The Key Secured credit card® from KeyBank is more than just a financial tool—it’s a gateway to building a solid credit history. Whether you’re embarking on your first credit journey or seeking to improve your credit score, this card offers a structured approach to financial growth.

By requiring a refundable security deposit, the Key Secured credit card ensures responsible spending while providing the benefits of a traditional credit card. With no annual fee and the opportunity to graduate to an unsecured card with good payment behavior, it stands as a reliable partner in your path towards financial wellness.

Key information about the Key Secured credit card®

The Key Secured credit card® from KeyBank is designed to help individuals build or improve their credit history effectively. With a regular APR of 28.24% for purchases and no annual fee, the card requires a refundable security deposit starting at $300 to establish an equivalent credit limit.

In addition to reporting your payment activity to major credit bureaus, the card offers additional benefits such as identity theft protection and the opportunity to graduate to an unsecured credit card with responsible behavior.

How does the annual fee work?

The Key Secured credit card® does not charge an annual fee, offering a cost-effective option for individuals looking to build or rebuild their credit without incurring additional yearly expenses. This feature distinguishes it from many other credit cards that often impose annual fees, making it accessible and affordable for those focusing on credit improvement.

How is the credit limit determined?

For the Key Secured credit card®, the credit limit is determined by the amount of the refundable security deposit you provide. The minimum deposit required to open the card is $300, and this deposit will typically equal your credit limit. KeyBank uses this deposit as collateral against the credit extended to you, ensuring responsible credit management.

As you demonstrate responsible use of the card over time, KeyBank may review your account periodically. If you show good payment behavior and creditworthiness, you may become eligible to graduate to an unsecured credit card, potentially reclaiming your deposit while maintaining your credit line.

Credit card benefits 

• No annual fee: Unlike many credit cards, the Key Secured credit card does not charge an annual fee, making it a cost-effective choice for credit building.
• Credit building opportunity: By responsibly using this card and making timely payments, you can build or rebuild your credit history, which is reported to major credit bureaus.
• Security deposit requirement: Your credit limit is determined by a refundable security deposit starting at $300, providing a secure foundation for your credit use.
• Potential for credit limit increase: With good payment behavior, you may qualify for a higher credit limit over time, based on periodic reviews by KeyBank.
• Mastercard benefits: Enjoy additional perks such as Mastercard ID Theft Protection™ and Zero Liability Protection, offering security and peace of mind with every purchase.
• Access to Tap & Go® technology: Use contactless payment technology for quick and secure transactions, enhancing convenience at checkout.

Credit building opportunity

The Key Secured credit card stands out prominently for its robust emphasis on credit building. By consistently making minimum payments, effectively managing your credit, and demonstrating responsible financial behavior, you can significantly enhance and fortify your credit profile over time.

Disadvantages

• High regular APR: The card carries a high regular APR of 28.24% for purchases, which can lead to significant interest charges if balances are not paid in full each month.
• Security deposit requirement: You need to fund a Key Active Saver account with a minimum deposit starting at $300 to secure the card, which might be a barrier for individuals with limited funds.
• Limited rewards or benefits: Unlike some other credit cards, the Key Secured credit card does not offer rewards or cashback incentives for purchases, focusing primarily on credit building rather than rewards accumulation.

High regular APR

The high APR associated with the Key Secured credit card could result in substantial interest costs if balances are not fully paid off monthly. Therefore, it’s imperative to meticulously manage your expenditures and ensure timely payments to avoid accruing unnecessary interest expenses over time.

Who can apply for this card?

The Key Secured credit card® from KeyBank is available to U.S. residents aged 18 and above, with a requirement to open a Key Active Saver account and fund it with a minimum deposit starting at $300. It is tailored for individuals with limited credit history or those seeking to rebuild their credit profile.

Applicants must have a valid Social Security number and demonstrate sufficient income to meet their credit obligations. Credit approval is required, and the card offers a structured approach to credit building through responsible use and timely payments reported to major credit bureaus.

How to apply for the Key Secured credit card®

Via WebSite

To apply for the Key Secured credit card® through KeyBank’s website, you’ll first need to visit KeyBank’s official website using any web browser. Once there, navigate to the section dedicated to credit cards, typically located under financial products or prominently featured in the main navigation bar. Look for the Key Secured credit card option among the list of available cards and select it to begin the application process.

Next, you’ll be prompted to fill out an online application form. This form will require you to provide personal information such as your name, address, Social Security number, and employment details. Make sure to have this information readily available to complete the application accurately.

During the application process, you’ll also need to fund a Key Active Saver account with a minimum deposit starting at $300. This deposit acts as collateral and determines your initial credit limit. Ensure that you have the necessary funds available to make this deposit, as it is a crucial step in securing the Key Secured credit card.

Once you’ve completed the online application and funded your Key Active Saver account, submit your application for review. KeyBank will assess your application based on factors like your credit history and income to determine eligibility. If approved, you will receive your Key Secured credit card in the mail, typically within a few weeks.