Achievement celebrates hard work done by
clients to build their credit history and grow their financial
future
CLEVELAND, July 29, 2024 /PRNewswire/ -- Today, KeyBank
(NYSE: KEY) announced that the Spring 2024 graduating class of the
Key Secured Credit Card® program comprises more than
2,800 clients who have worked hard to improve their credit scores
and establish financial stability. This class brings the total
number of graduates to more than 30,900 clients since the program's
inception in 2019.
The Key Secured Credit Card is a critical piece of KeyBank's
commitment to financial education and empowerment, helping clients
who are ready to establish their credit history or want to improve
it. According to the KeyBank 2024 Financial Mobility Survey, 63% of
Americans believe that financial stability is what most people
think of when they hear "thriving in America." The Key Secured
Credit Card® helps to improve financial wellness by
providing eligible clients with opportunities to establish or
improve their credit history, bolster savings while building
credit, and create better money habits and a foundation of
knowledge for other credit cards and products1.
Graduating from the Key Secured Credit Card program may assist
clients in securing traditional credit so they can continue their
financial growth toward achieving future goals like purchasing a
car or owning a home.
"In our current economic environment, Americans are working to
build their financial resiliency," said Dan
Brown, Director of Consumer Product Management at KeyBank.
"Through the lessons learned and goals set in the Key Secured
Credit Card program, these graduates have empowered themselves with
the necessary skills to help them on their financial paths."
When clients graduate, their Key Secured Credit Card®
is upgraded to an unsecured credit card and the hold on the funds
in their Key Active Saver® account that were
pledged as collateral to secure the Key Secured Credit Card are
released. New as of this year, as part of the graduation process,
1,200 clients received a credit line increase in addition to
strengthening their credit profile with the help of the Key Secured
Credit Card. An enhanced communication process was also introduced
to all participants, aiming to provide greater clarity and
transparency on their credit building journey, as well as sound
advice and guidance that further supports their financial
health.
Through the Secured Credit Card program, the Spring 2024
graduates have made major steps to improve their financial
wellbeing, such as:
- 26% were designated as having low FICO scores at
origination. The average improvement in credit score for those
in the "low" category was 73 points.
Since the inception of this program, the tenure and impact of
the Key Secured Credit Card program are further enhanced by the
positive graduation results. More than 30,900 clients have started
or completed their journey through the program, with 60% of the
clients who graduated having done so within 12 months and 93%
within 24 months.
For those who entered the program with no FICO score, the
average score they show at graduation is 721. Throughout the
program's history, those who begin with a FICO score at origination
have shown an average increase of 63 points when they
graduate1.
Additional Key Secured Credit Card features include:
- While clients build their credit, their Key Secured Credit Card
deposit must be kept in a Key Active Saver account, allowing users
to build their credit and savings in tandem. The monthly
maintenance service charge on the Key Active Saver account is
waived for Key Secured Credit Card clients2. In
addition, there is a $0 annual fee on
the Key Secured Credit Card.
- Cardholders can opt in to check their FICO score for free
anytime3 in online and mobile banking. It's quick, easy
and does not impact their credit score.
- Unlike most prepaid or debit cards, the Key Secured Credit Card
reports clients' history to credit bureaus, allowing them to show
progress.
- With Key's temporary lock security feature, cardholders can
easily use online or mobile banking to lock and unlock a misplaced
credit card.
For more information on KeyBank's Secured Credit Card,
visit https://www.key.com/personal/credit-cards/key-secured-credit-card.jsp
1 Use of the Key Secured Credit Card can help
build your credit when the minimum payment is made by the due date,
each month.
2 The monthly maintenance service charge on the Key
Active Saver account will be waived for Key Secured Credit Card
clients. The monthly maintenance service charge waiver is only
valid as long as the Key Secured Credit Card remains open. If you
are graduated to an unsecured card or close your Key Secured Credit
Card account, the Key Active Saver monthly maintenance service
charge of $4.00 may apply, unless you
are the owner on a KeyBank consumer checking account
(including KeyBank Hassle-Free Account®).
3 Clients with newly opened credit card accounts
may not see their first FICO® Score in online
and mobile banking for up to 90 days after enrollment. In certain
circumstances, a FICO® Score may not be
available for various reasons, e.g., having a limited credit
history. FICO is a registered trademark of Fair Isaac
Corporation in the United States
and other countries.
About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $187 billion
at June 30, 2024.
Key provides deposit, lending, cash management, and investment
services to individuals and businesses in 15 states under the name
KeyBank National Association through a network of approximately
1,000 branches and approximately 1,200 ATMs. Key also provides a
broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information,
visit https://www.key.com/. KeyBank Member FDIC.
CFMA #240725-2705039
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SOURCE KeyBank