Credit card without social? What about credit and credit score?

NO, NO, NO, and NO. No social security number, no credit score. No credit score, no credit. This may very well set BoA up for a number of lawsuits should people WITH a social who have been denied credit find out.

Don't banks have to follow guidelines regarding offering credit? Why wouldn't the bank get in trouble for this?

Its really horrible to know that banks are issueing credit cards to illegal migrants. Banks cannt violate the rules and regulations.

They can do this because it's not against the law. In truth, it's not a very good card. It's about the same deal they give to Americans who have gone bankrupt. Illegals have to put down a deposit (the card's maximum balance) and pay up to 21% interest. It's a good deal for the bank, because even if the person skips the country, the bank has the principal covered. It's going to be a really bad deal for a lot of immigrants who don't really understand how the card works until they've racked up tons of fees. For everyone out there who doesn't like illegals, you should support this program. When the fees get too high, the immigrants will go home.

Seven months ago, Colorado passed a law that banned illegals from most state services. They thought that this would kick about 50,000 illegals off welfare roles and save a ton of money. It cost $2 million to implement. It saved, $0. It also inconvenienced many Americans. (e.g. A US passport is no longer sufficient identification to get a state drivers license.) More and more, experts are conceding that immigrants don't risk their lives to come here to go where there are good welfare benefits, They come here to work, so they go where there are jobs. Heads of state agencies in Colorado report that illegal immigrants really didn't use state services — and the new laws cost far more to implement than they will ever save. Under federal law, it was already illegal for immigrants to receive welfare. So this measure was sort of like installing a second deadbolt on a door in a low-crime neighborhood. This program just doesn't make sense, but it has everyone's support.

BofA is offering illegals credit -- so that they are less inclined to invest in a fake SS#. There's zero risk to the American company. Their losses are covered by the deposit from the illegal immigrant. There's little gain to the immigrant, except a credit history and the ability to buy a limited amount of stuff on credit. This program does make sense, but it doesn't have much support. Hmmmmmm. I think people need to stop thinking with their emotions, and start thinking with their brains.

Ummmm. Newsflash guys, illegal immigrants have been getting mortgages and checking accounts from banks for years. And we're worried because BofA is extending illegals a really crappy credit card offer? Somebody pushed your hot button.

Re Tigriz: I'm pretty sure that B of A will offer this card to any American f%ckup who wants it. So no worries about lawsuits. Paying a deposit to cover all your purchases and paying 21% interest on your purchases is not a good deal at all. It barely qualifies as a credit card -- more like a really crappy ATM card with high fees.

I think the problem is we need to decide whether we want to assimilate illegal aliens -- in which case extending them credit and mortgages is a good idea. Or if we want to deport them all -- in which case extending them credit and mortgages is a bad idea.

Cass: Maybe not. It's actually less of a credit risk to give credit to someone with no credit history than someone with bad credit history.

In response to teammate: Why is it so horrible?
Is it horrible because you don't like illegal immigrants?
or
Is it horrible because banks are offering such a bad credit card?

I think that the bank should be able to offer this credit card. But I also think that they should have to explain it very carefully. A 21% interest rate is very, very high. If people don't pay off their balances every month, their debt will skyrocket.

In response to corinthians, Any institution doing business in the country has to follow the rules and regulations and I think banks should also obey the rules.

In response to teammate:Bank of America isn't breaking any rules or regulations. There is no rule or regulation in the US that says you need a social security number to get a credit card. There is no rule or regulation in the US that says that banks can't give credit cards to illegal immigrants.

Most banks ask for social security numbers before they give credit cards. The banks do this so that if the person doesn't pay, it is easier to find the person and make them pay.

In response to corinthians: This may be true (in fact, when SS#s were introduced, the government guaranteed the public they would NEVER be used for identification purposes -- sure, right). However, what is objectionable is that illegals do not have to go through the same hoops as CITIZENS to secure the same type of credit or a mortgage or whatever. There is inherent unfairness in this. Obtaining credit and mortgages has been made much easier for non-citizens.

While not technically against the law, doing this creates a very unsavory double-standard. BofA should apply one standard to everyone.

In response to Teknokon: Although BofA is a private concern and can do whatever its shareholders want, any policy that entices or rewards illegality is just poor. Agree with teknokon. BofA may feel the wrath of its depositors, or suffer the consequences of issuing illegals credit accounts that will not be honored.