A Key Secured Credit Card works a lot like a traditional credit card, except you put funds in a savings account equal to the assigned credit limit. As you use your card and pay your monthly bill, your history gets reported to major credit bureaus. So this card can help you build a solid credit history right from the start or press refresh on a credit history you want to improve.
How It Works2
Frequently Asked Questions
When you graduate to an unsecured card, the hold is removed and you’ll have access to the deposit in your Key Active Saver account.
To help you establish your credit, your credit card history will be reported to the three major federal credit bureaus: Equifax, Experian, and TransUnion.
No, this card is for purchases only, and you can use it for purchases anywhere Mastercard is accepted including in stores, online, and in apps. To help keep you on track, it doesn’t offer cash advances, convenience checks, or balance transfers. Transactions that are considered cash advances include: ATM and point of sale withdrawals; wire transfers; and buying foreign currency, traveler's checks, money orders, lottery tickets, or gambling chips and wagers.
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Use of the Key Secured Credit Card can help build your credit when the minimum payment is made by the due date, each month.
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Opening of the Secured Credit Card is subject to funds being appropriately deposited in a solely owned Key Active Saver account. The Key Secured Credit Card is subject to credit approval. The credit card must be secured by a minimum deposit greater than or equal to $300 in a Key Active Saver account (up to $5,000). The Key Active Saver account must be funded within 30 days of account opening. The monthly maintenance service charge on the Key Active Saver account will be waived for Key Secured Credit Card clients. The monthly maintenance service charge waiver is only valid as long as the Key Secured Credit Card remains open. If you are graduated to an unsecured credit card or close your Key Secured Credit Card account, the Key Active Saver monthly maintenance service charge of $4.00 may apply, unless you are the owner on a KeyBank consumer checking account (including KeyBank Hassle-Free Account®).
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Clients with newly opened credit card accounts may not see their first FICO® Score in online and mobile banking for up to 90 days after enrollment. In certain circumstances, a FICO® Score may not be available for various reasons, e.g., having a limited credit history. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
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Messages and data rates may apply from your wireless carrier.
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Subject to terms and conditions in Service Agreement.
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The Key Secured Card requires the card holder to have funds on deposit in a Key Active Saver® account in an amount greater than or equal to the assigned credit limit. The credit limit is determined by your creditworthiness and will be in an amount between $300 – $5,000. The variable APR for purchases is 26.49%. This APR will vary with the market based on the Prime Rate. There is a $0.50 minimum finance charge where interest is due. The annual fee is $0. Foreign Transaction fee: 3% of the amount of each foreign transaction after its conversion into U.S. Dollars. Transactions originating in Canada are excluded from this fee. The monthly maintenance service charge on the Key Active Saver account will be waived for Key Secured Credit Card clients. The monthly maintenance service charge waiver is only valid as long as the Key Secured Credit Card remains open. If you are graduated to an unsecured card or close your Key Secured Credit Card account, the Key Active Saver monthly maintenance service charge of $4.00 may apply, unless you are the owner on a KeyBank consumer checking account (including KeyBank Hassle-Free Account®).