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Hot Discussion! Credit Card Offers for the Immigrants: Good or Evil?
After the bank of America announced its plan to give credit cards to undocumented immigrants, Americans have divided into 2 parts: those who support the bank and those who criticize it.
So, should the undocumented immigrants have a chance to make use of credit card offers? Or will this decision cause nothing but trouble?
Credit card is something that everyone needs to have nowadays. It helps to get a loan, a mortgage and even a job!
What is even more important-they help to build a good credit history. If you pay your credit card bills on time, you will raise your credit score and as a result you will get a lower interest rate.
It is true, that without credit cards immigrants will face many problems when they arrive to the country. We all know that credit needs to succeed in America.
Latin American immigrants earn more than $500 billion annually, but only half of them have bank accounts.
According to the survey, the popularity of banks is growing among the immigrants. The number of immigrants who used banks to transfer money has risen from 8% in 2004 to 19% in 2006. The sum of transaction was $45billion in 2006. Immigrants generally deal with cash, so it is obvious, that they can support American financial system.
Credit card offers for immigrants will give many advantages to immigrants. Without credit history they have to pay a lot for a credit card loan, huge fees to pay bills or to cash checks. Credit cards will solve all these problems.
It is understandable that credit card offers for the immigrants are profitable for the banks. The immigrants are the new customers of the banks who will use the variety of their services in the future.
But some Americans think that giving credit cards to immigrants is not such a great idea.
Even though the bank's employees say that giving cards to immigrants is safe, as before getting the card they have to have a bank account that was good for 3 months.
Still many customers are afraid that immigrants will run up the charges, and then leave the country without paying. As a result the cost of banking for American citizens will be increased.
Most people who are against the credit card offers for immigrants have another argument. They assume that all this credit card deal makes it easier for illegals to stay. But banks and credit card companies have answer on this argument too. They say that most of the immigrants who apply for credit cards have applied for Social Security number and already have taxpayer ID number given by International Revenue Service.
And the last and the most frightening thing for most Americans-terrorists. After September, 11 almost everyone is afraid of terrorists' attacks. According to the survey, over 40% of Americans are afraid that credit cards will make it easier for terrorists to have an access to the money.
Hopefully these new credit card offers will do only good both for immigrants and for our economy and will not cause trouble. We'll see, the time will show.
Essie
06:50 AM, September 06, 2007
I don't think that credit cards should be given to the immigrants! They cause nothing, but trouble! If they want to live here, they have to legalize themselves. that's the end of the story.
Kate
11:55 PM, September 13, 2007
It’s really good that now immigrants can get a credit card in US banks. Many of them work hard there, many pay taxes, so why can’t they have such a necessary thing in our life as a credit card?! Finally, US banks have realized it.
ARTICLES about Credit Cards | >> View all Articles
American Express Travel
October 24, 2008
American Express continues to please its loyal customers with exclusive card offers for frequent travel rewards. Its latest product, co-branded with Delta Airlines, comes with a catchy "Delta Reserve Credit Card" name and aims at wealthy and creditworthy customers looking for incomparable travel experience. It cannot be referred to as a cheapest deal among the rewards type, but the price for the outstanding benefits and additional programs is more than acceptable.
The $450 annual fee and a competitive APR on purchases and balance transfers are charged for the exclusive access to the 24-hour Concierge Service, SkyMiles account rewards program and extended credit line. If you think you can find something better online, take a minute to read further and ascertain that American Express has not been overtopped.
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Pre Approved Credit
October 07, 2008
If you hold a valid FICO score with at least one national credit reporting agency, you are very likely to receive a pre approved bank card offer in the mail. But among the 3% of recipients completing and returning the application, only some 1.5% if not less actually get approved. Why is that and what are you required of to qualify for that enticing card offer sent by a major bank?
Most people think if they've been pre approved, there will be no hassle going through the formality of the application process. Now they don't have to spend hours searching and comparing products online to find the only right variant. Hardly anyone knows how the bank chooses a potential customer and what eligibility requirements it will use to finally approve or reject your application.
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Credit Cards at College
September 26, 2008
Though a standard unsecured student credit card is available to high schoolers nowadays, it is at college that young people make their first financial decision independently from parents. The first responsibility comes with the need to choose the right plastic from a great spectrum of equally attractive offers.
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