Key2More CardMember Agreement

The Key2More CardMember Agreement 11 8 18 filing from Keybank sets out a purchase APR of 15.24%–24.24%, no annual fee and a six-month 0% opening period. Against the 4,587 filings on this site, that rate lands around the 58th percentile.

What the document actually states

Keybank submitted the terms for Key2More CardMember Agreement 11 8 18 to the CFPB's agreement database; this is what they contain. The filing runs 24 pages.

Terms captured from the document include a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. It is silent on a penalty rate.

What the promotional rate is worth

This agreement opens at 0% for six months, the only period in the document where carrying a balance is free.

Zero-percent openings appear in roughly 458 of the filings on this site, which puts this agreement in a sizeable minority rather than a class of its own.

The go-to rate is 24.24%. Any balance still outstanding when the promotion lapses starts accruing at that figure — about $548 a year on $2,000.

The promotional window is therefore worth something on the order of $274 on $2,000, measured against the same balance priced at the standard rate for the same period.

The purchase APR against the corpus

This is a tiered agreement: the filing discloses a purchase APR anywhere from 15.24% to 24.24%, a spread of 9 percentage points. Which end of that band applies is set by the issuer at account opening and the filing does not say how.

Read against the index, the low end ranks around the 35th percentile and the high end around the 58th — the band straddles a wide stretch of the market this corpus describes.

This is disclosed as a variable rate. The number above is a snapshot: it tracks an index, so it changes without the agreement being amended.

The rate discussed in this section is the go-to rate — the one that applies once the promotional period described below has ended, not the promotional rate itself.

What the rate means in dollars

Carry $1,500 on this card for a year without paying it down and the purchase rate alone generates roughly $411 in interest.

A card priced at the corpus median of 21.99% would charge roughly $369 on that balance. This one charges about $42 more per year.

Month to month it reads as about $30.17 per cycle on that balance.

Note the $0.50 minimum interest charge, which overrides the arithmetic above whenever the calculated interest falls below it.

Treat this as an illustration of what the disclosed rate does, not as a projection of a real account, which would be shaped by payments and by the fees described elsewhere in the filing.

Where the fees are

No annual fee appears in the filing, in line with the roughly 75% of disclosing agreements in this index that charge nothing to hold the card.

Cash advances carry a cash advance fee of $10 or 4% of the advance, whichever is greater and a cash advance APR of 26.24%. Cash is therefore 2 points dearer than buying something with the card. $250 is the crossover point where the percentage overtakes the $10 minimum.

Moving a balance onto this card carries an up-front charge of $10 or 3% of the amount transferred, whichever is greater, with the transferred balance priced at 15.24%. On $3,000 that fee is about $90 before any interest is charged.

Spending abroad costs an extra 3% — about $30 on $1,000 of purchases, independent of interest.

That is at the high end of this corpus — around the 91st percentile of disclosed foreign transaction fees.

What a missed payment costs

$37 is the disclosed ceiling on a late payment fee, placing it near the 59th percentile of the set.

Paying in full

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing.

A minimum interest charge of $0.50 applies in any cycle where interest is due, which makes very small revolving balances disproportionately expensive.

The issuer's other agreements

Keybank has 12 agreements indexed on this site. Their disclosed purchase rates run from 15.49% to 29.24%, and this one at 24.24% is more expensive than 1 of them.

2 of the issuer's other 3 disclosing filings are likewise fee-free.

The limits of this document

This page cannot tell you penalty pricing, because the filing's disclosure table as read does not contain it.

What this analysis can address is bounded by the filing: rates, fees and the terms around them. Everything a card issuer might advertise — rewards, benefits, bonuses, who qualifies — falls outside the document and outside this review.

Go to the source

The filed PDF is linked from this page and runs 24 pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

The pricing here is middling by the standards of the index — 24.24% on purchases is near enough to typical. Because there is no annual fee, everything depends on the revolving behaviour: used as a payment instrument and cleared monthly, this agreement costs nothing.