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MO39
Joined: 28 Jan 2004
Posts: 1970
Location: El ombligo de la Rep�blica Mexicana
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 Posted: Tue Jan 06, 2009 4:51 am Post subject: Credit card from a Mexican bank? |
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| Has anyone ever applied for and received a credit card from a Mexican bank? I have an account here with Santander Serfin and am thinking of inquiring about their financial requirements for being given one. One problem that comes to mind is that most of my income comes from my US Social Security pension, and it's not a great deal of money. Any advice would be appreciated. Thanks! |
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notamiss
Joined: 20 Jun 2007
Posts: 908
Location: El 5o pino del la CDMX
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| Posted: Tue Jan 06, 2009 5:08 am Post subject: |
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| Answer sent privately. |
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Gary Denness
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| Posted: Tue Jan 06, 2009 5:55 am Post subject: |
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I tried, during the summer. At HSBC and Scotiabank. Filled out applications and waited. Nothing ever came of it. I have a student at Bancomer who looked into it for me, and came back with the news an FM3 wasn't sufficient. The forms and brochures all state it is, but apparently the law or banking codes of practise or whatever were changed quite recently due to anti money laundering legislation, hence the abundant literature with incorrect info.
Technically, as I understand it, you need an FM2. But this is Mexico. You know what I mean, I'm sure. |
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dixie
Joined: 23 Apr 2006
Posts: 644
Location: D.F
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| Posted: Tue Jan 06, 2009 6:14 am Post subject: |
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| Gary Denness wrote: |
I tried, during the summer. At HSBC and Scotiabank. Filled out applications and waited. Nothing ever came of it. I have a student at Bancomer who looked into it for me, and came back with the news an FM3 wasn't sufficient. The forms and brochures all state it is, but apparently the law or banking codes of practise or whatever were changed quite recently due to anti money laundering legislation, hence the abundant literature with incorrect info.
Technically, as I understand it, you need an FM2. But this is Mexico. You know what I mean, I'm sure. |
Interesting. I have one from Bancomer and I only have my FM3.
I also received one from HSBC (which I cancelled) without problem. |
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MO39
Joined: 28 Jan 2004
Posts: 1970
Location: El ombligo de la Rep�blica Mexicana
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| Posted: Tue Jan 06, 2009 6:15 am Post subject: |
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Thanks, Gary, for the info, as discouraging as it seems to be. When you applied for a credit card at those two banks, did they tell you that an FM3 was all you needed? Too bad I don't have any special "palanca" at Santander!  |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Tue Jan 06, 2009 6:16 am Post subject: |
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| Regular employment with a consistent salary is most important to show the bank. Having a history with the bank and maintaining a good balance also helps. |
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MO39
Joined: 28 Jan 2004
Posts: 1970
Location: El ombligo de la Rep�blica Mexicana
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| Posted: Tue Jan 06, 2009 6:24 am Post subject: |
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| dixie wrote: |
| Gary Denness wrote: |
I tried, during the summer. At HSBC and Scotiabank. Filled out applications and waited. Nothing ever came of it. I have a student at Bancomer who looked into it for me, and came back with the news an FM3 wasn't sufficient. The forms and brochures all state it is, but apparently the law or banking codes of practise or whatever were changed quite recently due to anti money laundering legislation, hence the abundant literature with incorrect info.
Technically, as I understand it, you need an FM2. But this is Mexico. You know what I mean, I'm sure. |
Interesting. I have one from Bancomer and I only have my FM3.
I also received one from HSBC (which I cancelled) without problem. |
Hmm, dixie, I wonder if you received your cards before the new banking laws that Gary mentions went into effect  |
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Gary Denness
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| Posted: Tue Jan 06, 2009 3:04 pm Post subject: |
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| MO39 wrote: |
| dixie wrote: |
| Gary Denness wrote: |
I tried, during the summer. At HSBC and Scotiabank. Filled out applications and waited. Nothing ever came of it. I have a student at Bancomer who looked into it for me, and came back with the news an FM3 wasn't sufficient. The forms and brochures all state it is, but apparently the law or banking codes of practise or whatever were changed quite recently due to anti money laundering legislation, hence the abundant literature with incorrect info.
Technically, as I understand it, you need an FM2. But this is Mexico. You know what I mean, I'm sure. |
Interesting. I have one from Bancomer and I only have my FM3.
I also received one from HSBC (which I cancelled) without problem. |
Hmm, dixie, I wonder if you received your cards before the new banking laws that Gary mentions went into effect |
I wondered that too, although I can't specifically say when the new laws or regulations went into effect. Only that it was reasonably recent at the time I applied.
