Shoppers Building Savings with Financial Tools During the Holiday Shopping Season
At the end of the 2018 holiday shopping season, the average shopper added more than $1,200 in holiday debt .
CLEVELAND, Dec. 10, 2019 /PRNewswire/ -- Americans plan to spend more than ever this holiday season, but despite surging retail sales, not all things are merry and bright. At the end of the 2018 holiday shopping season, the average shopper added more than $1,200 in holiday debt.
KeyBank's EasyUp SM is putting the power of the purchase back into holiday shoppers' hands, having saved clients nearly $5 million in just five months.
EasyUp SM helps clients effortlessly save money to pay down holiday debt. Each KeyBank debit card purchase automatically triggers a $1 transfer from checking to savings, resulting in helping clients save an average of $400 per year. The tool is seamlessly integrated within KeyBank's online banking and mobile app and is available at no cost for clients, empowering them to save without having to think about it.
"With half of shoppers anticipating it will take them five months or longer to recover from holiday debt, it is important that they prepare for this season of spending," said Dennis Devine, President of Key Consumer Bank. "Incorporating financial tools like EasyUp SM will help clients make the most of their dollars and evade a holiday shopping hangover."
The Key Cashback credit card is another tool putting money back in shoppers' wallets this holiday season. Those clients are earning an average of $300 of cash back annually just for using the Key Cashback card for their purchases. The card offers an impressive 2% cash back with every purchase for those who bank and save with Key, and 1.5% cash back for those who don't, all with no caps, no limits, no rotating categories and no annual fee.i ii
"More than 6 in 10 shoppers with holiday debt feel stressed about it, but holiday spending doesn't have to derail financial wellness journeys," said Mitch Kime, Head of Consumer Payments in KeyBank's Enterprise Payments group. "Shoppers should consider how purchasing options, like EasyUp SM and the Key Cashback credit card, can make a meaningful difference this holiday shopping season."
- For more information on EasyUp SM, go to https://www.key.com/easyup
- For more information on the Key Cashback credit card, go to https://www.key.com/cashback
- To learn more about when credit cards can boost finances, see our infographic "The Basics: Credit Cards on Your Financial Journey"
About KeyCorp
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 # 191202-703188
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 The APRs may vary. Currently the undiscounted variable APR for Purchases and Balance Transfers is from 15.99% to 24.99% (depending on your creditworthiness). The variable APR for Cash Advances is 25.99%. 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.
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SOURCE KeyCorp
