CLEVELAND, Nov. 7, 2019 /PRNewswire/ -- Consumers are
anticipating higher-than-average prices this holiday season, with
nearly 8 in 10 people concerned that tariffs will make holiday
merchandise more expensive. At the same time, job growth and higher
wages indicate this year's volume of holiday shopping will be
higher than last, with cumulative spending estimates for November
and December 2019 exceeding
$727 billion.
With this much money going into retailers' pockets, how can
consumers brace for higher prices and increased spending as we
approach the holidays?
The Key Cashback Credit Card puts money back in shopper's
wallets this holiday season, offering an impressive 2% cash back
with every purchase for those who bank and save with
Key.[i] Cardholders who don't bank and save with
Key can still earn 1.5% cash back on their purchases.
Cardholders have already earned $3
million[ii] in less than six
months since the Key Cashback Credit Card launched, proving
that consumers are taking advantage of this "found" money ahead of
the holidays.
"The Key Cashback Credit Card is putting an average of
$300 back into cardholders' pockets
annually. The money back can make a significant difference this
holiday season, when the average consumer plans to spend
$892," said Mitch Kime, Head of Consumer Payments in
KeyBank's Enterprise Payments group. "Using the Key Cashback Credit
Card is a smart money move that can be a step forward in a
consumer's financial wellness journey."
Millennials, in particular, are expected to spend more on
gifts this holiday season compared with 2018. This generation is
driving a digital-first shopping experience, with nearly seven in
10 Millennials using their phone to make holiday purchases this
year. Millennials are also 50% more likely to spend more in 2019
than they did in 2018, so it is important that this generation
prepares for these expenditures with a credit card that rewards
their spending uptick.
"With 2019 holiday retail sales expected to increase by an
additional 4% over 2018, now is the perfect time for shoppers to
get their financial priorities in order. This includes creating a
budget, setting aside extra dollars and making sure they have the
best possible suite of financial tools on their side," said Mr.
Kime. "In this time of giving, the Key Cashback Credit Card puts
the power of the purchase back into the hands of consumers by
helping them save even when they spend on gifts, all with no
caps, no limits, no rotating categories and no
annual fee.[iii]
The Key Cashback Credit Card serves as one of
KeyBank's newer digital and banking tools that empowers clients to
save money, pay down debt, and avoid unnecessary extra costs.
Combined with EasyUp SM and $0 Overdraft Protection Option tools, KeyBank is
making it easier for clients to take steps toward achieving
financial wellness.
For more information on the Key Cashback Credit Card, please
visit
https://www.key.com/personal/credit-cards/key-cashback-credit-card.jsp
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.© 2019. KeyCorp. CFMA # 190919-661631
[i] 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%.
[ii] This number is influenced by certain promotions no longer
available as of October 31, 2019.
[iii] The APRs may vary. Currently the undiscounted
variable APR for Purchases and Balance Transfers is from 15.49% to
24.49% (depending on your creditworthiness). The variable APR for
Cash Advances is 25.49%.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.
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SOURCE KeyCorp