Establishing good credit can seem like a Catch-22: you need credit to get credit. A new Bank of America program aims to give some a boost in the process, by offering credit cards to Hispanics with little or no credit history. The program rewards proven financial responsibility with increased opportunity: it’s only open to Bank of America checking customers who avoid overdrafts for at least three months. In return for helping them build their credit, the bank hopes to win their loyalty so that they stick with Bank of America when they are ready to trade up to more sophisticated products.

It all sounds reasonable enough. Then why is the plan arousing so much controversy?

To snag one of the new cards, applicants would have to present an approved form of ID, whether a Social Security number, an Individual Taxpayer Identification Number (ITIN), or a foreign government-issued identification card. As the Wall Street Journal points out, bank customers without Social Security numbers are almost always illegal immigrants. Fox News has joined the hue and cry, condemning the program for encouraging illegals to stay in the country. Some commentators have gone so far as to vow a boycott of Bank of America.

These concerns are misplaced. A Bank of America credit card is no more of an incentive to illegal immigration than any other financial product available in the United States. Most banks, including Bank of America, already provide checking accounts to illegal immigrants; why haven’t pundits expressed outrage over this standard practice? (And in fact, Citigroup already offers a similar credit card.)

If anything, Bank of America’s new program is an incentive to financial prudence—something worth encouraging in immigrants and citizens alike. Customers are required to put down a $99 security deposit, which is only refundable if the card is used responsibly. And the credit card is hardly an unqualified gift: because of the risk of dealing with customers without established credit, it carries a relatively high interest rate.

Those most likely to wreak mayhem are unlikely to want a credit card of any kind.

But what about terrorists and criminals?, the pundits cry. Should it really be so easy for noncitizens to obtain a credit card? Bank of America officials insist that their new program is in full compliance with the Patriot Act. They point out that many businesses sell products and services to undocumented aliens.

Moreover, those most likely to wreak mayhem are unlikely to want a credit card of any kind. Sophisticated terrorists know that credit cards leave behind an audit trail of what they have purchased, when, and where. They prefer methods of payment more difficult to trace, such as cash and pre-paid credit cards. As for common criminals, they too usually prefer cash. But even if they applied for one of the new cards, they would almost certainly be rejected: the program is only for checking customers with solid records.

Even if they concede that the card will not make undocumented aliens any more of a threat than they already are, many of Bank of America’s critics still believe that any concession from companies to this population is an outrage. But such an extreme position is untenable given the size and scope of illegal immigration. After all, the vast number of supermarkets, restaurants, discount clothing stores, and other amenities in the United States is arguably more of an attraction than any credit card program. It’s just that you don’t need a form of ID to walk into Wal-Mart and buy a bike or a pair of shorts. Why should financial products be singled out?

Of course, some legal resolution of the growing problem of illegal immigration is long overdue. But in the meantime, programs like the new Bank of America credit card, far from exacerbating the problem, can actually help distinguish those immigrants who are responsible, ambitious, and productive from the rest. To get one of the new cards, you have to be employed and prove that you can manage your finances. Aren’t those the kinds of immigrants and neighbors we want?

Barry A. Liebling is the president of Liebling Associates Corporation in New York—a boutique management consulting firm specializing in marketing, marketing research, and organizational analysis.

Image credit: Photo by Flickr user Son of Groucho