Every 5 KeyBank rewards points are worth 1 cent (500 points = $1) when redeemed for cash back. KeyBank rewards points can also be redeemed for merchandise, gift cards, travel rewards, charity donations, and domestic plane tickets, among other things. But point values may vary for those redemption methods.

Although each KeyBank point isn't worth all that much on its own, cardholders get a better deal than you might think, considering how many points you can earn with KeyBank's rewards cards.

With the Key2More Rewards Credit Card, you can earn 5 points per $1 spent, plus a bonus of 25% every month you spend over $1,000 on your card. And if you spend $2,000 in a month, you'll get 50% more points as a bonus.

The KeyBank Business Rewards Credit Card is even more impressive. It will give you 10 points for every $1 spent on gas, restaurants, travel, and telecom. And it gives 5 points per $1 spent on anything else you buy.

Just remember that KeyBank points expire 4 years after you earn them. So make sure to redeem on a regular basis. You can sign in to your online banking account at key.com to redeem.