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."
The new deal further strengthens the strategic relationship between KeyBank and MasterCard that previously included long-standing agreements in debit and ATM.
"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.