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Susan111

Recommendations for getting a credit card

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Hi there, 

I would love to hear if there are any recommendations to getting a Mexico credit card at a local bank.

If the process went well for you, any suggestions or tips, or specific banks you would recommend.

Ideally, we would like an air miles card, that collect AeroMexico points. If there's specific requirements, like visa status, that would also be very helpful to know. 

Thanks so much, 

Susan

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I'm over 60 and I have a credit card with my bank, Multiva.  I like that I can withdraw my Multiva funds without any fees at the ATM. Of course, I do have an account with Multiva.

I do not get air lines, however. If that's what you want, then check with AeroMexico.

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2 hours ago, Ajijic_hiker said:

I'm over 60 and I have a credit card with my bank, Multiva.  I like that I can withdraw my Multiva funds without any fees at the ATM. Of course, I do have an account with Multiva.

I do not get air lines, however. If that's what you want, then check with AeroMexico.

Multiva does NOT issue credit cards………...only debit cards.

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I am also nearly eighty and bancomer gave me a card last year, maybe it is because My partner and I both have savings account there..

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Interesting. I remember being in a Bancomer and having an expat tell me he was just denied a credit card due to age. I think I  read about it on this forum also, sorry for the incorrect info

 

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You may need to visit each of the major players in town that actually offer credit cards to see if you can qualify for one. Banks like Bancomer have multiple choices from basic blue to platinum but each require a certain level of "monthly income" and ceilings of lines of credit. If you do not have any checking/savings/investment relationship with a bank it can get tough.

Credit is a fairly new concept in Mexico and only recently have cards been readily accepted. Not too long ago pretty much everything in Ajijic was limited to cash. Only the big stores in Guadalajara accepted credit cards. That has changed but without system like FICO, the banks are skeptical of offering credit to anyone walking in the door.

You may be able to get a card with a reasonable limit by opening a deposit or investment account at the bank and maintaining a balance large enough to cover the card credit limit. The corporate bank office sets up rules for acquiring a card but often more restrictions are added by the local branch. 

After acquiring a card it can take a long time to get a credit limit high enough to be usable for major purchases. It can take months of charges to the limit and then paying off the balance before more credit is offered.

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Bancomer issues credit card very low credit limit to start usually with auto pay at the end of the  billing cycle.  The credit limit will increase with time.  Sometimes it is automatic and other time they will send you an email saying do you want 30,000 more.  They are constantly increasing my credit limit.  Go talk to them.

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19 hours ago, ea93105 said:

If I'm not mistaken you can't be older than 60 to qualify for a Mexican credit card. 

I'm over 60 and I have a Bancomer CC and have been besieged with offers from multiple banks here.

No air miles, but "points".

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"You may be able to get a card with a reasonable limit by opening a deposit or investment account at the bank and maintaining a balance large enough to cover the card credit limit. The corporate bank office sets up rules for acquiring a card but often more restrictions are added by the local branch. "

There is no age limit if you do what John Shrall suggested. 

 did not want to do that so they turned us down until we became Mexican Citizen and then offered us one with a very low limit at age 70... As John says it takes a while to get the limit raised but it is possible..  We were also besieged with offers and then turned down whe we applied.. 

It one thing to receive offers , it is another to be accepted but once you have a credit , all the banks get on the band wagon..

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How do the banks besiege a person  with offers ?  Either phone or text would be very  annoying...

No way to keep your info private with the bank which you gave the credit card ?

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The manager at HSBC in San Antonio told me once you are past 69 years and 11 months you can't get one. Not a law just a custom. I haven't been able to get a Mexican CC anywhere. Costco told me they could issue me one but I could only use it at Costco

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The Bancomer site posts these requirements (translated). The subjective issues are most likely proof of income and the Mexican equivalent of a credit report. Most likely any report an expat might have might include CFE, Telmex or other utility payments. With no knowledge of credit history outside of Mexico, you're like a teenager trying to get credit only you're a lot older. 

Cards here carry a fee too although points like those offered by Bancomer can more than offset them, assuming you charge a lot. For example, the platinum card costs about $2,500 pesos per year.

Official ID in force.
If you are a foreigner, a copy of your immigration form.
Proof of address dated no more than three months ago (such as electricity, telephone or water bill).
Proof of income.
Completed and signed application and approval for credit bureau consultation.
Subject to credit approval.

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Good article addressing some of the issue here: Banks and Banking Services in Mexico

On a different note, I just discovered that Pemex now accepts US Credit and Debit Cards. I was previously under the impression that they used to only accept credit and debit cards from Mexico banks.

Best Credit Cards for International Travel 2019

Mexico credit cards - CreditCards.com

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