topic Re: MB Financial Secured Card - Chicagoland in Credit Cards

MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 04:36:38 GMT

I thought I would let my fellow Chicago residents know about what is the best secured card I have come across. Full disclosure - I did work for MB for 1.5 years but I am now at a different bank.

Anyway, if you are reviewing your secured card options definitely check out MB. A couple of bonuses are the annual fee is slightly lower than other banks, the APR is also slightly lower, but most importantly you actually receive points. You also receive 5k points upfront with first purchase. Points value varies depending on redemption but for travel it is effectively 1.25% back on any ticket/hotel (no blackout, any airline, can make up difference with card if insufficient points). Kicker is they also usually run double points a few times a year. For the last 3 years they have done so from Nov. 15-EoY. Great way to make 2.5% on travel for all types of spend. What was awesome for me is employees get 15k points with first purchase, plane ticket almost covered by buying a coffee.

So even though I manage a branch for a different bank and have a credit card goal I still send my friends who need a secured card to MB. Gobankrates.com (I've never heard of this website before) did also rate it best for Chicago as well. They do require a full security deposit which will be held in a savings account, minimum is $300.

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 04:45:53 GMT

Wish I would have known about this a damn year ago. 2 branches local to me, and thats a pretty sweet deal.

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 04:49:33 GMT

They should advertise it more, we opened quite a few to existing customers but no one else knows. They push the regular card heavily in branch, but its not that great except for when they are running double points. Pretty conservative on limits for the regular card too. Ugly as all get out if you care about that sort of thing, looks like a corporate card - although I've had corporate cards that looked nicer IMO.

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 04:52:29 GMT

I always considered MB to be more high end. Only time I see their cards and such is when I go out with the guys I work for at a country club. Think high 8 low 9 digit net worth guys. Never would have thought of walking into an MB branch. Might just go open a savings account just to start a relationship now lol.

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 15:41:34 GMT

Lol, a lot of people have this same thought. It was more so before they started their expansion in the last 3-4 years. Historically was a commercial bank working with companies with revenues over $10 million. So the branches were there to serve the employees/executives of these companies. But today it is a regular (large) community bank. Not sure how big you have to be to not be considered community anymore.

Re: MB Financial Secured Card - Chicagoland

Involver — Fri, 23 Jan 2015 16:32:45 GMT

I wish I had known about this a few years ago. I'm right down the street from an MB. Sounds like a pretty decent secured product.

Re: MB Financial Secured Card - Chicagoland

credit-hunter — Fri, 23 Jan 2015 18:57:29 GMT

OP does it graduate to unsecured?

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 21:00:08 GMT

Good question - no it doesn't unfortunately. You do need to apply and meet the guidelines. MB does not have an internal score that I was ever aware of, its purely based off CR.

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 21:18:53 GMT

I went over and talked to them this morning. Gave the very friendly person I dealt with a rundown. Im not applying for anything at the moment with a mortgage app in and he suggested I apply for the regular card. I believe this will be just what i was looking for to axe Cap one once i finish up with the house. Thanks OP for the idea. Love places that are local where I can pay my CC bill in cash as most of my income is cash. Earn rewards and pay em off

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 21:59:19 GMT

Glad to hear it! After working at big banks and little banks I can say it is definitely easier and a better experience to do business with a community bank/CU. When it comes to credit cards they may not have the best rewards/features but thats not all that matters.

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 22:19:06 GMT

I wouldn't trade my credit union for anything, but their CC products stink. This looks like it will fit the bill nicely, Honestly their rewards are relatively good for a general use card. Ive got most of my catagory use things covered, and was considering citi double cash, but the MB card is not that much less in rewards and I dont have to use citi. That is a plus in my book.

Re: MB Financial Secured Card - Chicagoland

Anonymous — Fri, 23 Jan 2015 22:23:33 GMT

Very true. And when they run double points (2-3 times a year) it is definitely worth having.