Bank of America Credit Card and Illegal Aliens
Author: chris92056
Posted: Wed Feb 14, 2007 10:48 pm
Post subject: BofA to reach out to illegal aliens
There is a strong movement in Southern California driving by (English) radio talk show hosts about BofA offering credit cards to illegal aliens (U.S. government def). They do not have to have a social security card -- just a bank account for a period of time before applying.
Of course, I believe that instead of calling them the U.S. government def, BofA is calling them: customers.
Thoughts?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chazmanian
Posted: Thu Feb 15, 2007 2:09 am
Post subject:
I also saw this on CNN yesterday morning...Interesting move on behalf of BOA as there is obviously a huge untapped market available.
I wonder if my little sister who cannot pay attention much less her bills would be able to open a bank account with BOA sans the SSN# and also qualify for a BOA card? Or is this offer only extended to folks whom have entered our country under less than legal means?
If English is your primary lanquage and you were born in the USA do they still want your business? Or just your SSN#? Would an illegal without a SSN be able to qualify for a 50K BOA AmEx with a $75 BT fee at 0% for the first 12 months, and put said funds into a savings acct for a year at 5% and not be taxed on the profits made ?
I dunno. Sounded like an odd way to tap the huge Hispanic market.....It would seem discriminatory to exclude "Others" from the no SSN CC program through BOA though. Would it be safe to assume that the illegal aliens had a strong FICO score in....Mexico? Guatamala...El Salvador...Honduras...Nicaragua
Author: dolmar
Posted: Thu Feb 15, 2007 3:49 am
Post subject:
Chazmanian wrote:
I also saw this on CNN yesterday morning...Interesting move on behalf of BOA as there is obviously a huge untapped market available.
I wonder if my little sister who cannot pay attention much less her bills would be able to open a bank account with BOA sans the SSN# and also qualify for a BOA card? Or is this offer only extended to folks whom have entered our country under less than legal means?
If English is your primary lanquage and you were born in the USA do they still want your business? Or just your SSN#? Would an illegal without a SSN be able to qualify for a 50K BOA AmEx with a $75 BT fee at 0% for the first 12 months, and put said funds into a savings acct for a year at 5% and not be taxed on the profits made ? :
Did you bother to read the full story in the paper or watch the full news story on CNN about it? First off it a secured card which requries you deposit $500 in BOA savings account earning a wooping 0.10% to obtain a $500 limit on a credit card that carries a $99 annual with 21.99% interest rate on balances. The annual fee get rebated after 1 year if you pay your bill on time for a full year and at which time they will convert the card from secured to unsecured and may raise your limit.
To open the bank account required you need to have either a valid US goverment issued ID or a valid passport from your home country. Currently non US residents may open a bank account with a vaild passport without any restrictions at all.
BOA will maintain an internal credit report on all people who obtain this credit modeled after the MBNA program in France and Spain as neither of thoses countries have centralized credit reporting agencies.
If your sister can not managed to pay her bills on time. She can open a secured credit right now with a SSN without any problems. This card is no different than any other secured card except it will be issued without a SSN. So it will not be reported to any external credit reporting agency. So you are only building credit with BOA. So what advantage would your sister have in applying for this card vs another one under her SSN?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chazmanian
Posted: Thu Feb 15, 2007 8:25 am
Post subject:
Dolmar, After redaing your post it makes much more sense now. CNN purposely tried to make the story inflammatory without going into any detail whatsoever about how the offer works.
My Sister unfourtunately just dosent get it. She should never have anytype of CC at all. I use her as I often wonder are there others like her that treat credit as some type of gift or bonus to use up and never pay back......Blah.
but Dolmar the jist has not changed regardless of the cards secured offer. BOA is offering credit products to folks who are in our country under less than legal means. Maybe they should offer up a secured card for the US Prison system...They could call it the "Comissary Platinum Rewards Card".
So due to the offers high interest rate and annual fee do you think BOA is being.....Predatory? And targeting this market with less than fair and honest intent?
Author: dolmar
Posted: Thu Feb 15, 2007 10:21 am
Post subject:
There is a difference between Illegal aliens and prison inmates. I am sorry if you can not grasp that concent.
Most Illegal aliens come here and work hard and break no laws. They come here to do jobs most americans do not want to do. If it was not for these workers then the prices paid for many goods or services we use would be much higher. Most people dont understand but the prices for basic items are set by current min wage as min wage raises thoses items tend to raise in price too. So if everyone is making 20% more then prices tend to raise by 20% also. The jobs illegals tend to do are releated to food preperation or growing, house keepers, garders, jainitors etc. When was the last time you heard someone complaining that they would not a job washing dishing at a resturant or picking fruit?
We currently have 4.5% unemployement rate in this country and we have between 12-15 million illegal aliens. If you some how managed to deport all illegal aliens then we would have a shortage labor. As a lot of people currently unemployeed would not take or do any of the jobs vacated by illegal aliens anyways. I see job wanted signs all the time in retail stores windows paying $10-12 an hour. The fact some americans currently not working si because they dont want to work for that wage.
Illegal workers can goto rite aid and buy a pre-paid credit card right now. Who fees are more costly then BOA new credit card. Just like BOA move last year to market and target Illegal aliens to open and use BOA banks to deposit money and wire money back to there own home country instead of using western union most costly method. This is no big deal at all.
