| Balance Transfer Rating: | 3.4 / 5 |
| Introductory Offer: | 3.4 |
| Net Value: | 3.7 |
| Features: | 2.0 |
| Issuer Customer Experience | 3.8 |
In a Nutshell:
With an expensive balance transfer fee and a stingy 6-month introductory promotion, this overrated rewards card ranks low on our list of balance transfer cards.
0% Introductory Period |  |
Transfer Fee |  |
Introductory Purchase APR | |
Regular APR |  |
Annual Fee | |
KeyBank Customer Service Ratings
|  |
Other Notable Features: Car rental insurance, price protection, purchase protection, extended warranty, identity theft services, travel assistance, concierge services, MasterCard Travel Services
| Low Interest Rating: | 2.1 / 5 |
| Rates, Fees, Penalties: | 2.1 |
| Rewards: | 2.0 |
| Features: | 2.0 |
| Issuer Customer Experience | 3.8 |
In a Nutshell:
With its low APR and brief 0 percent introductory period on balance transfers and new purchases, the Key2More Rewards card can help you save some money on interest, though you can find cards with much longer introductory periods and lower interest rates.
Regular APR |  |
Introductory Purchase APR | |
Introductory Balance Transfer APR | |
Fees
| |
Penalties
| |
KeyBank Customer Service Ratings
| |
Other Notable Features: Car rental insurance, price protection, purchase protection, extended warranty, identity theft services, travel assistance, concierge services, MasterCard Travel Services
| Rewards Rating: | 2.5 / 5 |
| Rewards Value: | 1.7 |
| Annual Percentage Rate: | 4.2 |
| Rewards Flexibility: | 3.4 |
| Features: | 0.7 |
| Issuer Customer Experience | 3.8 |
In a Nutshell:
With a decent APR and a higher-than-average rewards rate, the Key2More Rewards MasterCard sounds like a great deal; but when you add up the value of the card’s inflated rewards points, you’ll find this card isn’t as generous as it seems.
Rewards Rate
| |
Sign-up Bonus | |
Annual Fee | |
Average Yearly Rewards Value ($1,325 monthly spend) | |
APR | |
Rewards Redemption
Cons
| |
KeyBank Customer Service Ratings
| |
Other Notable Features: Car rental insurance, price protection, purchase protection, extended warranty, identity theft services, travel assistance, concierge services, MasterCard Travel Services
 | Find card offers for you: This card is not currently available on CreditCards.com, but you can still find a great card offer for you! Our CardMatch tool can help match you with prequalified offers and cards that align with your credit history – with no harm to your credit score. Get personalized offers from our partners in seconds. |
The KeyBank Key2More Rewards card offers more points per dollar spent than most travel rewards credit cards. However, don’t be fooled by its misleadingly high rewards rate – what you see won’t necessarily be what you get. Like other rewards cards that try to lure new cardholders with an artificially inflated rewards rate, the Key2More Rewards card’s points are only worth a fraction of the average card rewards point.
The KeyBank card does offer an appealing spending bonus if you pass a monthly spending threshold. But to get the most benefit from it, you’ll have to spend at least $2,000 or more per month. If you can pass that monthly threshold, the card’s rewards rival some of the best cards on the market. But if you’re not that heavy of a spender, you can almost certainly find a better deal somewhere else.
The Key2More Rewards card’s availability is also limited. Only cardholders living near a KeyBank are eligible to apply.
A deceptively high rewards rate
At first glance, the Key2More Rewards card seems to offer one of the most generous rewards programs around. Cardholders are awarded five points for every dollar they spend, plus an additional 25 percent points bonus when they spend at least $1,000, and a 50 percent points bonus when they spend more than $2,000. However, if you look more closely at the Key2More Rewards program, you’ll find the card’s rewards program isn’t nearly as valuable as it seems.
Do the math before you apply
When a credit card offers a rewards rate that seems too generous to be true, it’s a good idea to pull out your calculator and check out how much those points are actually worth. In most cases, the rewards points are deliberately valued at just a fraction of the average credit card rewards point, which typically goes for about a penny each.
In the case of Key2More Rewards, we estimate that each point is worth $0.002, which is conveniently equal to one-fifth of a penny. As a result, the card’s effective rewards rate – when compared to other cards – is actually just one point for every dollar you spend, not five points. Meanwhile, the card’s sign-up bonus is worth just $100, not nearly as impressive as it sounds.
Best for heavy spenders
The card’s monthly spending bonuses help make up for the card’s anemic rewards value, but you have to spend a significant amount to earn the maximum amount. For example, if you spend $2,000 a month – the minimum amount you need to spend to earn a 50 percent bonus – you effectively earn 2 cents in rewards for every dollar you spend. That’s pretty generous for a travel card, particularly since KeyBank doesn’t limit how much you can earn.
For example, if you spend just $2,000 a month, you can end the year with rewards worth up to $480 or more. If you spend $4,000 a month, you can earn a whopping $960. If you’re not such a heavy spender, though, you’re going to have a tough time earnings enough points for big rewards.
Pricey redemption
The KeyBank Key2More Rewards card also loses points as a travel rewards card because it reserves the right to charge cardholders “fulfillment fees” when they redeem points for airfare, travel vouchers or other rewards purchases. Like most rewards credit cards, KeyBank also makes you go through the bank’s website to book travel purchases and it doesn’t let you transfer points to other loyalty programs. Unlike many travel cards, though, it doesn’t impose any travel blackout dates, so you can travel whenever you please.
Why get the KeyBank Key2More Rewards card?
- You plan to spend more than $2,000 a month and so can earn the 50 percent spending bonus.
- You want more flexibility with rewards-funded travel and want to be able to choose when you fly or stay in a hotel.
- You’re already a customer of KeyBank and want a card with the same bank.
How to use the KeyBank Key2More Rewards card:
- To get the most value out of this card, use it for all or most regular monthly purchases so you have a better chance of earning the 25 to 50 percent spending bonus.
- If you can, try to pay off purchases in full. The card’s regular APR is relatively high.
- Shop around before redeeming points for travel. You may get more value from your spending if you redeem points for cash and use the money to pay for travel you bought elsewhere.
Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. However, we do receive compensation when you click on links to products from our partners. Learn more about our advertising policy
All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.
Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. It is not our partner’s responsibility to ensure all posts or questions are answered.