Bank of America aims new credit card at illegal immigrants

[Peikko 1,575]

Indeed we are, except, I did open an account in the US before I was a resident. Maybe I'm another Paris H? However, it could be that having an American bank account has its uses...mind you, I don't want an American credit card...

[Fandango 1,440]

Indeed we are, except, I did open an account in the US before I was a resident. Maybe I'm another Paris H? However, it could be that having an American bank account has its uses...mind you, I don't want an American credit card...

wow if that aint a comprehension issue gone awry

If you have money, more often than not you have common sense (Paris H being an exception )

[Peikko 1,575]

How so? I was pointing out that although I didn't try to obtain a credit card before I became a resident, I did open a bank account, and I had my reasons for doing so. Do I have common sense? Maybe, maybe not.

[DelcoCouple 1]

if you have a vacation home in America, and presumably take use of the VWP, you're only here for a short time, so why you'd need a seperate cc acct instead of using your regular ones, is beyond me.

......

In simple terms it saves money. Many people buy a vacation home on a buy to let arrangement. ie they use it part of the year for their own enjoyment and rent it out through a local agent to provide income to service the mortgage etc. It makes sense from both a financial and logistical viewpoint to open an American bank account to receive money into and pay bills out from. Likewise there are many companies that will not accept a foreign credit card for purchases ordered fro delivery within the USA etc. So it is a useful financial tool and also provides some insulation from the vagracies of the international currency markets. People that buy a home abroad tend to be a little more financially savvy than Joe Average and are much more likely to apply for a US credit card in addition to the ones they hold in their home countries. It is a market that banks are keen to tap into.

But hey where is the story in people acting lawfully being given the choice to use a service they would benefit from?

[Fandango 1,440]

if you have a vacation home in America, and presumably take use of the VWP, you're only here for a short time, so why you'd need a seperate cc acct instead of using your regular ones, is beyond me.

......

In simple terms it saves money. Many people buy a vacation home on a buy to let arrangement. ie they use it part of the year for their own enjoyment and rent it out through a local agent to provide income to service the mortgage etc. It makes sense from both a financial and logistical viewpoint to open an American bank account to receive money into and pay bills out from. Likewise there are many companies that will not accept a foreign credit card for purchases ordered fro delivery within the USA etc. So it is a useful financial tool and also provides some insulation from the vagracies of the international currency markets. People that buy a home abroad tend to be a little more financially savvy than Joe Average and are much more likely to apply for a US credit card in addition to the ones they hold in their home countries. It is a market that banks are keen to tap into.

But hey where is the story in people acting lawfully being given the choice to use a service they would benefit from?

I'm not talking about savings/checking accounts, but credit card accounts.

[Fandango 1,440]

How so? I was pointing out that although I didn't try to obtain a credit card before I became a resident, I did open a bank account, and I had my reasons for doing so. Do I have common sense? Maybe, maybe not.

no one's put you on trial or questioned your motives...my Paris H comment was in jest....and not meant to cast aspersions or somehow imply that you or anyone else here doesn't have common sense

Eh, maybe it's a text thing and we're getting our wires crossed! carry on

[rebeccajo 14]

Why in the world would I be angry with a bank if somebody improperly used a service the bank offers?

I'd be angry if the bank FUNDED the terrorist act.

I just don't equate having to provide certain types of ID to obtain services as something proactive to preventing terror or stopping the flow of EWI's.

I see those types of things as 'big-brother-ish'.

Can you walk into a bank in Ireland and setup a bank account on the fly, let alone a credit card..

I have no idea what it takes to get an account in Ireland. My husband is from Northern Ireland.

Nonetheless, I'll ask him tonite when I see him....

And I don't think BOA said they didn't want ID. They said they don't want a SS number.

[choji 0]

if you have a vacation home in America, and presumably take use of the VWP, you're only here for a short time, so why you'd need a seperate cc acct instead of using your regular ones, is beyond me.

Cos let's face it...if you have the money to buy a hols home, you have money.

Right.

If you have money, more often than not you have common sense (Paris H being an exception )

Right.

if you have common sense, you're not going to use a card which more often than not will be having interest rates thru the nose.

Interests are only due on debts riding on a card.

Common sense says, don't do it.

