---I will not be giving my opinion on this topic, but I thought it was interesting enough to post here. I dont know if there are any Bank Of America branches in the Chicagoland area.---
Bank of America to offer credit cards to illegal immigrants
From the LA Times....
By E. Scott Reckard, Times Staff Writer11:47 AM PST, February 13, 2007
Continuing to court the burgeoning market of Latino immigrants, Bank of America said today it is test-marketing credit cards for Spanish-speaking customers who may not have Social Security numbers. The cards, which critics say will enable illegal immigrants to put down roots more easily in the United States, carry higher than usual interest rates and allow users to charge only $500.The cards are designed to be a first step for immigrants trying to build a credit history, bank spokeswoman Alexandra C. Trower said today.Charlotte, N.C.-based Bank of America, the nation's largest retail bank, is test-marketing the card program in Los Angeles County. It plans to introduce it nationwide if all goes well, according to the Wall Street Journal, which first reported on the program. Bank of America, Wells Fargo Bank, Citibank and other big retail institutions are all intent on establishing relations with Latinos, whose growing numbers and economic muscle make them the largest "unbanked" segment of U.S. society. Money transfer services are now widely available at big banks, allowing Latinos to send billions of dollars a year to relatives in Latin America.
Tuesday, February 13, 2007
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8 comments:
wow.
You may not apreaciate the politics of this, but it is a hell of a buisness move
on a similar topic,
I saw somewhere a fast food joint offering a CCcard.
Credit, credit everywhere.
I will say that....it is a great $$$ move.
Selling crack to kids can make you a lot of money, but that don't make it right.
amen Mike. I have to say from a financial standpoint, this is a very good idea, but anything to help an illegal gain ground in this country is wrong.
I'll be waiting for the first lawsuit against these banks for discriminatory lending practices for having a higher interest rates for hispanics.
yeah, I heard that the interest rate is gonna be like 22% or 25% on one of these credit cards.
Boys, I would say that comparing selling crack to kids and offering credit to illegals is a bit of a stretch.
And in my expereince, interest rates are flexible for everyone based on the companies "risk factors" late with payments? up goes your rate. Certain age groups and marital status' and job types are taken into account as well. A 20 year old single bartender gets a different rate then a 50 year old banker.
if anything I would scold the company for furthering an already destructive system that will end up being the down fall of society as we know it.
(speaking in sweeping generalalities) America is a huge consumerist economy and we don't have any money.
I realize why the banks would charge higher APRs for illegals. They'll have a lot of people that just skip out on their bill. I'm just saying that some self appointed defender of the criminals that reside in this country illegally will decide that this is racial descrimination and sue the banks. These banks are perfect targets. They've got deep, deep pockets. Just wait. It'll happen.
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