Mexico Credit Cards
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The Mexico credit cards industry has seen tremendous growth since early 2000. All the three international service providers, MasterCard, Visa, American Express (Amex), offer Mexico credit cards. Mexican banking institutions have diverse credit card products for varying credit needs.[br]
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Mexico Credit Cards: Market Watch
There were 28.8 million Mexico credit cards users in 2008, based on data collected by Euromonitor International, a business intelligence resource. The Mexican government has proposed legislations to regulate credit card issuance and usage on the lines of US banking reforms. These legislations would curtail basic fees imposed on credit card usage and would tap credit limit. Mexico’s credit card industry works differently from the US industry. In Mexico, the credit card issuing company provides processing terminals to retailers. However, unlike the US, these providers also own transaction network that charge merchants high rates. Such a system discourages credit card usage.
Mexico Credit Cards: Providers
Leading issuing banks of Mexico credit cards are:
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Banamex: This Mexican bank giant is owned by US-based CitiBank Group. Banamex offers 21 credit cards in association with Visa and MasterCard. Each card provides specific benefits based on individual credit needs.
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Bancomer: This is owned by the Spanish bank, BBVA. The bank offers a diverse range of credit card products. It also has specialty cards in association with major brands, such as WalMart and Melody. Bancomer has high-end platinum cards for renowned customers with exceptional credit ratings. Bancomer and Banamex together account for more than 70% of Mexican credit cards in circulation.
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HSBC: This UK-based bank has vast Mexican credit card operations. Some of the most popular products from HSBC are Visa Standard, Visa Gold, Delta Skymiles, Visa Platinum and MasterCard Premier.[br]
Mexico Credit Cards: Precautions
The Mexico credit cards industry suffers severe setbacks in the form of electronic and online frauds. Skimming is one of the major credit card crimes prevalent in Mexico. Although definite data is not available in terms of monetary loss through credit card fraud, experts consider credit crimes in Mexico as one of the biggest problems. As proof of the situation, the US State Department alerts citizens about credit cards frauds while traveling to Mexico.
