Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
If you did not redeem the key in your Microsoft account - which was allowed for Office 2016 for a short time after release - and you have the key card, you can use it to re-activate on a new computer as the license is allowed to be moved.
https://support.microsoft.com/office/where-to-e...
To make it easier for users, Microsoft now requires all licenses to be redeemed in a Microsoft account. Someone told me (I cant test it because my Office 209016 key is redeemed in my Microsoft account) that reusing a key will now add it to a microsoft account.