Cleveland-based KeyBank NA launched a credit card that offers 2% cash back to clients and a tool to help clients save more money.
Customers will be eligible for the 2% cash back if they have a KeyBank checking account, excluding a health savings account and excluding transfers from another KeyBank account, and a KeyBank savings or investment account with a minimum daily balance of $1,000. Those who are not able to meet either of the criteria after one month of their account opening will get 1.5% cash back instead. Customers who have no accounts with the bank will also get the 1.5% cash back.
The bank said its newest credit card offering has no caps, limits, rotating categories or annual fees. It is also offering a mechanism for checking account clients to avoid paying overdraft fees by transferring money from their KeyBank savings accounts to cover the shortfall. However, the company disclosed there is an overdraft protection transfer fee of $10.
KeyBank also launched EasyUp, a tool designed to help customers save money by transferring $1 from a client's checking account to their savings account with every KeyBank debit card purchase. The bank said an average client could save over $300 per year using the financial tool.