Bank Of America now pitching credit cards to illegal immigrants- Is this a good idea?

[ecstatic]

Poll question: Bank Of America now pitching credit cards to illegal immigrants- Is this a good idea?

Report: Credit card pitch to illegal immigrants
Bank of America aims to provide credit history, card for people who lack a Social Security number, according to a published report.

NEW YORK (Reuters) -- Bank of America Corp. has begun offering credit cards to customers without Social Security numbers, typically illegal immigrants, the Wall Street Journal reported Tuesday.

The new Bank of America (Charts) 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, the Journal said.

http://money.cnn.com/2007/02/13/news/companies/bc.bofa.card.reut/index.htm?postversion=2007021306

I know the bank is doing this to make money off of poor people by charging outrageous interest fees. At the same time, I know how convenient and valuable a credit card can be, and it can also help out in emergency situations. Does the good outweigh the bad?

[YOY]

1. I hope it backfires

Blows up in their faces. I'm tired of living under financial institutions BOA and Citi and their bait and switch form of fiscal indentured servitude.

They got me with a student loan with astronomical rates...non consolidatable and rising at their goddamn whim. May they all burn in hell.

[oldtimecanuk]

2. Why doesn't BOA understand that these people are here...

illegaly... duh... This just blows my mind.... Just stop and think about this, if this were happening on the Northern border... well it just wouldn't happen period.... Illegal alien...

ww

[sandnsea]

3. How'd they get a checking account?

I thought you had to have a ss number to get one, especially since 9/11. And a credit card with only 3 months banking history??? That's incredible in and of itself. Does it charge 50% interest?? The corporates are out of control. I never could have imagined this kind of predatory society.

[ecstatic]

4. good question. LOL

My only thing is, if people without SS #s can have access to accounts then why even bother with the credit score system (as far as denying people with low credit scores but then turning around and accepting someone with no score at all)?

[Jim Warren]

5. because they will be deemed higher risk

without SS#s, interest rates will of course reflect that.

Sure, good ol' BOA just doing some good for the community.

[DURHAM D]

6. Seems like a good thing.

If you go in any BOA in my area on a Friday or Saturday the line for the Spanish speaking teller is out the door. The line is mostly single men cashing checks and buying money orders to send to their family. The bank makes a lot of money on money orders and if they are lost it is hard to recover the funds.

Why not issue credit cards that they can provide to their families no matter where they live - including out of the U.S.

[Faux pas]

7. Crap, I was born here and worked all my life. Because of a

health issue, my credit is shot to hell. I doubt that B of A would give me a credit card and I've been a customer of their's for 27 years. NO, I don't think this is good or fair.

[damntexdem]

8. Hell no! They might show the rest of us up ...

by paying back their debts.