So, no debts, no interest. Then why not use a US CC for a US account which you have for these reasons:

In simple terms it saves money. Many people buy a vacation home on a buy to let arrangement. ie they use it part of the year for their own enjoyment and rent it out through a local agent to provide income to service the mortgage etc. It makes sense from both a financial and logistical viewpoint to open an American bank account to receive money into and pay bills out from. Likewise there are many companies that will not accept a foreign credit card for purchases ordered fro delivery within the USA etc. So it is a useful financial tool and also provides some insulation from the vagracies of the international currency markets. People that buy a home abroad tend to be a little more financially savvy than Joe Average and are much more likely to apply for a US credit card in addition to the ones they hold in their home countries. It is a market that banks are keen to tap into.

[DelcoCouple 1]

if you have a vacation home in America, and presumably take use of the VWP, you're only here for a short time, so why you'd need a seperate cc acct instead of using your regular ones, is beyond me.

......

In simple terms it saves money. Many people buy a vacation home on a buy to let arrangement. ie they use it part of the year for their own enjoyment and rent it out through a local agent to provide income to service the mortgage etc. It makes sense from both a financial and logistical viewpoint to open an American bank account to receive money into and pay bills out from. Likewise there are many companies that will not accept a foreign credit card for purchases ordered fro delivery within the USA etc. So it is a useful financial tool and also provides some insulation from the vagracies of the international currency markets. People that buy a home abroad tend to be a little more financially savvy than Joe Average and are much more likely to apply for a US credit card in addition to the ones they hold in their home countries. It is a market that banks are keen to tap into.

But hey where is the story in people acting lawfully being given the choice to use a service they would benefit from?

I'm not talking about savings/checking accounts, but credit card accounts.

That would be the bit in bold red.

I have no idea what it takes to get an account in Ireland. My husband is from Northern Ireland.

Nonetheless, I'll ask him tonite when I see him....

And I don't think BOA said they didn't want ID. They said they don't want a SS number.

They require ID such as a passport and a utility bill. Pretty much the same as a bank here. Like the US there is no residency requirement to hold a bank account.

Edited February 16, 2007 by DelcoCouple

[Fandango 1,440]

if you have a vacation home in America, and presumably take use of the VWP, you're only here for a short time, so why you'd need a seperate cc acct instead of using your regular ones, is beyond me.

......

In simple terms it saves money. Many people buy a vacation home on a buy to let arrangement. ie they use it part of the year for their own enjoyment and rent it out through a local agent to provide income to service the mortgage etc. It makes sense from both a financial and logistical viewpoint to open an American bank account to receive money into and pay bills out from. Likewise there are many companies that will not accept a foreign credit card for purchases ordered fro delivery within the USA etc. So it is a useful financial tool and also provides some insulation from the vagracies of the international currency markets. People that buy a home abroad tend to be a little more financially savvy than Joe Average and are much more likely to apply for a US credit card in addition to the ones they hold in their home countries. It is a market that banks are keen to tap into.

But hey where is the story in people acting lawfully being given the choice to use a service they would benefit from?

I'm not talking about savings/checking accounts, but credit card accounts.

That would be the bit in bold red.

And I was responding to the bit in purple

I didn't respond to the rest cos I'd be repeating myself how foreign holiday homeowners would prolly not use this as (i'm speculating) the charges associated with this card would be more than the foreign conversion rates on the cc

which I already said above

Edited February 16, 2007 by LisaD

[Fandango 1,440]

if you have a vacation home in America, and presumably take use of the VWP, you're only here for a short time, so why you'd need a seperate cc acct instead of using your regular ones, is beyond me.

Cos let's face it...if you have the money to buy a hols home, you have money.

Right.

If you have money, more often than not you have common sense (Paris H being an exception )

Right.

if you have common sense, you're not going to use a card which more often than not will be having interest rates thru the nose.

Interests are only due on debts riding on a card.

Common sense says, don't do it.

