What Are Key Bank's Secured Credit Cards?

What Are Key Bank's Secured Credit Cards?

Secured credit cards are a great option for individuals who are looking to build or rebuild their credit. Key Bank is a popular financial institution that offers two types ofsecured credit cards: the Key Secured Credit Card and the Key2More Rewards Secured Credit Card.

Key Secured Credit Card

The Key Secured Credit Card requires a minimum deposit of $300, which is used as collateral for your credit limit. This means that your credit limit will be equal to your deposit. The card has no annual fee and a variable APR of 22.49%. The card also comes with basic benefits such as zero fraud liability, auto rental collision damage waiver, and travel and emergency assistance services.

Key2More Rewards Secured Credit Card

The Key2More Rewards Secured Credit Card requires a minimum deposit of $500, which is also used as collateral for your credit limit. This card comes with the added benefit of earning rewards on purchases. You can earn two points for every $1 spent on eligible purchases, and there is no limit to the number of points you can earn. The card has no annual fee and a variable APR of 22.49%. The card also comes with the same basic benefits as the Key Secured Credit Card.

Benefits of Key Bank's Secured Credit Cards

Key Bank's secured credit cards are a great option for individuals who are looking to build or rebuild their credit. By making on-time payments and keeping your credit utilization low, you can improve your credit score over time. Additionally, the Key2More Rewards Secured Credit Card offers the added benefit of earning rewards on purchases, which can help offset the cost of the card.

Tips for Applying for a Secured Credit Card

When applying for a secured credit card, it's important to do your research and find a card that fits your needs. Look for a card with no annual fee and a low APR. Additionally, make sure that the card reports to all three credit bureaus, as this will help you build credit faster. Finally, only apply for a secured credit card if you are able to make on-time payments and keep your credit utilization low.

Saving Money with a Credit Card

Credit cards can be a great tool for saving money if used responsibly. Look for a card with cashback rewards or other benefits that align with your spending habits. Additionally, make sure to pay off your balance in full each month to avoid interest charges. Finally, avoid using your credit card for impulse purchases and focus on using it for necessary expenses.

Avoiding Credit Card Fees

Credit card fees can add up quickly if you're not careful. To avoid fees, make sure to pay your bill on time and in full each month. Additionally, avoid cash advances and balance transfers, as these often come with high fees. Finally, look for a card with no annual fee to avoid unnecessary charges.

Conclusion

Key Bank's secured credit cards are a great option for individuals who are looking to build or rebuild their credit. With no annual fee and a low APR, these cards can help you improve your credit score over time. Additionally, the added benefit of earning rewards on purchases can help offset the cost of the card. To make the most of your credit card, make sure to use it responsibly, avoid fees, and focus on necessary expenses.