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The Key Cashback bank card, issued by KeyBank, has an annual price of $zero and options an interesting 2% money again on each buy, an ongoing flat charge that’s onerous to beat.

However there are some catches for that top charge: You’ll earn it solely beneath sure situations, and if these situations aren’t met, you’ll earn 1.5% again on purchases as a substitute. That’s nonetheless a strong charge, however it’s not distinctive.

Listed below are 5 issues you need to know concerning the Key Cashback bank card.

» MORE: NerdWallet’s finest cash-back bank cards

1. Eligibility for the cardboard relies partly on the place you reside

KeyBank relies in Cleveland, and whilst you don’t need to reside within the Buckeye State, card candidates are restricted by location. To use for the cardboard (both in individual or on-line), you have to reside in one in all 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont or Washington.

» MORE: Can’t get a bank card? Attempt these different choices

2. The two% cash-back charge comes with sure situations

Incomes 2% money again on all purchases is among the many finest flat charges you’ll discover. However to get that charge, you have to have a KeyBank checking account with at the least $1,000 in deposits every month, in addition to a KeyBank financial savings or funding account with a minimal every day steadiness of $1,000.

» MORE: NerdWallet’s finest money again playing cards

three. The cardboard presents a zero% introductory steadiness switch APR

Whereas the cardboard does have a steadiness switch price of $10 or three% of the switch (whichever quantity is larger), it presents a zero% introductory APR for the primary 12 billing cycles on steadiness transfers made within the first 60 days. After that introductory interval, a variable ongoing APR kicks in.

» MORE: NerdWallet’s finest steadiness switch bank cards

four. You possibly can redeem for money again in a number of methods

Your choices for receiving money again embody direct deposit right into a KeyBank checking or financial savings account, as a press release credit score in your card or as a redemption towards particular transactions in your card.

5. You’ll get helpful facet perks

The cardboard offers rental automotive insurance coverage via Mastercard, which may be useful once you’re touring.

You’ll additionally get cellular phone insurance coverage once you pay your month-to-month invoice with the cardboard, which might cowl you in case your telephone is stolen or broken.

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