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.
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 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. 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.
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.
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.
Apply for This Card if You:
- 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 unsecured and rewards credit cards
- Don’t want to pay an annual fee
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