Bank of America has recently announced that it will be offering credit cards to illegal immigrants without social security numbers. They haven't come out and stated outright that they will be offering the to illegal immigrants, but will be offering them to legals without social security numbers, which makes it extremely easy for illegals to obtain one of the same cards. While I can see why Bank of America would want to tap into the legal immigrant customer base, as it is huge, I think it's pretty risky of them to make it so easy for illegal immigrants to get their cards.
For one, I find it somewhat insulting that as a legal US Citizen in order for me to get one of their cards I am subject to a credit check - which requires a social security number. Bank of America says it is trying to help legals without social security numbers to build up credit. Well, if they are a legal citizen, they need to abide by the same rules that all other legal Americans do - get a social security number and then apply for credit. Otherwise, how on Earth will we track their payment dates and make sure they are worthy person to lend to? Will they, then, get a better mortgage rate than I?
Secondly, whose to say Bank of America hasn't even thought about the untapped resource of the illegal population? With millions of lower-working-class to impovershed illegal immigrants in the US at any given time, the Bank knows how much money it can make off of these people. However, does the Bank consider this a money-making venture or will it be the worst mistake it has ever made? Say each of these illegals is granted a meager $300.00 credit line. Let's say that 250,000 of them register for this credit card. If each of those cards gets maxed out, that is $75million right there that is unrecoverable money. Add a 12% annual percentage rate to that and you have $84 million. That's $84 million that will affect legal customers' interest rates. Don't think the Bank will take a loss like that, because in business and taxes what goes around comes around, someone winds up paying for it.
I am not against legal immigrants or helping them get on their feet in America, but by not issuing them social security numbers and giving them basically a "free" line of credit that is also easily accessible by illegal immigrants, I think America is setting themselves up for some serious economic damage.
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They won't lose a dime, they stand to make great profits but at the governments expense. I say this because if the immigrants max out these cards banks are federally insured and they won't lose a single red cent. they will take insurance claims because they can and really it will end up coming out of our pockets or better yet against the national debt. God Bless America
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There are a lot of Americans that don't have a social security number. This could be helpful to them. However, I do see your point and don't like the idea of eating the loss.
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You can't legally work without a social security number. And there are very few social benefits like Social Security Disability that you can't collect without a Social Security Number. It is possible but tough to either pay taxes or open a bank account without a Social Security Number.
So who are these Americans? And if they don't have an income from working or welfare why would they need a credit card that they did not have the income to pay back? And if they have no income, why would anybody give them credit?
If they are truly Americans, applying for a Social Security No is just about as easy as applying for a credit card. So why would they not get the Social Security No and then get a credit card like the vast majority of the rest of Americans?