MB Financial Bank, N.A. secured credit card application disclosure
|Interest Rates and Interest Charges|
|Annual Percentage Rate (APR) for Purchases||
This APR will vary with the market based on the Prime Rate.
|APR for Balance Transfers||
This APR will vary with the market based on the Prime Rate.
|APR for Cash Advances||
This APR will vary with the market based on the Prime Rate.
|Penalty APR and When it Applies||
This APR may be applied to all MB Account balances and any new MB Account transactions, if you do not pay the full amount of any minimum payment due within 60 days of its payment due date.
How Long Will the Penalty APR Apply? If your APRs are increased for this reason, the Penalty APR will apply indefinitely, unless you make 6 consecutive minimum payments when due.
|How to Avoid Paying Interest on Purchases||Your due date is at least 25 days after the close of each billing cycle. We will not charge interest on purchases if you pay your entire balance by the due date each month.|
|Minimum Interest Charge||If you are charged interest, the charge will be no less than $2.00.|
|For Credit Card Tips from the Consumer Financial Protection Bureau||To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore.|
NOTICE: The annual fee will be assessed before you begin using our card on your first monthly statement and annually thereafter. The annual fee will be charged as a purchase and will reduce the amount of credit you initially have available. For example, if you are assigned the minimum credit limit of $500, your initial available credit will be only $471.
Either $10 or 4% of the amount of each transfer, whichever is greater.
Either $10 or 4% of the amount of each cash advance, whichever is greater.
3% of the transaction amount in U.S. dollars.
Up to $25
Up to $25
How We Will Calculate Your Balance: We use a method called “average daily balance (including new purchases).”
Security Interest: Before you can be approved for an MB Secured MasterCard Credit Card ("Card"), you agree to provide us with good funds in the same amount as your requested credit limit as collateral and security for your secured consumer credit card account ("Account"). You also agree that we may establish a deposit account with MB Financial Bank, N.A. to hold these security deposit funds, as described in the "Security Interest" section of the "MB Financial Bank, N.A. Secured Credit Card and Security Agreement."
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money-laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Credit Reports And Other Information About Your Creditworthiness: By applying to MB Financial Bank, N.A. (“we,” “us,” and “our”) for a credit card account, each applicant and co-applicant (individually and together, “you” and “your”) agrees that we may obtain consumer credit reports about you for purposes of reviewing your application. If we open a credit card account for you (the “MB Account”), you also agree that we may obtain consumer credit reports about you in the future for purposes such as reviewing, updating, renewing, and servicing your MB Account and other purposes permitted by law. We will, if you request, tell you whether we obtained a credit report about you and tell you the name and address of any credit reporting agency that provides your credit report to us. You also agree that we may verify your employment, income, address and all other information about you with creditors, credit reporting agencies, employers, and other third parties, and through records maintained by government agencies. You waive any rights of confidentiality you may have in this information, to the extent permitted under applicable law.
Other Important Terms Of Your Agreement With Us: You understand that we will rely on the information you provide in your MB Account application. You certify that the information in your MB Account application is accurate and complete. You will be individually liable (or, for a joint MB Account, individually and jointly liable) for all amounts, transactions, fees, and charges contained in the credit card agreement we provide when opening the MB Account, which may be amended from time to time. You agree to read the agreement carefully before you use or permit anyone else to use the MB Account. If we intend to deny your application for the particular credit card account selected in your application, you agree that we are automatically authorized to consider your eligibility for our other credit card products. By applying for the MB Account, you certify that you read, understood and agree to the terms, conditions, and disclosures made in this application. Applicants under 21 years old must either (1) have a co-applicant who is at least 21 years old and meets the minimum credit requirements who will also be liable for any debt incurred or (2) demonstrate an independent ability to pay the debt.
Your Consent For Our Communications With You: By providing a telephone number for a cellular telephone or other wireless device in your application for the MB Account, you expressly consent to receiving communications at this number from us and our agents or designated representatives, regardless of the purpose of the communications and in any form possible and not expressly prohibited by law (including, but not limited to, prerecorded or artificial voice message calls, text messages, and calls made by an automatic telephone dialing system). You agree that this express consent applies to any communication at each such telephone number that you provide to us, now or in the future. You understand that you may incur access fees from your cellular provider in connection with these calls and messages.
Notice to Cardmembers and Authorized Users About Negative Information Furnishing: We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
Married applicants may apply for separate MB Business Accounts in their own names.
California Residents: The applicant, if married, may apply for a separate account. If we approve an application for the MB Account, each applicant shall have the right to use the account to the extent of its assigned credit limits and each applicant may be liable for all of the credit we extend under the MB Account to each joint applicant.
New York Residents: New York residents may contact the New York State Banking Department at 1-877-226-5697 to obtain a comparative listing of credit card rates, fees, and grace periods.
