Credit Cards Being Offered to Illegal Immigrants

Reaction to the news that Bank of America, Corp was testing a credit card designed for illegal immigrants was very predictable. Nonetheless, it was not exactly positive, or favorable.

Critics of illegal immigrants have accused Bank of America Corp of supporting terrorist and drug traffickers. Others have demanded a boycott, while cutting their credit cards up and sending it back to the company. The truth is that Citigroup has already been doing it, and Wells Fargo is thinking about it.

The bottom line is money. Credit card companies are competing for the business of some twelve million illegal immigrants in the United States. Their comeback reply is that, while they cannot legally hire these illegals, there is nothing in the law books that can stop them from welcoming them as their customers.

The first testing area for Bank of America Corp's new credit card is in the Los Angeles area. To apply for this credit card, you will not need a Social Security number, because typically to open up a standard bank account, a Social Security number is not needed. However, the illegals need an ID card that is provided by the Mexican Consulate, or an individual taxpayer number. The new credit card also requires them to have an account with Bank of America for at least three months. It also comes with a reimbursable fee of $99. As of late, the company has not decided if it will expand to any other areas.

Even though there are about 42 million Hispanics in the United States, there are a relatively large number of households who do not have access to credit cards. Eighty percent of the American households use credit cards, while only fifty-six of the Hispanic households do.

In 2005, the annual income for an illegal immigrant family was around $29,500. Total purchases from these illegal immigrants were $200 million and rising.