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Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Helped a friend "Fire" Key bank

I feel kind of proud of this.

 

First of all I will state I HATE Key bank. I had a bad experience years ago with them and their stupidity and they just are awfull.

 

So I was at work talking to a friend who turned 21 in Jan. We were talking credit cards and limits and banking and she said she had a $500 limit with Key, and a $900 limit with Capital One. So as we were talking she said what floored me...she was charged $20.00 a month for the Key account.

 

I was like they are charging you $240 a year we need to stop that, for a $500 limit, at 19.9%. And that was for the card--her checking account charged her 8.00 a month.

 

I was thinking that maybe she had some checking package and did not meet the quals....so we kept talking.


Nope nothing.

She is so young and so cute and thought..that was what credit cards were like, she thought that was what she qualified for.


So I said you got time after work? She was like yes. Lets go see what Chase can do. I told her we had three objectives- new checking account, Credit card and a LOC to cover overdrafts. (We chose Chase as they were on campus at her out of state college)

 

We went over did the ap process and BAMM she was awed:


She got a $1300 CC (which is also her overdraft  my only detraction that she could not get separate overdraft), no annual fee, rewards program and  13.9% (the lowest rate they offered on that card)

And her checking account was free

She also got a $125 for opening the account.

We went to Key and closed everything.

I also went and printed the FICO PDF here for her and told her I was NOT accepting resposibility for her charging her card up and trashing her credit. She would be on her own for that.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

Re: Helped a friend "Fire" Key bank

What kind of fee was it? Was it some kind of monthly maintenance fee, or was in an 'annual fee' broken up? That's outrageous!

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Friendly, Supportive & Respectful


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Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: Helped a friend "Fire" Key bank


LilMirth wrote:
What kind of fee was it? Was it some kind of monthly maintenance fee, or was in an 'annual fee' broken up? That's outrageous!

 

Monthly maintenance.

 


Funnily enough,was a Key Credit card, but through Citibank.

 

She opened the checking at age 16.

Got the credit card (her first) at 18.  They charged her that fee each month as the card also was overdraft protection to her checking account, although they charged a seperate fee for the checking account. (there is no longer any current Fee structure they have that is broken up this way so they carried this over...) On canceling her checking account she was told she was still charged the monthly fee on the card until that is paid off and closed.

 

I lent her the $200 to pay it all off NOW and stop the madness.


its amazing what people think are normal and customary.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

Re: Helped a friend "Fire" Key bank

Wow...

 

Did they even offer her a product change to try to keep her business at Key Bank?

 

That was really nice of you to take her under your wing and get her on track with a a useful cc that isn't draining her hard earned money. With any luck, she'll be very grateful and will pay it forward some day. Kudos to you. :smileyhappy: 

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: Helped a friend "Fire" Key bank


LilMirth wrote:

Wow...

 

Did they even offer her a product change to try to keep her business at Key Bank?

 

That was really nice of you to take her under your wing and get her on track with a a useful cc that isn't draining her hard earned money. With any luck, she'll be very grateful and will pay it forward some day. Kudos to you. :smileyhappy: 


 

Thank you.

And nope. They did not even offer a product change when we closed the account to try to keep her. Or offer to credit a monthly on the card's fee.

If you dont have 50K in their accounts they seem like they just do not care.


I just hope at 21 she does not make the same decisions I made.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Frequent Contributor
2wheel
Posts: 408
Registered: ‎01-03-2009

Re: Helped a friend "Fire" Key bank

Weird Becase I have Business card thru Key bank and they dont chare any fees for the card not even a annual fee. I have CL OF 17K. Dont have a personal card or a bank account with them but they seem to treat me good on the business side
2wheel

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