Trump’s new executive order signed in May, Restoring Integrity to America’s Financial System, has recently started drawing attention in the credit card space. The reason is simple: the order directly mentions ITINs (Individual Taxpayer Identification Numbers) and applications for credit products.

While it does not directly ban using an ITIN to apply for a credit card, the regulatory language suggests that using an ITIN to apply for a credit card, bank account, or even a loan could face more scrutiny and obstacles going forward.

What the executive order actually says

One section of the order is especially important:

“using an Individual Taxpayer Identification Number (ITIN) to apply for credit products and open depository accounts where the applicant lacks verified lawful status”

In plain English:

Using an ITIN to apply for credit products or open bank accounts, when the applicant does not have verified lawful status, may be treated as a risk factor.

The key point here is not that ITINs themselves are illegal. Rather, applying for a credit card with an ITIN can avoid the SSN-based work authorization verification requirement, which is why many nonresident applicants have been able to get approved more easily.

Why this matters for credit cards

Over the past few years, many U.S. banks have effectively accepted ITIN users building credit histories.

For example:

  • AMEX
  • Chase
  • Capital One
  • Bank of America

All have at some point allowed certain ITIN users to apply for credit cards.

Many international students, foreign workers, new immigrants, and even applicants without an SSN have used an ITIN as a starting point to build U.S. credit history.

But the signal from this executive order is that banks may need to take on greater compliance responsibility in the future.

In particular, the order emphasizes:

  • stronger KYC
  • stricter identity verification
  • more enhanced due diligence
  • stronger risk management by financial institutions

Once these requirements reach the bank level, the most direct change is usually tighter underwriting and review.

If you have lawful status such as F1 or H1B, or you are a U.S. citizen or permanent resident, you probably do not need to worry too much about this affecting you personally.

Bottom line

Trump’s executive order does not directly ban ITIN-based credit card applications. But it is one of the clearest signals yet linking ITINs, credit products, and identity verification. Banks may respond to regulatory pressure by more closely reviewing applicants who use an ITIN.

If you are planning to apply for a credit card with an ITIN, it may be better to do it sooner rather than later. Getting in earlier may be the safer move. Even if an account were later closed, the downside may be limited. Overall, the odds of running into more obstacles when applying for credit products with an ITIN do appear to be rising, so this is something worth watching closely.