Ohio Residents: The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Notice to Married Wisconsin Residents: No provision of any marital property agreement, unilateral statement, or court decree adversely affects our interests or rights unless, before we grant credit or enter into an open-end credit plan, we are furnished with a copy of the agreement, statement, or decree, or have actual knowledge of the adverse provision. Married Wisconsin residents who apply for credit separately must notify us, in writing, of the name and address of their spouse, at the following address: MB Financial Bank, N.A., 6111 North River Road, Attention Credit Card Services, Rosemont, Illinois 60018.
Balance Transfers: A “Balance Transfer” is a balance we allow you to transfer to your MB Account from an account you owe to another financial institution or creditor. To complete a Balance Transfer, there must be enough credit available in your MB Account for the Balance Transfer and you must use a written, electronic or telephonic method or device that we approved for this purpose. All Balance Transfers are subject to our approval. We will not process Balance Transfer requests we consider incomplete or illegible. We will not process requests for a Balance Transfer payable directly to you, to us, or to any of our affiliates. We are not liable to you if we do not process part or all of any Balance Transfer you request. We may make Balance Transfers in any order we choose. We may also limit the amount of Balance Transfers to your MB Account, to an amount that is less than the total credit limit of your MB Account. If we do not approve the full amount of any Balance Transfer you request, we may process part or none of the Balance Transfer amount you requested. Do not request a Balance Transfer for any amount that is or may be subject to a dispute between you and any other financial institution or creditor. After you request a Balance Transfer, you should still monitor and pay at least the minimum amount due on your other account, until the other institution sends an account statement to you showing that you are no longer required to make any account payment. You are liable to your other financial institutions for any fees, charges, and amounts due under their credit agreements with you, including any late payment fees and finance charges you may owe if a Balance Transfer or any other payment is not completed in the time and manner required by the other institution. We will not instruct any other financial institution to close their account with you after we process a Balance Transfer. If you want to close your account with another institution after we process a Balance Transfer, you must instruct the other institution to do so. We will begin charging interest on Balance Transfers on the transaction date.
Rewards Program Rules:
We will award one point for each dollar on net purchases (purchases minus returns/credits) charged to an MB Account during each billing cycle. There is no limit to the number of points you can earn with an MB Account. Points will not be awarded to an MB Account for net purchases during a billing cycle if your MB Account is not open and current on the billing cycle closing date. Points will not be awarded for transactions other than purchases made with your MB Account, (such as cash advances, balance transfers, or special offers) as defined in the Cardmember Agreement. Points will be awarded to your MB Account and may be redeemed by registering online with our service provider. You can redeem points for round-trip airfare, cash, gift certificates, merchandise, bank products and more. Complete terms and conditions for your MB Account Rewards Program will be provided to you at the end of your first billing cycle. Service provided by Augeo Affinity Marketing.
The creditor and issuer is MB Financial Bank, N.A
Security Agreement and Pledge: If we approve your MB Account application, you agree that you will be bound by the terms and conditions of the MB Financial Bank, N.A. Consumer Credit Card and Security Agreement (the “Agreement”). Your duties to us in connection with the MB Account, the Cards, and the Agreement are your “Account Obligations.” You agree to provide us with security deposit funds as collateral and security for your Account Obligations, in an amount at least equal to your MB Account credit limit (“Security Deposit Funds”). You agree we may hold all Security Deposit Funds in a deposit account at MB Financial Bank, N.A. (the “Security Deposit Account”).
As security for your Account Obligations and as provided in the Agreement, you irrevocably and unconditionally pledge, assign, and grant a security interest to us in the Security Deposit Account, in any Security Deposit Funds deposited or held at any time in the Security Deposit Account, and in any instrument we may issue to evidence your Security Deposit Account or the Security Deposit Funds. You agree, irrevocably and unconditionally, to give up all possession of and control over the Security Deposit Funds and Security Deposit Account. You understand that you may not withdraw Security Deposit Funds or request a refund of Security Deposit Funds at any time, unless you close your MB Account and we determine that all of your Account Obligations have been paid in full.
Any interest we may pay on Security Deposit Funds shall be as described in the separate terms and conditions that apply to the Security Deposit Account. If any interest is earned on Security Deposit Funds, you agree that we may add that interest to the Security Deposit Account as proceeds to secure your Account Obligations. If you or we close your MB Account for any reason, or if you are in default of your Account Obligations, you agree that we may withdraw and apply the Security Deposit Funds in payment of your outstanding Account Obligations.
For the MB Secured MasterCard® Credit Card Agreement for cardholders who applied for an MB Secured MasterCard, prior to April 2, 2013, see the MB Financial Bank, N.A. Secured Credit Card and Security Agreement (PDF).