Last year, KeyBank saw an important gap in its credit card strategy – not owning its card portfolio meant it did not have the control it needed to properly manage its relationships with its customers.

The KeyCorp unit bought back its portfolio in August, a move that severs its agent bank relationship with U.S. Bancorp's Elan Financial Services. This week KeyBank announced the next step in its credit card strategy: to replace its current offering of three credit card products with a new assortment of five card products, allowing it to serve narrower groups of consumers and businesses.

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