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A company called Elan Financial Services created this product – and banks can white label the product. Customer service on the card would be handled by Elan – not your local bank.
We don’t like the way this product works.
First, there is a $50 annual fee.
You earn 1 point for every $1 you spend. At the end of every month, you receive a 50% bonus, which means you have earned 1.5 points.
There is a bonus offer of $50 after you make your first purchase.
Every 100 points is $1 of cash back. Redemption starts at 2,500 points for $25 of cash back. You can also redeem your points for travel (if you book through their travel agent). That starts at 25,000 points for $325 of value.
So – this is basically a 1.5% cash back card, with a $50 annual fee. There are likely better options out there.
They also have a balance transfer offer. It is only 6 months – and they have a 3% fee. That is terrible value (for the same fee, you can get up to 18 months at 0% on other cards).
The rewards currency of KeyBank is “KeyBank Relationship Rewards.” There are multiple ways to earn these points, including from banking accounts. So, if you are already earning points from your bank account – this credit card would to up your points.
There is no annual fee.
You will earn 5 points for every $1 you spend. There is no maximum to the number of points that you can earn.
There is a bonus based upon your spend:
So, at most, you could be earning 7.5 points for every $1 you spend.
That sounds great. But, what are these points worth? Visit www.keybankrewards.com to see what they are worth. (And you may not want to use a Safari browser – we can’t get it to work there.)
A $25 gift card takes 13,000 points. So:
So – if you spend $2,000 or more per month, then this card will get you approximately 1.4% cash back. With no annual fee, this isn’t awful.
And there are other ways to top up your points. If you have a checking account, then every time you use Bill Pay you receive 100 points. Every check is 100 points. If you enroll in online statements, then you get 100 points automatically every month. So – you could conceivably get an extra 500 – 1,000 points fairly easily through a banking relationship per month.
Posted on March 11, 2016 by Nick Clements
Updated August 30, 2017 Changing bank accounts can be painful, but lucrative. Chase understands that some people will only go through the hassle of changing banks if they are paid to do it. To encourage people to switch, Chase has introduced a bonus offer that will pay customers up to 350. In the rest of this post, we will explain the details Get up to 350 when you open a Chase Total Checking account with Direct Deposit and open a Chase SavingsSM account , deposit 10,000 or more in new money and maintain a 10,000 balance for 90 days Get a 200 bonus...
Believe it or not, banks will actually compete for your debt. Nick gives three easy steps for utilizing a balance transfer to save you thousands.
A balance transfer is a bonus offer for people with credit card debt to move it from Bank A to Bank B. Why does a bank want your debt? Because the debt is amazingly profitable for them ($60 billion was generated from interest last year alone.) Credit card companies will offer you a 0% interest rate for 18 months on the hope that you’ll spend on the card, miss a payment, or not transfer the remaining balance at the end of the promotional period – all of which will result in high interest charges. The good news: by following a few simple rules, a balance transfer card is the single best tool to help you become debt-free.
Never use a credit card at an ATM.
Cash advances on credit cards are incredibly expensive.
Always pay on time.
Set up a recurring payment. Late payments can result in loss of the offer and hurt your credit score.
Get that transfer done within 60 days.
On most cards, offers are only valid if you complete the transfer within the first 60 days.
Don’t spend on the card.
Unless the 0% offer extends to purchases, you will be charged interest on your spending. So do the balance transfer, and keep the card out of your wallet.
Don’t try to transfer debt between two cards of the same bank.
0% balance transfers are only valid when transferring from one bank to another.
Have a plan for the end of the promotional period.
One month before your rate expires, look for another offer because when the 0% period expires, the interest rate will rise significantly.