KeyBank Secured Card
Card Summary
The KeyBank Key Secured Credit Card is an effective financial tool designed for individuals aiming to build or improve their credit history. With no annual fee, it stands out as an affordable option in the realm of secured credit cards.
The card requires a refundable security deposit, starting at a minimum of $300, which sets the credit limit and must be kept in a Key Active Saver account. This deposit not only secures the credit line but also encourages savings.
Pros:
- Low annual fee
- Credit building potential through reporting to major credit bureaus
- Security features like fraud protection
- A refundable security deposit determines the credit limit
- Customer service support
Card Summary - Cons
- No rewards program or cash back
- Variable purchase APR
- Potential charges for late payments and foreign transactions
Rates and fees
Highlights
- No Annual Fee: Reduces the overall cost of credit building.
- Credit-Building Capability: Reports to major credit bureaus, aiding in establishing a credit history.
- Opportunity for Graduation to Unsecured Card: Reviews account twice yearly for potential upgrade, providing a path for credit improvement.
Comparative Analysis with Other Cards
Conclusion
The KeyBank Secure Card is a viable tool for individuals looking to establish or rebuild their credit. Its no annual fee feature, combined with the opportunity to graduate to an unsecured card, makes it an appealing option for many users. However, the card's high APR and additional fees for certain transactions warrant careful consideration.
Prospective cardholders should weigh these factors against their financial needs and goals to determine if the KeyBank Secure Card aligns with their credit-building strategy. With its inclusive approach and credit-building capabilities, the KeyBank Secure Card is a noteworthy option in the secured card market.
The KeyBank Secure Card is excellent for those looking to establish or rebuild their credit. Its no annual fee feature and the potential to graduate to an unsecured card make it appealing to a wide audience.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
