While the 2% cash-back rate is appealing, you will earn that high rate only if you meet certain conditions.
Kimberly Palmer is a personal finance expert at NerdWallet. She is also the author of three books about money: "Smart Mom, Rich Mom," "The Economy of You" and “Generation Earn.” Kimberly's work also appears at NerdWallet Canada .
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The Key Cashback credit card, issued by KeyBank, has an annual fee of $0 and features an appealing 2% cash back on every purchase.
But there is a catch: You will earn it only under certain conditions, and if those conditions aren't met, you'll earn 1.5% back on purchases instead.
Here are five things you should know about the Key Cashback credit card.
KeyBank is based in Cleveland, and while you don’t have to live in the Buckeye State, card applicants are limited by location. To apply for the card (either in person or online), you must live in one of 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont or Washington.
Earning 2% cash back on all purchases is among the best flat rates you'll find. But to get that rate, you must have a KeyBank checking account with at least $1,000 in deposits each month, as well as a KeyBank savings or investment account with a minimum daily balance of $1,000.
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Learn MoreOther cards offer similar rewards with no restrictions. The Wells Fargo Active Cash® Card for instance, offers 2% cash back on all purchases, whether you have a Wells Fargo bank account or not.
While the card does have a balance transfer fee of $10 or 4% of the transfer (whichever amount is greater), it offers a 0% introductory APR for the first 12 billing cycles on balance transfers made in the first 60 days. After that introductory period, a variable ongoing APR kicks in.
Your options for receiving cash back include direct deposit into a KeyBank checking or savings account or as a statement credit on your card.
The card provides rental car insurance through Mastercard , which can be helpful when you're traveling. But you'll need to put the entire purchase on this card in order to take advantage of it.
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