So, no debts, no interest. Then why not use a US CC for a US account which you have for these reasons:

In simple terms it saves money. Many people buy a vacation home on a buy to let arrangement. ie they use it part of the year for their own enjoyment and rent it out through a local agent to provide income to service the mortgage etc. It makes sense from both a financial and logistical viewpoint to open an American bank account to receive money into and pay bills out from. Likewise there are many companies that will not accept a foreign credit card for purchases ordered fro delivery within the USA etc. So it is a useful financial tool and also provides some insulation from the vagracies of the international currency markets. People that buy a home abroad tend to be a little more financially savvy than Joe Average and are much more likely to apply for a US credit card in addition to the ones they hold in their home countries. It is a market that banks are keen to tap into.

Have you even seen some of the new cards out there? No grace period from date of purchase. I threw one of those apps which came to my PO box addressed to a mangled version of my old married name as my first name and my surname for my last.

As I said before, I'm speculating that there will be a higher cost of business to do business with such a card. I'm speculating that BoA is doing this for people who cannot otherwise get CCs, therefore, BoA has them, essentially, by the balls if they want the card. So why wouldn't BoA charge a premium fee?

[Caladan 19]

Not all non-immigrant classes allow work authorization. I'm thinking of some of the spousal "-2s"; legally in the country, but not permitted to work. These people are here legally, but probably don't have a social security number, and they might be here for a long period of time and could use a bank account. Or all the Canadian snow-birds.

[DelcoCouple 1]

Of course you could always adopt the radical viewpoint that Bank Of America are not providing immigration policing in the hope that the Immigration service doesn't enter the Banking Field.

Lordy what a mess that would be Bank Of Immigration

[pedroh 21]

so.. i read a bunch of news sites bout this issue.. main points:

- there's a high starting apr.. 21%

-u have to leave a considerable deposit, if you miss even 1 payment, they take your deposit

- Most important, which wasn't mentioned in the big websites (of course to make a 'how Illegals are taking our country' news)... indeed, there's no requirement of SS card, BUT!! U need an ITIN card.. now.. it's not the same not having a SS# and just go in the bank with a fake ID and get a credit card, the person actually needs an ITIN (which he also needs to open a savings account).. therefore, the spin is just po'ing people more, when actually they're not mentioning all the facts..

it's not illegal to open a bank account with an ITIN, so all that BoA doesn't have scruples, they're helping the illegals, blabla, is BS.. any foreign person who resides in the US can get an ITIN.. so Jose is not going to the bank with just a bunch of cash to get a credit card, he still needs an ID, and ITIN is not easier than a SS# to get..

[choji 0]

if you have a vacation home in America, and presumably take use of the VWP, you're only here for a short time, so why you'd need a seperate cc acct instead of using your regular ones, is beyond me.

Cos let's face it...if you have the money to buy a hols home, you have money.

Right.

If you have money, more often than not you have common sense (Paris H being an exception )

Right.

if you have common sense, you're not going to use a card which more often than not will be having interest rates thru the nose.

Interests are only due on debts riding on a card.

Common sense says, don't do it.

So, no debts, no interest. Then why not use a US CC for a US account which you have for these reasons:

In simple terms it saves money. Many people buy a vacation home on a buy to let arrangement. ie they use it part of the year for their own enjoyment and rent it out through a local agent to provide income to service the mortgage etc. It makes sense from both a financial and logistical viewpoint to open an American bank account to receive money into and pay bills out from. Likewise there are many companies that will not accept a foreign credit card for purchases ordered fro delivery within the USA etc. So it is a useful financial tool and also provides some insulation from the vagracies of the international currency markets. People that buy a home abroad tend to be a little more financially savvy than Joe Average and are much more likely to apply for a US credit card in addition to the ones they hold in their home countries. It is a market that banks are keen to tap into.

Have you even seen some of the new cards out there? No grace period from date of purchase. I threw one of those apps which came to my PO box addressed to a mangled version of my old married name as my first name and my surname for my last.

As I said before, I'm speculating that there will be a higher cost of business to do business with such a card. I'm speculating that BoA is doing this for people who cannot otherwise get CCs, therefore, BoA has them, essentially, by the balls if they want the card. So why wouldn't BoA charge a premium fee?

Please, what is the problem here?

It does not matter how high the interest is as long as anything charged up to the the maximum credit limit is paid off every month in full.

Most certainly banks don't like that. On such customers their earnings are pretty slim. But they can not charge interest.

Period. No matter how new or old the cards are. Unless it is handled completely different in your part of the US, which I doubt. There are some rules even banks can not break.