In the latest sign of the U.S. banking industry's aggressive pursuit of the Hispanic market, Bank of America Corp. has quietly begun offering credit cards to customers without Social Security numbers -- typically illegal immigrants.
Rueters is also picking up on it.
The new Bank of America card is open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft.
I guess B of A tested it last year in LA, and plans to go national with the program later this year.
This is really the ultimate insult to Americans ... especially low-income households that have gotten themselves into financial trouble in the past, and no longer qualify for credit. I don't know if this is going to be a high interest prepay card, or if it is equal to typical credit cards. Either way it's a no bueno idea.
Illegals can already get houses when many Americans can't qualify, and now it's being expanded to credit as well.
You can look at this in two different ways. Either it is a money grab scheme by a large bank to make money off of people who don't fully understand our credit system, and will no doubt get into trouble. Plus they have to open a bank account at B of A, and anyone who has banked with them before knows they are a fee happy vacuum. Or you can look at it as giving another privilege to illegals that many Americans can no longer get without serious headaches.
It amazes me that you must have a good credit history (accessed by your social security number) to qualify for credit, but if you don't have a social security number you can get that same credit.
Funny thing is how many of these illegals will get credit from this bank after stealing American's identities, and ruining their credit standing. Can you say two for the price of one? While hard working Americans struggle to clean up their credit, in an already corrupt credit system, because of identity theft ... their attackers will be getting a shiny new credit card from Bank of America.
Comments
2 comments to "Illegals Can Get Credit Cards ... While Many Americans Can't"
12:50 AM
The only thing that I can understand is that Bank has its own aims relating to those people and gives illegals the opportunity to live better than they are. We'll see the results..
4:46 AM
Those immigrants can also apply for credit cards for bad credit. Just like anyone living in the country. A lot of exchange students use American crdit cards. the thing is that the fees and rates are extremely high.
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