The Key Cashback Credit Card from KeyBank advertises up to 2% cash back on every purchase with no annual fee. But that 2% rate is not automatic. You need to meet two specific conditions each calendar month to earn it. If you miss those conditions in any given month, your rate drops to 1% for that month.
This guide explains exactly what those conditions are, which transactions count toward qualifying, how KeyBank evaluates your eligibility each month, and how to redeem your rewards.
What You Need to Qualify for 2% Cash Back
To earn 2% cash back on every purchase, you must meet both of the following requirements each calendar month:
- Hold an active, eligible KeyBank consumer checking account (a health savings account does not qualify)
- Post five or more qualifying transactions to that same checking account during the calendar month
There are no spending minimums, no category restrictions, and no cap on how much cash back you can earn at the 2% rate. Unlike cards that require you to activate rotating bonus categories each quarter, the Key Cashback card earns the same flat rate on all purchases once you meet these two conditions.
If you do not have a KeyBank checking account, you can still open and use the Key Cashback Credit Card and will earn 1% cash back on every purchase.
What Counts as a Qualifying Transaction
The five transactions must post to your KeyBank checking account, not to the credit card itself. Transactions that count include:
- Point of sale purchases (debit card swipes or contactless taps)
- Bill payments made through your checking account
- ATM transactions
- Check transactions
- Cash or direct deposits
- Electronic funds transfers (EFT)
Setting up a recurring direct deposit to your KeyBank checking account is one of the most reliable ways to consistently reach the threshold each month, since a single direct deposit counts as one qualifying transaction.
What Does Not Count as a Qualifying Transaction
The following transactions posted to your checking account do not count toward the five-transaction requirement:
- Balance transfers
- Convenience check transactions
- Overdraft protection transfers
- Cash advances
- Reversals and refunds
- Account-to-account transfers
- Person-to-person transfers
- Interest charges, service charges, and fees of any kind
On the credit card side, only purchases earn cash back. Balance transfers, cash advances, ATM disbursements, person-to-person money transfers, convenience checks, and returns do not earn any rewards.
How KeyBank Evaluates Your Rate Each Month
KeyBank reviews your checking account activity on the fourth business day of each month. That review covers transaction activity from the previous calendar month.
If you met both conditions, your rate is set to 2% for the current month and stays in place until the next monthly evaluation.
New cardholders receive at least one full calendar month at the 2% rate before the first evaluation takes place. You also receive one grace period: the first month you miss the requirements, KeyBank does not immediately drop your rate. If you miss a second consecutive month, your rate shifts to 1% starting on that month’s evaluation date.
How to Redeem Your Cash Back
You have two options:
Statement credit: Your cash back is applied directly to your Key Cashback Credit Card balance. A statement credit reduces your balance but does not replace your required minimum monthly payment. You still need to make at least the minimum payment each billing cycle.
Direct deposit: KeyBank deposits your cash back directly into your KeyBank checking or savings account.
To redeem online, sign in to KeyBank online or mobile banking and navigate to Account Summary, then Rewards, then Cashback Rewards Balance. You can also go to Credit Card Account Financial Details, then Rewards, then Redeem Cashback Rewards. Alternatively, call 1-800-KEY2YOU (1-800-539-2968) any time.
Redemptions post to your account within seven business days. There is no minimum redemption amount, and your cash back rewards do not expire as long as your account remains open and in good standing.
Other Card Benefits Worth Knowing
Balance transfer offer: The card includes a 0% introductory APR on balance transfers for the first 12 billing cycles, provided the transfer is made within 60 days of account opening. After that, the variable APR is 20.49% to 27.49% based on creditworthiness. The balance transfer fee is $10 or 4% of the transfer amount, whichever is greater. You cannot transfer balances from another KeyBank product or any other KeyBank loan.
FICO Score access: You can opt in to view your FICO Score at any time through KeyBank online and mobile banking without triggering a hard inquiry.
Rental car insurance: The card provides rental car coverage through Mastercard when you pay for the entire rental with your Key Cashback card.
Temporary card lock: If your card goes missing, you can lock it immediately through the KeyBank mobile app or online banking without canceling the account.
Foreign transaction fee: The card charges a 3% foreign transaction fee on purchases made outside the United States. Transactions made in Canadian dollars or US dollars with a merchant whose business is located in Canada are excluded from this fee.
Who Can Apply for the Key Cashback Credit Card
The Key Cashback Credit Card is only available to residents of 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.
Eligible applicants can apply online in about five minutes. You will need your Social Security number and a valid government-issued photo ID such as a driver’s license or passport. If your credit file is frozen with any of the bureaus, you will need to unfreeze your credit before the hard inquiry required for approval can be processed. Non-U.S. citizens and people who are not yet KeyBank clients must apply in person at a local branch.
Frequently Asked Questions
Can I earn 2% cash back without a KeyBank checking account?
No. A qualifying KeyBank consumer checking account is required. Without one, your cash back rate is 1% on all purchases.
What happens if I miss the five-transaction requirement one month?
You receive one grace period. The first month you miss the requirements, KeyBank does not drop your rate immediately. Miss a second consecutive month, and your rate becomes 1% starting on that month’s evaluation date.
Does Key Cashback Credit Card cash back expire?
No, as long as your account stays open and in good standing. Rewards can be suspended or forfeited if you miss a minimum payment, default, or the account is closed for fraud or bankruptcy. For any other closure, you have at least 30 days to redeem.
Is there a limit on how much cash back I can earn?
No. There is no cap on cash back earnings at either the 1% or 2% rate.
Can I check which earn rate is applied to each purchase?
Yes. In the KeyBank rewards portal, select Account Activity to view individual purchases. Each transaction can be expanded to show the specific earn rate that was applied.
