CLEVELAND, Oct. 23, 2019 /PRNewswire/ -- KeyBank,
today, announced their 2019 graduating class of clients from
the Secured Credit Card, a tool that empowers clients who are
building their credit or making a credit comeback. Nearly
one-third (30%) of Secured Credit Card customers are graduating
this month after less than one year of using the tool, and
two-thirds (65%) of those graduates are Millennials (those born
between 1982 and 2000), as many in this generation struggle to find
their financial footing and are turning to secured credit cards to
establish good credit.
"Millennials, many of whom came of age during the 2008
recession, are saddled with debt and looking for ways out of it,"
said Mitch Kime, Head of Consumer
Payments in KeyBank's Enterprise Payments group. "Our Secured
Credit Card helps them overcome the barriers they face to
establishing a strong credit history that makes financial
achievements, like renting their own apartment, a reality."
KeyBank's Secured Credit Card improves financial wellness by
providing eligible clients with simple access to credit while
helping them develop good spending habits and an educational
foundation for future credit cards. Cardholder accounts are
reviewed twice each year to determine if the client meets the
criteria to graduate to an unsecured credit card. Millennials, who
are often new-to-credit and lack credit worthiness more than any
other generation, find the tool particularly useful. Young
adults and recent college graduates, ages 21 to 25, comprise the
largest segment of Secured Credit Card customers, showing that
younger Millennials are taking advantage of this credit
steppingstone as they work toward financial independence.
The growing prevalence of secured cards proves that good credit
truly matters to financial wellness—whether buying a car or
applying for a loan, credit is considered a major factor in
eligibility. KeyBank's Secured Credit Card helps unlock financial
doors that people with little to no traditional access to credit
were previously barred from. To date, Key has helped nearly 10,000
clients build or rebuild credit with this product launched just 12
months ago.
Features of the Secured Credit Card include:
- KeyBank checks in on clients' accounts twice each year to
determine if they meet the criteria to graduate to an unsecured
credit card.
- Unlike prepaid or debit cards, the Secured Credit Card reports
clients' history to credit bureaus, allowing them to show
progress.
- While clients build their credit*, their Secured Credit Card
deposit must be kept in a Key Active Saver account, enabling users
to build their credit and savings in tandem—all with a $0 annual fee1.
- With Key's temporary lock security feature, Cardholders can
easily use online or mobile banking to lock and unlock a misplaced
credit card, thus avoiding having to cancel it and open a new
one—potentially harming their credit score.
For more information on Secured Credit Card, head online to
https://www.key.com/personal/credit-cards/key-secured-credit-card.jsp
*Use of the Key Secured Credit Card can help build credit when
the minimum payment is made by the due date, each month.
1 Please see the cardmember agreement for rates and fees
associated with this card.
The Key Secured Credit Card is subject to credit approval.
About KeyCorp
KeyCorp's 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 $146.7
billion at September 30,
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 1,400 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.
KEY MEDIA
NEWSROOM:
www.Key.com/newsroom
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SOURCE KeyCorp