An Israeli startup CreditStacks, has launched the first United States-based premium credit cards which aim to fulfill crucial and fundamental need of new-to-credit customers.
One of the main difficulties migrant workers face in the United States is the issuance of a credit card to immigrants, or global professionals relocating to the U. S. with legal jobs and assets.
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The situation today is the banking system does not secure a credit card without local employment history, SSN or credit history, no matter how much you earn or how stellar of a track record you might have.
Working immigrants become “type B” citizens who unable to carry out basic operations.They have no way of paying the electricity bill without the need to transfer deposits in advance, receiving good conditions for a cellular telephone subscriber and the possibility of renting a car or purchasing it in installments. The difficult financial aspects of day-to-day operations are compounded by the difficulties of relocation.
A group of Israelis and Americans entrepreneurs decided to take advantage of American rigidity.
The idea popped up in Elnor Rozenrot mind after he ran into a refusal to issue a card upon his arrival in the United States, despite the fact that he is an entrepreneur who already made an exit in the US for a company he founded and had an account with an American bank.
After six months, he got a message that the bank was ready to give him credit with a frame of $300 to make sure he knows how to handle such responsibility.
At first, he thought it must be a joke. After all, he has credit from Israel and at any moment can transfer deals worth tens of thousands of dollars.
Rozenrot soon realized that the weakness of the rules is a source of benefit for him and soon he established a startup, CreditStacks, that gives migrant workers the possibility of ordering and receiving an American credit card even before their departure to America.
The CreditStacks enables every immigrant and citizen of the United States to receive a $5,000 credit card without the need to present a credit history and without relying on the American scoring system to ease the initial and challenging transition of the family, a new workplace, and adaptation to the new culture.