For those of you not familiar with the exorbitant rates charged by Mexican banks for use of their credit card, and think you have it bad there in the US or Canada, here’s an interesting tidbit of information, sent to me recently in my HSBC credit card statement by the Banco de Mexico and the Condusef. The former is the central bank in Mexico and the latter is the place to go when you have a complaint or grievance against a bank or credit institution.
The rates, comparatively, for “Gold” credit cards, by bank:
Bank / Product / Annual % Rate
- Banco Inbursa – Oro Inbursa – 25.5%
- BBVA Bancomer – Oro Bancomer – 32.9%
- Santander – UNISantander-K – 33.2%
- Ixe Tarjetas – Ixe Oro – 35.3%
- Banamex – Oro – 41.7%
- HSBC – Oro HSBC – 42.3%
- Banorte – Oro – 43.8%
- Scotiabank – Scotia Travel Oro – 53.4%
- American Express – The Gold Credit Card – 54%
Pretty shocking huh?