Bank Changes Credit Card Rules
By:
Updated: April 17, 2007
Now, people--including illegal immigrants-- who don`t have a social security number or credit history can get a credit card at Bank of America.
The only qualifications are that the person has some form of a tax identification number and has had a checking account with the bank for at least three months without an overdraft.
Manny Gomez-- President of the League of United Latin American Citizens-- says he supports it.
"It`s a very good thing, I applaud Bank of America for doing that."
We were unable to get in touch with Bank of America to get a comment.
But Gomez says many hispanics don`t trust banks or know how to manage a bank account, and usually pay cash for everything.
So will undocumented immigrants even apply for the credit cards?
"Some will, but a majority probably will not because they are afraid to get in debt...they prefer to pay cash," Gomez says.
Bank of America calls it just a pilot program for now, available at only 51 branches in Los Angeles County, but says it could go national later.
