CLEVELAND, May 26, 2021 /PRNewswire/ -- KeyBank today
announced their May 2021 graduating
class from the Secured Credit Card, including a record 4,513
clients. The recent graduation class size has doubled in size when
compared to last year's graduating class. This product empowers
clients to build their credit or make a credit comeback as we
emerge from the COVID pandemic, enabling credit score improvement
for the 2,974 clients starting with no FICO score. Low FICO clients
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's more important than ever to help our clients build a strong
financial wellness foundation," said Mitch
Kime, Head of Consumer Lending and Payments. "The Key
Secured Credit Card is just one of the many tools we make available
to ensure that clients can see bright financial futures and stay on
the path toward their personal financial achievements, starting
with sound credit."
The Key Secured Credit Card improves financial wellness by
providing eligible clients with simple access to credit, while also
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.
The exponential growth in graduates—with many Secured Credit
Card clients being new to Key—demonstrates the bank's commitment to
financial wellness and opening doors for the communities they
serve, especially those most impacted by the pandemic. To date, Key
has helped more than 25,000 clients 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 clients
opening the Secured Credit Card. The upcoming enhancements to
secured card originations will speed up consumer access to the
product and eliminate the need to apply at a local KeyBank
branch.
Other features of the Secured Credit Card:
- 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, visit
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 (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 $176.2 billion at March
31, 2021. 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
approximately 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. CFMA
#210521-1069019
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SOURCE KeyCorp