Banking For Seniors in Mexico

Last activity 01 August 2022 by Dafdesign

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adsonActive member02 June 2022 18:27:39

Which bank issues a credit card without the advanced age limitation?

It appears all banks in Mexico do not allow the needed credit card for seniors to function in today's world.

travellightVIP Member02 June 2022 19:05:13

2460

Which bank issues a credit card without the advanced age limitation?

It appears all banks in Mexico do not allow the needed credit card for seniors to function in today's world.
- @adson

Welcome to ex-pat and the Mexican part of the forum'

Your age will prevent you from getting a credit card in many places. I would advise you to get a bank that has a presence in your home country. Some people have a Schwab account. Some use their U.S. debit card and inform their bank about being out of their country.

things change often.

You could also transfer your retirement to a Mexican bank if that is something your home bank allows. It used to be but may not be an option any longer. Mexico expects you to manage and be informed.

If you are less than 65 some companies will allow you to get a credit card to establish a Mexican credit history.

adsonActive member02 June 2022 19:14:47

They tell me that once you have a credit card and are over age, by Mexican law the bank cannot cancel your account, specially if have good credit standing.

Is that true? And, by what rule?

travellightVIP Member02 June 2022 19:41:03

2460

It seems you are getting confused. Are you transferring your retirement to a Mexican bank? Do you live in Mexico or speak Spanish for communication? Mexico doesn't look at your credit standing from anywhere but Mexico. If you don't have credit in Mexico you don't have credit even if it's solid gold perfect credit in the U.S.

Do you have a Mexican account in Mexico? a credit card from where? a business or a Bank? If you have an account then ask the credit-providing company what their policy is? Your first hurdle is getting that card you seek

adsonActive member18 June 2022 19:22:37

Unfortunately, the Mexican bank policy is to not give Mexican credit cards to seniors

whether they are citizens of Mexico or not. A citizen can have a perfect credit rating and having spent large purchse amounts in the past still denied a new credit card.

This is just one of those facts that are neglected to mention in their promotions and probably for good reason. Try contacting them and you may be greeted with a deafening silent pause and be transferred to a higher up department.

Awaiting your response?

ronfelNew member27 June 2022 12:19:55

Look into getting a card from a Mexican fintech (e.g., Albo, Klar). I applied online and had approval within hours and a MasterCard in a week. I tied it to my Wise account so I can convert USD to MXP. Also, Klar has offered me credit as well if that is what is needed. Otherwise it works like a debit card. (I am a senior)

adsonActive member28 June 2022 21:16:53

Good news. How and who to contact and where?

Question; How old a senior are you? Is there a limit to age?

Thanks for the help.

Victor Munoz50Member28 June 2022 21:31:33

I tried applying for a card from Klar online, yesterday. I went through the process supposedly successfully, however, to finalize the process, put money into the account, and use the service, you have to download the Klar app to your Android smart phone or iPhone. When I tried that from their website, I got the message several times that this app will not work in your country. I was in Mexico. I gave them my Mexican address, it was on a Mexican phone, and I am a permanent resident (not that they asked about that). I entered everything in Spanish. Klar is a Mexican company. Not sure what to make of that... Is it only for citizens of Mexico?

If anyone has had success or a clue, please post.... Thanks.

adsonActive member20 July 2022 16:55:38

Forget about it! Seniors are no longer of value to the banking system. Why?

Because they have become a financial hazard due to age and death.

It's all about money and risk percentages.

ronfelNew member01 August 2022 14:23:02

#10

@ronfel I did the same. Klar and Albo tied to Wise.

ronfelNew member01 August 2022 14:26:27

#11

@Victor Munoz50 I have a US iPhone with dual SIM using both a Mexican and US cell provider (not sure this even matters). My Apple account is US based and I had no problems downloading both the Albo and Klar apps. They were in the app store. Can't speak to the Google Play store.

DafdesignMember01 August 2022 14:54:24

#12

@ronfel interesting. I use Wise to send to transfer pesos to my bank here (Intercam) but not sure how you send it to what I assume is an account with a secured debit or credit card?

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