Key Secured Credit Card

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Last updated on July 18th, 2021

Key Secured Credit Card

Build or Improve Your Credit History

Key Secured Credit Card
  • Regular Purchase APR 22.99% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Poor , No Credit Required
  • Processing Network Mastercard
Best Benefits
  • No annual fee
  • This card reports your history to credit bureaus
  • Account is reviewed twice a year to determine if you're eligible for an unsecured credit card
  • Temporary lock feature allows you to freeze card activity if you misplace it
Rates & Fees
  • Regular Purchase APR: 22.99% variable based on the Prime Rate
  • Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $40
  • Minimum Deposit Required: $300
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At a Glance

Ideal for those building or rebuilding their credit, the Key Secured Credit Card℠ can set your financial reputation on the right path as long as you maintain smart spending habits.

Ideal for Those Who:

  • Have little or no credit history
  • Have a damaged credit score that you want to rebuild
  • Have not had a credit card before
  • Want to graduate to an unsecured credit card account
  • Don’t want to pay an annual fee

Key Secured Credit Card Review

Having a secured card and making it work in your favor can be a challenge, but the payoff is worth it. Between staying within your deposit-backed credit limit and avoiding the painfully high interest rates, you’ll have to exercise discipline. If you do, though, you’ll benefit by having your responsible card use reported to the major credit bureaus, which ensures your credit score will rise. You’ll also have access to more appealing unsecured cards in the future.

With the Key Secured Credit Card℠, the required minimum security deposit is $300. It’s no small sum, but it does give you modest spending power, especially if your financial profile is still young or you’ve just recently started earning a steady income.

No Annual Fees

You’ll also save some money with this card by not having to pay an annual fee, which is a welcome benefit not found in many secured cards. You will be charged a late payment fee if you miss a due date or your minimum statement balance amount, though – in addition to finance charges – so you’ll want to be diligent in paying off your full statement balance each month.

Regular Reporting to the Major Credit Bureaus

As previously mentioned, KeyBank reports your activity to credit reporting agencies, which will look good for your credit score and your credit report. In addition, the issuer reviews your account twice a year. If you’ve done well for yourself, you may be considered for a KeyBank unsecured card, which opens a new set of doors for you and gets you a step closer to good credit.

Other features

Other noteworthy features of the Key Secured Credit Card℠ are contactless technology and temporary account locking. With the former, you can tap your card to make a purchase quickly; no need to reach into your wallet. With the latter, you can instantly freeze your card if it’s stolen or lost so you can prevent any fraudulent activity before there’s a chance for it to happen.

Should You Apply for the Key Secured Credit Card?

Most secured cards are very similar, and the Key Secured Card from KeyBank sticks to the usual mold. The major differences here are the lack of an annual fee (which is nice) and the higher-than-average minimum deposit of $300 (which is not so great). For those with a previous relationship with KeyBank, the card is a solid option – for everyone else, there are plenty of better options available

For those looking for alternatives, the OpenSky® Secured Visa® is an excellent option. The card requires no credit check at all, with a lower-than-average APR for a secured card.

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