And yes, I was told that I only needed an FM3 in the branches themselves. Incidentally I was never rejected for a credit card....at Scotia my application was 'still in the system' several months after the application, and I was promised each time I enquired that they would phone me later that day. More than 20 promises, not a single phone call. Great customer service!
But obviously there was a problem with my application, and one would presume that the regulations mentioned by my Bancomer student were responsible.
But don't give up! Technically you need an FM3 to open a bank account, but I seem to regularly read about people who managed to get one without.... |
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TheLongWayHome
Joined: 07 Jun 2006
Posts: 1016
Location: San Luis Piojosi
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| Posted: Tue Jan 06, 2009 3:39 pm Post subject: |
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| Bancomer told me I HAD to have a credit card when I took out a loan with them so as to have some credit history (I have my nomina there). I didn't need or want it and it has already cost me $500 and I haven't even used it! As far as I can see, the only thing a credit card is useful for here is getting more credit - if you have one they'll throw credit at you. |
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MO39
Joined: 28 Jan 2004
Posts: 1970
Location: El ombligo de la Rep�blica Mexicana
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| Posted: Tue Jan 06, 2009 4:36 pm Post subject: |
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| TheLongWayHome wrote: |
| Bancomer told me I HAD to have a credit card when I took out a loan with them so as to have some credit history (I have my nomina there). I didn't need or want it and it has already cost me $500 and I haven't even used it! As far as I can see, the only thing a credit card is useful for here is getting more credit - if you have one they'll throw credit at you. |
Why has your credit card cost you $500 (pesos?)?? |
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dixie
Joined: 23 Apr 2006
Posts: 644
Location: D.F
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| Posted: Tue Jan 06, 2009 5:31 pm Post subject: |
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| TheLongWayHome wrote: |
| Bancomer told me I HAD to have a credit card when I took out a loan with them so as to have some credit history (I have my nomina there). I didn't need or want it and it has already cost me $500 and I haven't even used it! As far as I can see, the only thing a credit card is useful for here is getting more credit - if you have one they'll throw credit at you. |
That's why I cancelled my card with HSBC. There was a yearly fee (not high but I don't pay to have a credit card sitting in my wallet!). In Canada I always got a basic card with no fees, something that does not seem to exist here.
I also cancelled the HSBC card because I signed the paperwork at a branch waaaaay down south (near my old job), never realizing that I would have to return there to pick up the card (make work Mexico for ya!). I never had the time to get down there so after about 4 months of telling them to cancel it, they finally did. |
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danielita
Joined: 06 Mar 2006
Posts: 281
Location: SLP
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| Posted: Tue Jan 06, 2009 11:54 pm Post subject: |
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Banamex has some great information on their website (*they even offer a NO FEE credit card)--but it does clearly state that they will only accept an FM2 & passport from foreigners.
http://www.banamex.com/esp/personal/tarjetas/asesor.html |
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MO39
Joined: 28 Jan 2004
Posts: 1970
Location: El ombligo de la Rep�blica Mexicana
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| Posted: Wed Jan 07, 2009 12:57 am Post subject: |
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I just checked the Santander Serfin website, and it also clearly states that foreigners need to have an FM 2 to apply for a credit card. I have the feeling that this is not going to work out for me.  |
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dixie
Joined: 23 Apr 2006
Posts: 644
Location: D.F
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| Posted: Wed Jan 07, 2009 2:06 am Post subject: |
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I find the FM2 detail interesting. I never had issues obtaining any of my cards. I also realized that when I first arrived and opened my Scoticbank account I got a card from them as well! So that is three banks, in about three years that have issued me a card, no questions asked.
What about an American Card MO? Do you know have an AM account that you could have it connected to so that you can pay it off that way? I do that with my CND Visa. |
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MO39
Joined: 28 Jan 2004
Posts: 1970
Location: El ombligo de la Rep�blica Mexicana
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| Posted: Wed Jan 07, 2009 2:55 am Post subject: |
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| dixie wrote: |
I find the FM2 detail interesting. I never had issues obtaining any of my cards. I also realized that when I first arrived and opened my Scoticbank account I got a card from them as well! So that is three banks, in about three years that have issued me a card, no questions asked.
What about an American Card MO? Do you know have an AM account that you could have it connected to so that you can pay it off that way? I do that with my CND Visa. |
Dixie, it looks like you were given your credit cards before the new regs were put into place. I wonder why you were just given credit cards with no questions asked. Did it have something to do with your job?
I have an account at Bank of America, since that's how I get my pension money every month via direct deposit. I checked their website for information about applying for a credit card, but I'd need to have a US address, and right now that would be a bit problematic for me. I'll have to think this through a bit more...
Thanks to everyone who's contributed to this thread.  |
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