Credit Tips: Are There Hispanic Credit Cards

Posted On: July 4, 2006

Author: Board Monitor
Posted: Tue Jul 04, 2006 10:29 am
Post subject: Hispanic Credit Cards- Looking for Feedback. Please help!

Greetings gang! Quick favor to ask. I am going Thursday night to LA to speak at a non-profit, national Hispanic conference about credit card usage among Hispanics. Any ideas/tips that anyone has on this subject? Appears to be many problems with the Hispanic community when it comes to credit cards and credit in general.

Thanks in advance for your replies. Will be happy to share any concerns you might have at the conference. The conference is meant to help identify and address problems.
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews

Author: EasyRhino
Posted: Tue Jul 04, 2006 12:38 pm
Post subject: Are There Hispanic Credit Cards

Well, this is really no help at all, but I did just recently get a BofA Efectiva card. This is basically a twin to the Financial Rewards card, except it’s targeted towards the Hispanic/Latino market. Well heck, you have the card on the website.

Course, I’m not Hispanic, I didn’t know that when I signed up. No biggy.

Anyway, all of the mailings (statements/disclosures, etc.) are in english and spanish, and the card has seperate english and spanish call-in numbers. Not too sure about the online banking though.

But anyway, that just makes it a bilingual card, I can’t really say if it addresses any specific concerns of the “hispanic market” or even what those concerns those might be.

Author: femlove200
Posted: Tue Jul 04, 2006 1:17 pm
Post subject:

yes, there are many financial problems within the latino community. the lack of education leads many latinos to make bad credit choices. the unfortunate thing is that latino companies know this and specifically target these individuals. companies like la cudacual is a department store offering credit at ridiculus interest rates.

i am pleased to hear about your talk with this population on credit. one point that needs to be emphasized to this population is that what they learn from your credit lecture should be immediately taught to their children. many young adults in the latino community are first generation college students who are unaware of the financial responsiblity of credit. as they enter college they are bombarded with credit card solicitors on campus and do not know which one to apply for. most of them just apply for all of them. they generally do not go to their parents for credit advice as most of their parents are not educated on how to properly use credit.

another hot topic would be “impulse shopping”. to many latinos being “in style” is very important, and buying based on “need” for an item is rarely the case. focusing on buying based on the “need” for an item will help them to reevaluate their purchases. you can even suggest, “preview shopping”; which is going to a store/mall and eye shopping. then going home for the evening to think about their perspective purchases. that evening they can take the time to think about wheather or not they truely need the item, if they do conclude that it is truely needed then they can purchase it the next day. this will help cure “impulse shopping”.

i hope you find these suggestions helpful.

Author: Board Monitor
Posted: Thu Jul 06, 2006 8:50 am
Post subject: Are There Hispanic Credit Cards
Wonderful! Thanks for the feedback.
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com