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Verdict: If you are a full-time college student, and are at least 18 years old, you can qualify for the Key Bank College Rewards MasterCard Credit Card, a card that gives you the opportunity to earn rewards points with every dollar that you charge. You can then redeem the points that you earn for travel rewards, gift cards, merchandise and electronics.
Overview: The College Rewards card allows you to earn points in two ways: You’ll earn them with every purchase that you make with your card. You’ll also receive bonus points after making your first purchase with your card.
How This Card Works: The Key Bank College Rewards MasterCard works like any standard credit card. You won’t be assessed any penalty fees if you pay your bill on time each month, and you won’t have to pay interest on your purchases if you pay off your balance in full each month. But because this is a rewards card, you’ll also earn points with every purchase that you make. Once you have enough points, you can use them to buy merchandise, take trips or purchase gift cards.
Travel and Shopping Benefits: You’ll earn one rewards point for every dollar that you charge with your College Rewards Card. You’ll also receive 1,000 bonus points after making your first purchase with your card. You can redeem these points online at the Key Bank Rewards Center.
Fees: Your purchase interest rate with this card will depend upon on your creditworthiness. If you have a strong credit score, this rate can be as low as 11.99 percent. If your credit score is low, though, your purchase interest rate can climb to as high as 20.99 percent. Taking out a cash advance costs either $10 or 4 percent of the advance amount, whichever is higher. Late-payment, over-the-limit and returned-payment fees can run as high as $35. There is no annual fee, which means that you won’t have to pay to carry this card.
- No annual fee.
- Low interest rate if your credit score is solid.
- You can earn points with every purchase that you make.
- Only available to college students.
- Purchase interest rate can soar to 20.99 percent if your credit is bad.