Because my family did our banking with them, I decided to apply for a Key Bank credit card when I was 18. Despite always paying my balance off in full every month, they saddled me with an extremely low limit of only $500 that could not even sustain my normal spending, and to add insult to injury, I wasn’t getting any rewards.
From what I recall, it wasn’t until I was around 19 and a half before they finally agreed to raise the credit limit, but that was only for a pitiful $200 more. By that time, I had other credit cards with thousands of dollars in credit so I remember just canceling my Key Bank Mastercard out of anger.
But how about today? Are they any better? I decided to do a Key Bank card review to find out…
They offer 3 different cards for 2013:
Key Bank College Rewards Mastercard – As the name implies, this credit card is for college students and it offers rewards. Unfortunately, that’s only 1 point per dollar spent which is pretty pathetic when you consider there are credit cards for college students on the market that give up to 5%.
Key Bank Young Adult Mastercard [update: this one been discontinued for 2013]: This card is geared towards those 16+ but it requires a co-signer that is 21+. There are no rewards whatsoever. Because just about any card on the market can be obtained with a co-signer age 21+ there is no good reason to choose this one specifically if you are a young adult.
Key Bank Platinum Mastercard – Upon reviewing the application, this card sounds identical to my very first card, the difference being that it is “Platinum” (from the looks of their website apparently they don’t offer Gold anymore). There are no rewards or unique benefits at all. This card blows.
Key Bank Select Rewards Platinum Mastercard -With a name like “Select Rewards” ideas probably conjure up in your head that it must be some kind of special rewards program, right? Not quite. It only gives 1% cash back.
At the time of this review, the APRs on all of the Key Bank credit cards were just average. I can’t find one redeeming quality on any of these cards that would make them worth applying for.
Is the customer service any good?
Although it was years ago, my experience with their credit card customer service was absolutely awful and from what I hear, it doesn’t sound like that has changed (although their branch support was good). One old buddy of mine became so fed up, he actually closed his account. My mother was also a long time Key Bank cardholder (I believe decades) and she canceled hers a few years back, partially due to the poor rewards and partially due to poor customer service.
If any one can think of one good reason to submit a Key Bank credit card application, please share it in a comment below, because I can’t think of any.