How to Get a Credit Card in Mexico as a Foreigner

In my experience, if an expat in Mexico mentions they’re looking to get a credit card from a local source, it’s virtually guaranteed that another expat will quickly jump in to say it’s a terrible idea.

Well, I’m not here to do that.

Though there are plenty of reasons to be careful when opening a new credit card account in Mexico (which we’ll explain below), there are plenty of practical reasons to get one. (and by the way, I’m not being paid to write this)

Some of the reasons you may want a local credit card include…

  • No longer having a mailing address in your home country, which means you can’t get a credit card issued by a bank located there.
  • A desire to build your credit history in Mexico.
  • You need a convenient and safe way to pay for everyday living expenses, because carrying a bundle of cash around in Mexico just isn’t smart.
  • You seek a convenient payment method when shopping online, dining out, visiting a doctor, buying groceries, and so on.

Bottom line: Having access to credit is necessary to lead a modern lifestyle in Mexico.

Before we dive into the common ways for an expat to get access to credit in Mexico, there are a few basics we should review first.

Mexican art

The Facts About Credit in Mexico

Your credit history and score from your native country aren’t used in Mexico.

When you move to Mexico, you start from scratch building your credit history. It’s based on a variety of factors, including your income and banking history in the country.

In brief, your financial activity is monitored over time to establish your score. If you want to check your credit history before applying for a credit card, you can do so here for $58 pesos.

Traditional Mexican banks are conservative, and make it tough for expats to get credit cards.

Banks here are not falling all over themselves to get new credit card customers like they are in the U.S. A newly arrived expat can’t simply walk into a bank and open a credit card account if they lack a credit history in Mexico.

There are several steps expats must typically take before applying for credit, which we’ll cover below.

Interest rates on credit card balances in Mexico are ridiculously high.

A recent audit by Banxico (Mexico’s central bank) found that Mexican credit card issuers charge anywhere from 47% to 120% in interest annualized (referred to here as the CAT rate) on unpaid balances. These rates are 2-4x the typical interest (APR) charged on card balances in the U.S., Canada, or UK.

For this reason, I advocate using Mexican cards for safety and convenience, charging no more than you can afford to pay off in full each month. This is how you avoid losing your shirt, financially speaking.

Taking out a mortgage in Mexico requires having a credit history in Mexico.

It’s typical for banks to require a credit history for mortgage borrowers of a year or more prior to issuing a loan. So it’s not realistic for an expat to arrive in Mexico and immediately start shopping for real estate, if they need to borrow to make the purchase.

Many Mexican service providers accept Mexican cards only.

Utilities and internet providers are the service companies most likely to decline foreign credit cards. And no matter what you read online, expats who lack a Mexican credit card typically end up paying these bills in cash at Oxxo or via electronic transfer from a local bank account.

While I’m familiar with a few mobile apps (with high fees on transfers) that you can use instead, I wouldn’t promote them as attractive alternatives as they don’t always work.

For those looking to learn more about how credit cards are used in Mexico, check out my previous post on this topic.

The Credentials You Need to Get a Credit Card in Mexico

Let’s review the different kinds of cards available and what documents you will need to provide during the application process.

General Credit or Restricted Credit?

When seeking a new credit card account, we must differentiate between “general” cards that can be used at any business accepting cards, and “restricted” cards. i.e. they’re usable only in the stores of the retailer that issued them.

Liverpool credit card

The Documents You Need To Apply:

Requirements vary by issuer, so the following list is intended as a general guide. Overall, general credit cards carry more stringent application requirements than those intended for use in a specific store.

At banks, you will likely be asked to show:

  • Proof of residency in Mexico with FM2 or FM3 card (temporary or permanent residency visa)
  • Your passport.
  • Verifiable income. Pay stubs or a history of monthly deposits in a local bank account are both acceptable options.
  • Proof of a local bank account. How long it needs to be active before applying for credit varies (sometimes WIDELY) by bank. In some cases, as little as 6 months may suffice, while at other banks account holders wait years before the bank will issue them a credit card.
  • Proof of address in Mexico (a utility bill from CFE or Siapa work best)
  • Your RFC number (this is yourtax payer ID in Mexico) issued by SAT. If you don’t have one, check out my post on how to get an RFC number.
  • Your CURP number. My post last year explains how to get official proof of your CURP number.
  • You are at least 18 years old. To be honest, the minimum age is rarely specified, but to have any shot of success the applicant should be a legal adult.
Mexican street

Where to Apply for a Credit Card in Mexico

NOTE:  I’m not being compensated for any of my recommendations below. These suggestions are based on my experience and research into where the expat community has had success obtaining credit locally.

