American credit cards allow illegal immigrants to flourish!
Bank of America, one of the greatest financial institutions and credit card issuers, is offering a new credit card deal but it is making a big stir. It is going to offer credit cards with online credit card approval for illegal immigrants. American citizens are actually stricken by the fact as these credit cards do not require applicants to have social security number which is a compulsory item to make a credit card deal.
Best Bank of America credit card deals with attractive terms are available for illegal immigrants working in the USA, provided they have a Bank of America checking account in a good standing. In place of social security number, an immigrant needs an Individual Taxpayer Identification Number to be eligible for a credit card deal in America.
Well, isn't it good news that due to such type credit card offers, the US credit card industry is sure to flourish. Yes, indeed, it sounds promising but no more than that, and the reason for this is certain discontent among other banks and credit card companies, as well as native Americans.
Some say that provision of credit card deals for undocumented immigrants will give them a sign that they can continue coming to the country illegally and even thrive here. This is seen as a negative factor by most citizens and as a result a great many of them are canceling credit cards with one of the biggest and best banks in the world - Bank of America.
Regular US-based credit cards with best credit card deals like those with low APRs, no annual fees, cash back and bonus points have always been issued to individuals born in the USA, and that they can be accessible to illegal immigrants annoys Americans.
The new credit card deals offered are rated as the bank's intention to find more customers and broaden its field of action. But, doing this, Bank of America, together with some other banks, is actively offering checking accounts, mortgages and money transfer services as a method for illegal workers to become legal. What's more, the possibility to get a regular American credit card provides for a better quality service at a lower price and Bank of America is going to take it to the largest scale possible.
Bank of America's new credit card deals for illegal immigrants require a beforehand money deposit of $99 to secure the loan and bear interest rate amounting about to 21 percent. Whether or not the bank gives an applicant a guaranteed online credit card approval depends on the employee's credit worthiness rather than his credit scores.
Such an enticing credit card offer is gaining popularity among Hispanics, helping them establish and build a strong credit history and assimilate into the social infrastructure and economy of the country.
To counterbalance this process some groups of activists striving for tighter US borders, have initiated a boycott against Bank of America. They formed The National Illegal Immigration Boycott Coalition encouraging Bank of America credit card holders to cancel their credit cards with the bank. They express their strong concern about the implementation of no or little credit history credit card deals offered to Spanish-speaking people without Social Security Number and the penetration of illegal immigrants connected with it.
Well, yes, there are definite drawbacks and concern about the effectiveness and fairness of credit card deals for illegal immigrants but let's face their advantages as well:
The possibility to obtain a regular US credit card attracts more labor;
Illegal immigrants are not likely to take just all jobs, so native-born Americans do not need to afraid of unemployment;
Bank of America will increase its customer base and thus will contribute to the general rise of market share and profit in economy of the country.
The credit card for illegal immigrants does not guarantee a credit card approval for every applicant but just for those with a good checking account and credit worthiness. Additional security is provided by fees, low credit limit (up to %500) and higher than average interest rate.
And no less serious argument is that Bank of America credit card deals are not intended for illegal immigrants only but also for US legal residents with no or little credit history. So, for many people credit cards from Bank of America are a good chance to start credit file.
So, maybe, the new credit card deal is really worth consideration?
