MasterCard (NYSE: MA) and KeyBank N.A., a wholly owned subsidiary of KeyCorp (NYSE: KEY), today announced that MasterCard will be the exclusive payment network for a new suite of KeyBank credit card products, to include consumer, business and commercial credit cards. KeyBank will launch the MasterCard branded suite of cards this year.
“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. “Our payments momentum continues to build, as we expand our offerings for clients and strengthen our balance sheet.”
“MasterCard has partnered with KeyBank for over 15 years, but I think the best is yet to come. We strive to be a strategic ally, supporting KeyBank through every stage of this process from diversifying new offerings to rewarding customers for all of their bank products,” said Chris McWilton, president, U.S. Markets, MasterCard.
KeyBank’s renewed credit card focus includes the purchase of a $725 million credit card portfolio earlier this year, and the bank’s expanded relationship with MasterCard bolsters its Relationship Rewards program, an important consumer strategy for Key. With Relationship Rewards, clients earn points for everyday banking activities, including debit and credit card purchases, and are rewarded for expanding their relationship with the bank. Points are redeemable for gift cards, merchandise, air travel and other valuable items.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
KeyCorp (NYSE: KEY) was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $87 billion. Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses in 14 states under the name of KeyBank N.A. 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.