KeyCorp Plans New Credit Card Product Line with MasterCard

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KeyCorp (KEY) announced plans to offer new consumer, business and commercial credit cards this year.

The cards will all operate on MasterCard's network, extending a 15-year partnership that also covered debit and automated teller machine cards.

"We are moving decisively in the credit card space with MasterCard as our trusted partner. We're excited to leverage their expertise in the payments space and find ways to innovate together," KeyCorp Chairman and Chief Executive Beth Mooney said in a press release Monday. "Our payments momentum continues to build, as we expand our offerings for clients and strengthen our balance sheet."

In August, Key brought its credit card portfolio back in-house with the purchase of its branded credit card assets from U.S. Bancorp's Elan Financial Services unit. At the time of the purchase, the portfolio had 400,000 consumer and business accounts and about $725 million of assets.

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