And as far as predatory. This is no more predatory than Capital, Household bank, Orchard bank or any other of the secured cards out there for legal residents that do require a SNN. Reason people get these cards is because they are cheaper than pre-paid cards in general and help build your credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Feb 14, 2007 10:48 pm
Post subject: BofA to reach out to illegal aliens
There is a strong movement in Southern California driving by (English) radio talk show hosts about BofA offering credit cards to illegal aliens (U.S. government def). They do not have to have a social security card -- just a bank account for a period of time before applying.
Of course, I believe that instead of calling them the U.S. government def, BofA is calling them: customers.
Thoughts?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chazmanian
Posted: Thu Feb 15, 2007 2:09 am
Post subject:
I also saw this on CNN yesterday morning...Interesting move on behalf of BOA as there is obviously a huge untapped market available.
I wonder if my little sister who cannot pay attention much less her bills would be able to open a bank account with BOA sans the SSN# and also qualify for a BOA card? Or is this offer only extended to folks whom have entered our country under less than legal means?
If English is your primary lanquage and you were born in the USA do they still want your business? Or just your SSN#? Would an illegal without a SSN be able to qualify for a 50K BOA AmEx with a $75 BT fee at 0% for the first 12 months, and put said funds into a savings acct for a year at 5% and not be taxed on the profits made ?
I dunno. Sounded like an odd way to tap the huge Hispanic market.....It would seem discriminatory to exclude "Others" from the no SSN CC program through BOA though. Would it be safe to assume that the illegal aliens had a strong FICO score in....Mexico? Guatamala...El Salvador...Honduras...Nicaragua
Author: dolmar
Posted: Thu Feb 15, 2007 3:49 am
Post subject:
Chazmanian wrote:
I also saw this on CNN yesterday morning...Interesting move on behalf of BOA as there is obviously a huge untapped market available.
I wonder if my little sister who cannot pay attention much less her bills would be able to open a bank account with BOA sans the SSN# and also qualify for a BOA card? Or is this offer only extended to folks whom have entered our country under less than legal means?
If English is your primary lanquage and you were born in the USA do they still want your business? Or just your SSN#? Would an illegal without a SSN be able to qualify for a 50K BOA AmEx with a $75 BT fee at 0% for the first 12 months, and put said funds into a savings acct for a year at 5% and not be taxed on the profits made ? :
Did you bother to read the full story in the paper or watch the full news story on CNN about it? First off it a secured card which requries you deposit $500 in BOA savings account earning a wooping 0.10% to obtain a $500 limit on a credit card that carries a $99 annual with 21.99% interest rate on balances. The annual fee get rebated after 1 year if you pay your bill on time for a full year and at which time they will convert the card from secured to unsecured and may raise your limit.
To open the bank account required you need to have either a valid US goverment issued ID or a valid passport from your home country. Currently non US residents may open a bank account with a vaild passport without any restrictions at all.
BOA will maintain an internal credit report on all people who obtain this credit modeled after the MBNA program in France and Spain as neither of thoses countries have centralized credit reporting agencies.
If your sister can not managed to pay her bills on time. She can open a secured credit right now with a SSN without any problems. This card is no different than any other secured card except it will be issued without a SSN. So it will not be reported to any external credit reporting agency. So you are only building credit with BOA. So what advantage would your sister have in applying for this card vs another one under her SSN?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chazmanian
Posted: Thu Feb 15, 2007 8:25 am
Post subject:
Dolmar, After redaing your post it makes much more sense now. CNN purposely tried to make the story inflammatory without going into any detail whatsoever about how the offer works.
My Sister unfourtunately just dosent get it. She should never have anytype of CC at all. I use her as I often wonder are there others like her that treat credit as some type of gift or bonus to use up and never pay back......Blah.
but Dolmar the jist has not changed regardless of the cards secured offer. BOA is offering credit products to folks who are in our country under less than legal means. Maybe they should offer up a secured card for the US Prison system...They could call it the "Comissary Platinum Rewards Card".
So due to the offers high interest rate and annual fee do you think BOA is being.....Predatory? And targeting this market with less than fair and honest intent?
Author: dolmar
Posted: Thu Feb 15, 2007 10:21 am
Post subject:
There is a difference between Illegal aliens and prison inmates. I am sorry if you can not grasp that concent.
Most Illegal aliens come here and work hard and break no laws. They come here to do jobs most americans do not want to do. If it was not for these workers then the prices paid for many goods or services we use would be much higher. Most people dont understand but the prices for basic items are set by current min wage as min wage raises thoses items tend to raise in price too. So if everyone is making 20% more then prices tend to raise by 20% also. The jobs illegals tend to do are releated to food preperation or growing, house keepers, garders, jainitors etc. When was the last time you heard someone complaining that they would not a job washing dishing at a resturant or picking fruit?
We currently have 4.5% unemployement rate in this country and we have between 12-15 million illegal aliens. If you some how managed to deport all illegal aliens then we would have a shortage labor. As a lot of people currently unemployeed would not take or do any of the jobs vacated by illegal aliens anyways. I see job wanted signs all the time in retail stores windows paying $10-12 an hour. The fact some americans currently not working si because they dont want to work for that wage.
Illegal workers can goto rite aid and buy a pre-paid credit card right now. Who fees are more costly then BOA new credit card. Just like BOA move last year to market and target Illegal aliens to open and use BOA banks to deposit money and wire money back to there own home country instead of using western union most costly method. This is no big deal at all.
And as far as predatory. This is no more predatory than Capital, Household bank, Orchard bank or any other of the secured cards out there for legal residents that do require a SNN. Reason people get these cards is because they are cheaper than pre-paid cards in general and help build your credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:28 PM
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