Bank of America's Immigrant Card Strategy
Miriam Jordan and Valerie Bauerlein report for the Wall Street Journal about Bank of America's immigrant-focused credit card issuing efforts - "open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft," according to Jordan and Bauerlein. The program is currently focused in the Los Angeles area with national rollout planned for later this year. Upfront fees are charged for the credit cards along with higher rates of interest on revolving balances.
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