How Do You Expand The Market For Credit Cards?

Posted by JOE GANDELMAN, Editor-In-Chief in At TMV.
Feb 13th, 2007 | 8 responses

Well, here’s one creative way:

Bank of America Corp. has begun offering credit cards to customers without Social Security numbers, typically illegal immigrants, the Wall Street Journal reported on Tuesday.

In recent years, banks across the country have been offering checking accounts and even mortgages to the nation’s fast-growing ranks of undocumented immigrants, most of whom are Hispanic, the paper said, adding these immigrants generally have not been able to get major credit cards.

The new Bank of America card is open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft, the Journal said.

Bank of America tested the program last year at five branches in Los Angeles, and last week expanded it to 51 branches in Los Angeles County, home to the largest concentration of illegal immigrants in the U.S., the Journal said.

We hear CNN’s Lou Dobbs pounding the desk already on this one…

8 Responses to “How Do You Expand The Market For Credit Cards?”

1. carpeicthus says:

   February 13, 2007 at 7:23 am

   Awesome. This is going to make it so much easier for me to launder money.
2. C Stanley says:

   February 13, 2007 at 7:56 am

   Phew, I was getting worried that those ailing credit card companies would be unable to bail themselves out, what with the American appetite for credit being so low.
3. Rudi says:

   February 13, 2007 at 9:33 am

   And the RepublicanFascist 109th Congress changed the bankrupcy bill to allow this – LOL.
4. kritter says:

   February 13, 2007 at 9:45 am

   Sadly, a bill that passed with bipartisan support, but with swarms of banking industry lobbyists swamping Capitol Hill, Rudi.
5. Pyst says:

   February 13, 2007 at 11:48 am

   Yeah Rudi, you gotta add Biden, Clinton, Emanuel and the rest of the DLC pro-corporate Dems in on this one.
6. LonewackoDotCom says:

   February 13, 2007 at 12:59 pm

   This move is an example of political corruption. If the Bush admin and most of Congress weren’t completely corrupt, this bank would know that they would come after them. And, the bank will no doubt donate to politicians, specifically those who are willing to turn a blind eye.

   One thing’s clear: Dobbs opposes government corruption, and others support it.
7. Rambie says:

   February 13, 2007 at 3:00 pm

   Seriously how are they going to track down these people?

   Step 1: Open an account without a SSN
   Step 2: Wait 3 months then get the card
   Step 3: CHARGE it up and run off

   What’s to keep them from racking up credit charges and then disappearing?

   So how many years until the Government needs to bail out the Banking industry?
8. Rudi says:

   February 13, 2007 at 4:35 pm

   Rambie – When Neil Bush’ son is President.