I found this article today that remarked on immigrants being responsible in part for the growing trend of prepaid credit card use. As they mentioned, last year Bank of America received a lot criticism for their prepaid credit cards being available to “undocumented immigrants”. One of the benefits of these cards that has been cited many times, however, is that there is no need for a bank account, social security number, or credit check. These three perks are perfect for these immigrants. The Department of Homeland Security has released data showing that approximately 11.6 million “unauthorized immigrants” currently reside in the U.S. This makes the prepaid credit card industry look very promising for investors.
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