KeyBank Plans New Credit Card Product Line with MasterCard

By Daniel Wolfe

Published January 28, 2013, 10:41 a.m. EST

|

Updated January 28, 2013, 9:41 a.m. EST

1 Min Read

KeyBank, a unit of KeyCorp, announced plans to offer new consumer, business and commercial credit cards this year.

Processing Content

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

"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," said KeyCorp Chairman and CEO Beth Mooney in a press release Jan. 28. "Our payments momentum continues to build, as we expand our offerings for clients and strengthen our balance sheet."

Last year, 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 August purchase, the portfolio had 400,000 consumer and business accounts and about $725 million in assets.

Interim editor-in-chief, Digital Insurance

Daniel Wolfe is interim editor-in-chief of Digital Insurance and director of data services at Arizent, which publishes DI and American Banker. In... Read full bio

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Politics

White House says stablecoin yield won't hurt bank deposits

A new analysis from the White House's Council of Economic Advisers says the banking industry's fears about deposit flight are overstated. Experts familiar with the banking industry's concerns say the report's conclusions are beside the point.

By Claire Williams
Reporter

4h ago
Agentic Commerce

Visa expands agentic commerce; Revolut battles Italian regulators

The card brand introduced tech for businesses to tap agentic AI, while Revolut counters Italy's accusations of inaccurate marketing. That and more in the American Banker global payments and fintech roundup.

By John Adams and Joey Pizzolato

4h ago
Treasury Department

Treasury proposes AML rules for stablecoin issuers

The Treasury Department Wednesday proposed a set of rules that would require stablecoin issuers to abide by risk-based anti-money-laundering programs similar to those that banks must employ, as well as secondary market monitoring and independent testing by issuers.

By Ebrima Santos Sanneh
Reporter

5h ago
M&A

Capital One pushes deeper into AI, business payments

Closing its Brex acquisition adds a corporate-focused fintech and new agentic commerce tools to an already considerable consumer payments division.

By John Adams
Executive Editor, Payments

7h ago
Artificial intelligence

Exclusive research Big AI spenders are reaping large productivity gains

American Banker data found that those who upped artificial intelligence spending by more than 25% in the last year saw major improvements in employee output.

By Frank Gargano
Data Reporter

8h ago
Secondary markets

Basel draft leaves nonbank warehouse financing in limbo

A new Basel III proposal offers mixed results for warehouse lending, with some risk-weight relief for banks but tougher terms that could crimp credit availability for nonbank mortgage lenders.

By Bonnie Sinnock
Capital Markets Editor

8h ago

Load More