CLEVELAND, Nov. 7, 2019 /PRNewswire/ -- Consumers are anticipating higher-than-average prices this holiday season, with nearly 8 in 10 people concerned that tariffs will make holiday merchandise more expensive. At the same time, job growth and higher wages indicate this year's volume of holiday shopping will be higher than last, with cumulative spending estimates for November and December 2019 exceeding $727 billion.
With this much money going into retailers' pockets, how can consumers brace for higher prices and increased spending as we approach the holidays?
The Key Cashback Credit Card puts money back in shopper's wallets this holiday season, offering an impressive 2% cash back with every purchase for those who bank and save with Key.[i] Cardholders who don't bank and save with Key can still earn 1.5% cash back on their purchases.
Cardholders have already earned $3 million[ii] in less than six months since the Key Cashback Credit Card launched, proving that consumers are taking advantage of this "found" money ahead of the holidays.
"The Key Cashback Credit Card is putting an average of $300 back into cardholders' pockets annually. The money back can make a significant difference this holiday season, when the average consumer plans to spend $892," said Mitch Kime, Head of Consumer Payments in KeyBank's Enterprise Payments group. "Using the Key Cashback Credit Card is a smart money move that can be a step forward in a consumer's financial wellness journey."
Millennials, in particular, are expected to spend more on gifts this holiday season compared with 2018. This generation is driving a digital-first shopping experience, with nearly seven in 10 Millennials using their phone to make holiday purchases this year. Millennials are also 50% more likely to spend more in 2019 than they did in 2018, so it is important that this generation prepares for these expenditures with a credit card that rewards their spending uptick.
"With 2019 holiday retail sales expected to increase by an additional 4% over 2018, now is the perfect time for shoppers to get their financial priorities in order. This includes creating a budget, setting aside extra dollars and making sure they have the best possible suite of financial tools on their side," said Mr. Kime. "In this time of giving, the Key Cashback Credit Card puts the power of the purchase back into the hands of consumers by helping them save even when they spend on gifts, all with no caps, no limits, no rotating categories and no annual fee.[iii]
The Key Cashback Credit Card serves as one of KeyBank's newer digital and banking tools that empowers clients to save money, pay down debt, and avoid unnecessary extra costs. Combined with EasyUp SM and $0 Overdraft Protection Option tools, KeyBank is making it easier for clients to take steps toward achieving financial wellness.
For more information on the Key Cashback Credit Card, please visit https://www.key.com/personal/credit-cards/key-cashback-credit-card.jsp
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $146.7 billion at September 30, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.© 2019. KeyCorp. CFMA # 190919-661631
[i] To be eligible for the 2% cash back, you must have a KeyBank checking account, excluding a health savings account with $1,000 in aggregate deposits per month, excluding transfers from another KeyBank account, and a KeyBank savings or investment account with a minimum daily balance of $1,000. If you do not meet either of the criteria above after 1 month of your account opening, you will earn 1.5% cashback on all eligible purchases. We will determine whether you have met the bank and save criteria on the last Monday of each calendar month, based on your deposit and balance activity over the thirty (30) days prior to the immediately preceding Saturday. If you have not met the bank and save criteria, your rate for the following calendar month will be 1.5%.
[ii] This number is influenced by certain promotions no longer available as of October 31, 2019.
[iii] The APRs may vary. Currently the undiscounted variable APR for Purchases and Balance Transfers is from 15.49% to 24.49% (depending on your creditworthiness). The variable APR for Cash Advances is 25.49%.Cash Advance fee: 4%, $10 minimum. Convenience Check fee: 3%, $10 minimum. Cash Equivalent fee: 4%, $10 minimum. Balance Transfer fee: 3%, $10 minimum. Overdraft Protection Transfer fee: $10. There is a $0.50 minimum finance charge where the interest is due. Foreign Transaction fee: 3% of each foreign purchase transaction in U.S. dollars. Transactions originating in Canada are excluded from this fee. Refer to Terms and Conditions.