The Key Secured Credit Card is just one of many tools we make available to ensure that customers can see a bright financial future and stay on the path to their personal financial performance, starting with solid credit.”
The Key Secured Credit Card improves financial well-being by providing eligible customers with easy access to credit, while also helping them develop good spending habits and an educational foundation for future credit cards. Cardholder accounts are reviewed twice a year to determine whether the customer meets the criteria to move to an unsecured credit card.
The exponential growth in the number of graduates – with many Secured Credit Card customers new to Key – demonstrates the bank’s commitment to financial well-being and opening doors to the communities they serve, especially those most affected by the pandemic. To date, Key has helped more than 25,000 customers build or rebuild credit with the Secured Credit Card.
To further increase access to this product, KeyBank will launch a digital application and approval process for existing customers who open the Secure Credit Card. The upcoming enhancements to secure card productions will accelerate consumer access to the product and eliminate the need to sign up at a local KeyBank branch.
Other Features of the Secure Credit Card:
- KeyBank checks customers’ accounts twice a year to determine whether they meet the criteria for switching to an unsecured credit card.
- Unlike prepaid or debit cards, the secured credit card reports customers’ history to credit bureaus so they can show their progress.
- As customers build up their credit*, their secure credit card deposit must be kept in a Key Active Saver account, allowing users to build up their credit and savings simultaneously – all with a $0 annual contribution1.
- Key’s temporary lock feature allows cardholders to easily use online or mobile banking to lock and unlock a misplaced credit card so they don’t have to cancel and open a new one, potentially hurting their credit score.
For more information about secured credit card, please visit: https://www.key.com/personal/credit-cards/key-secured-credit-card.jsp
*Using the Key Secured Credit Card can help build credit when the minimum payment is made each month on the due date.
1 See the cardholder agreement for rates and fees associated with this card.
The Key Secured Credit Card is subject to credit approval.
KeyCorps (NYSE: KEY) roots go back 190 years to Albany, New York. headquarters in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $176.2 billion Bee March 31, 2021. Key provides deposit, credit, cash management and investment services to individuals and businesses in 15 states under the KeyBank National Association name through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also offers a wide range of advanced corporate and investment banking products such as mergers and acquisitions advisory, public and private debt and equity, syndications and derivatives to medium-sized companies in select industries around the world. the United States under the trade name KeyBanc Capital Markets. For more information visit https://www.key.com/. KeyBank is a member of the FDIC. CFMA #210521-1069019