Mexico Credit Cards

Mexico is a federal constitution republic of Northern America. It has borders with United States and it has a population of over one billion. According to a survey, there were about 22 million credit cards in 2007, and it increased to 28.8 million in 2008 and now it has crossed 30 million in 2010 in Mexico. With such a high number of credit card holders, there are only 11 million debit cards.

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The Mexico does not have a very strong banking system and hence the government is struggling hard to provide the Mexican central banks with the power to establish such policies to receive interest on deposits and charge on loans. Although such steps might be uncomfortable for some people but there is also a plus point that some of the fees in the banking sector will also be eliminated. And it will also offer the Mexico credit card holders to have limit of US$835.

According to the Wall Street Journal, the industry of the credit cards in Mexico actually works in a different way than United States. It is also true that the Mexico credit card providers are also working as the owners of transaction processing networks.

Credit Card Crimes

It is also true that Mexico is home to many credit card crimes. Mexico credit cards frauds have grown to US$50 million every year. It is commonly termed as “skimming” and it is among the major issues of the country. According to some officials, credit cards in Mexico has grown to $60 million, while other sources indicates that it was $82 million back in 2001, what ever may be the figures, skimming is still a major issues.

Such frauds have now become an organized crime and different gangs are always working hard, trying to get the personal information on the Internet. There are also some rumors that such gangs actually hire waiters to work for them. To avoid such encounters, the US department addresses Mexican credit card holders with safety measures for traveling and general use.

Acquiring a Credit Card

It is not important for a person to be a Mexican national to acquire the services of a credit card. But it is important to prove the address of residence and the income of the person.

It is also important to have a bank reference and there should be enough credit in the account. The bank itself may apply the credit of the good but sometimes the company that is serving applies it. Once the application has been submitted with a bank reference, the bank will make a credit enquiry via the National Credit Bureau.

But for a person that has recently moved to the Mexico and wishes to acquire a credit card, it is important to prove the income by a bank statement from the previous bank or a letter from the person’s employer