CLEVELAND, Aug. 5, 2019 /PRNewswire/ -- KeyBank is
announcing a new suite of digital and banking tools that will make
it easier for clients to take steps toward achieving financial
wellness. Combined, the new Key Cashback credit card,
EasyUpSM and $0 Overdraft
Protection Option tools empower clients to save money and pay down
debt faster, while earning money back and avoiding unnecessary
extra costs.
"Financial Wellness is a unique journey for every client. It's
our job to listen closely to what our clients need. These
new, best-in-class solutions enhance individual banking, and also
help clients sustain momentum toward achieving their unique goals,"
said Dennis Devine, President of Key
Consumer Bank.
Based on a survey of thousands of clients, KeyBank's Financial
Wellness Review found that clients are seeking out tools to make
managing finances and reaching financial milestones
easier—especially in a fast-paced, digitally-driven world. While
nearly 72 percent of respondents who have budgets in place are
staying within them, 26 percent of those individuals would like to
save more—pointing to a need for smart products to help make that
possible.
Key Cashback Credit Card
KeyBank is now offering an industry-leading Key Cashback credit
card. The new card puts 2% cash back into the pockets of
KeyBank clients with every purchase for those who bank and save
with Key. 1 Cardholders who don't bank and
save with Key can still earn 1.5% cash back on their purchases.
With no caps, no limits, no rotating
categories and no annual fee, 2
the new card will help clients pave the path forward to achieving
financial wellness.
"With every purchase using our Key Cashback credit card, KeyBank
clients are saving up to 2% cash back, potentially putting hundreds
of dollars back into their own pocket each year. This money can
make a significant difference for anyone sticking to a
budget—giving them more flexibility and allowing them to both
manage their credit and pay down debt faster," said Mitch Kime, Head of Consumer Payments in Key's
Enterprise Payments group.
EasyUpSM
KeyBank is offering a new way to save through
EasyUpSM, an innovative new tool that allows
clients to automatically save money to pay down debt. With each
KeyBank debit card purchase, $1 is
transferred from the client's checking account to their savings
account, helping them effortlessly set aside money. Clients can use
their savings to help achieve their financial goals, and, later
this year, clients will have the option to automatically send their
monthly EasyUpSM savings to pay down the debt of
their choice.
"EasyUpSM is an example of how financial
wellness guidance can turn into real action, and we believe the
results will have an incredible impact on our clients' lives," said
Dennis Devine. "KeyBank is
innovating by making the tool free for clients and automatically
helping clients paydown high interest debt. We built
EasyUpSM by listening to our clients, making it
effortless to use and helping with small transfers that add up
fast."
An average client could save over $300 per year using EasyUpSM.
That amount of savings, on average, could pay off a 30-year
mortgage a year and a half faster, eliminate three car payments off
a five-year auto loan or pay off a student loan one year early.
$0 Overdraft Protection
Option
KeyBank knows that oversights can happen as clients deal with
their busy lives. KeyBank is offering new no-fee overdraft
protection transfers for clients' checking accounts linked to
KeyBank savings accounts. If an overdraft occurs, a client who is
signed up for the service will see their available money
transferred from a KeyBank Savings Account to cover the shortfall,
now with no overdraft or overdraft transfer fees.
"We are committed to giving individuals and families the
solutions and advice they need to achieve financial wellness. With
these exciting new tools, KeyBank clients can add power to their
purchases and enhance their personal financial journeys," said
Dennis Devine.
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back
190 years to Albany, New York.
Headquartered in Cleveland, Ohio,
Key is one of the nation's largest bank-based financial services
companies, with assets of approximately $141.5 billion at March
31, 2019. Key provides deposit, lending, cash management,
and investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
over 1,100 branches and more than 1,500 ATMs. Key also provides a
broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.
About Cashback Credit Card
- To be eligible for the 2% cash back, you must have a KeyBank
checking account, excluding a health savings account with
$1,000 in aggregate deposits per
month, excluding transfers from another KeyBank account, and a
KeyBank savings or investment account with a minimum daily balance
of $1,000. If you do not meet either
of the criteria above after 1 month of your account opening, you
will earn 1.5% cashback on all eligible purchases. We will
determine whether you have met the bank and save criteria on the
last Monday of each calendar month, based on your deposit and
balance activity over the thirty (30) days prior to the immediately
preceding Saturday. If you have not met the bank and save criteria,
your rate for the following calendar month will be 1.5%.
Cash back is awarded based on eligible credit card purchases
excluding transactions such as cash advances of any
type, balance transfers, convenience check transactions,
overdraft protection transfers and quasi-cash transactions. See
Terms and Conditions, which are subject to change.
- The APRs may vary. Currently the undiscounted variable APR for
Purchases and Balance Transfers is from 15.99% to 24.99% (depending
on your creditworthiness). The variable APR for Cash Advances is
25.99%. Cash Advance fee: 4%, $10
minimum. Convenience Check fee: 3%, $10 minimum. Cash Equivalent fee: 4%,
$10 minimum. Balance Transfer fee:
3%, $10 minimum. Overdraft Protection
Transfer fee: $10. There is a
$0.50 minimum finance charge where
the interest is due. Foreign Transaction fee: 3% of each foreign
purchase transaction in U.S. dollars. Transactions originating in
Canada are excluded from this fee.
Refer to Terms and Conditions.
KEY MEDIA
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