Banks and credit card companies have started offering products specifically tailored to new immigrants in hopes of attracting life-long customers, while capitalizing on this niche market. Traditionally a demographic that was avoided by financial firms due to risk factors, immigrants have now become an area of focus as firms like Capital One and CIBC have introduced new immigrant products to their product line.
Capital One for example, has introduced a Newcomers MasterCard with guaranteed approval with only a $75 security deposit (assuming one is even needed) and a free credit report at the end of the first year if the account is in good standing.
All in all, there is a great business lesson presented here; an area that may have been avoided in the past can later present opportunities for growth.
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