As with everything in Mexico, your mileage may vary.

General Cards

Banco Azteca

Banco Azteca Mastercard

The financial arm of Grupo Elektra, a consumer electronics retailer with more than 1,100 stores across Mexico, has been providing credit to underserved Mexicans for the past 20+ years.  

They offer a variety of card options, some backed by Mastercard and others by Visa. Their “Oro” (Gold) and ABC Basic cards do not charge an annual fee. Perks on the Gold card include discounts at Cineapolis and Starbucks.

The average CAT on the Gold card is currently a brutal 119%, without VAT.

Nu Bank

This Brazilian fin-tech startup began operating in Mexico last year, with an eye on serving the millions of under-banked citizens who have never felt comfortable (or welcome) opening accounts with traditional Mexican banks.

Applying for credit from Nu Bank is a straightforward process via their mobile app. The Nubank credit card is backed by Mastercard Gold and has no annual fee or penalty for minimal use.

New cardholders can expect a very low credit limit initially, e.g. probably no more than $1,100 MXN. And please do not plan on financing purchases with your Nu credit card, as the average CAT rate currently is a jaw-dropping 140%, without VAT. Dios mio!

Nu’s card has the dubious distinction of charging the highest rates I uncovered in the course of my research.

Inbursa

Inbursa’s “Oro” card is less good than it used to be but still one of the best options for foreigners seeking credit. They’ve instituted an annual fee of $516 MXN (it used to be zero) and they’ve jacked up the average CAT to 58.2% (it used to be ~ 37%).

But those terms are still so much better than most of the competition. Additionally, it’s a rare exception in Mexico’s credit card landscape to be offered some attractive benefits like earning AeroMexico points and discounts at Sanborn’s stores via card charges. Inbursa Oro has them.

Store Cards

As a general rule, major department stores offer easier access to credit than banks — whether you are a foreigner or Mexican citizen. As such this is a popular way for new expats to start building their credit in Mexico.

The following are good store credit options for those living in big cities like Guadalajara, CDMX, Queretaro, Leon, or Monterrey.

department store

Liverpool. A nice department store with branches in all major Mexican cities, Liverpool offers its customers a credit card on decent terms. The average CAT is currently 27.1%, with an annual fee of $399 MXN.

As you would expect, Liverpool cardholders also receive exclusive discounts in stores.

El Palacio de Hierro. The luxury retailer with branches in most major cities and resorts across Mexico offers its well-heeled customers a few different credit options.

I mean, you’re going to need some form of plastic to acquire those Yves Saint Laurent baubles! Palacio de Hierro also offers its credit card customers access to an exclusive wine club. Bien sûr!

Their card terms can be found here.

Coppel. Expats have reportedly obtained cards from this department store with no credit history in Mexico. Account holders also pay no annual fee, though the average CAT rate on the BanCoppel card is a cool 85.6%.


This list card issuers is by no means exhaustive but covers the more popular options for opening credit in Mexico. Do you have a favorite not covered here? Please share them in the comments below.

And if you aren’t sold on any of them, fear not.  I’ll be covering the best foreign credit cards for expats in my forthcoming eBook. Stay tuned.

About Live Well Mexico

My name is Dawn Stoner. In 2022, my family sold our house and half of our possessions, then relocated to Guadalajara, Mexico. We now live here full-time.

Since then, we’ve learned how to navigate the real estate market, deal with the Mexican bureaucracy, and manage our finances as expats… all while having a pretty fine time!

I created this blog to help newcomers solve the everyday challenges of living in Mexico, because it isn’t easy figuring all this out for yourself.

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