Citigroup announced the introduction of a new bi-national program for Banamex USA credit card customers in the U.S. who want to share their credit lines with family and friends in Mexico.
Los Angeles-based California Commerce Bank (CCB), the US banking arm of Banco Nacional de Mexico, issues the U.S. cardholder a credit card, while the designated person in Mexico gets a card issued by Banamex in Mexico. The US customer will receive a monthly statement listing all activity on both cards. The cardholder in Mexico will receive a monthly courtesy statement, reflecting only his or her activity. The US cardholder may make dollar payments on the entire bill, or allow the cardholder in Mexico to pay his or her portion in pesos at any Banamex branch. The US cardholder remains legally liable for all charges listed on both cards.
The program may be added to an existing Banamex USA credit card account or be included on a new credit card account. During enrollment, the customer designates the Mexican co-account holder and sets a pre-authorized portion of the credit line for that person. Customers may request either a MasterCard or Visa card. The cardholder in Mexico will be able to use the card anywhere those credit cards are accepted and will also be able to withdraw money from ATMs, up to the designated limit.
Even though the Mexican card will be issued by Banamex, all normal terms and conditions, interest rates, fee schedules and overall credit limits associated with the Banamex USA account apply to the combined activity on both cards. The annual fee for the US-based card will be $29 (US dollars) and will be charged to the US cardholder’s account.