Having worked at BofA, my guess is that they are running out of US citizens to sell credit cards to. ;-)
On the one hand, helping the immigrants establish credit could be a good thing, if they have a native-speaking banker there to explain all the nuances of credit to them, but I have the sneaking suspicion that that won't happen, and the danger is 1) higher credit card fees for all of us when the immigrants conveniently disappear without paying back credit cards and 2) BofA developing the reputation of wreaking social havoc by making credit readily available to the poor. Although they've always been pretty good about family and trying to get people back on track, they are also a financial institution in the business of making money. I feel it's a wait and see situation.
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On the one hand, helping the immigrants establish credit could be a good thing, if they have a native-speaking banker there to explain all the nuances of credit to them, but I have the sneaking suspicion that that won't happen, and the danger is 1) higher credit card fees for all of us when the immigrants conveniently disappear without paying back credit cards and 2) BofA developing the reputation of wreaking social havoc by making credit readily available to the poor. Although they've always been pretty good about family and trying to get people back on track, they are also a financial institution in the business of making money. I feel it's a wait and see situation.
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