Banamex USA Customers Can Share Their Credit with Others in Mexico
Los Angeles — Citigroup announced today the introduction of a new bi-national program for its Banamex USA credit card customers in the U.S. who want to share their lines of credit and other benefits with their families or friends in Mexico.
This is the first and only product of its kind currently offered in both countries. The card is issued by California Commerce Bank (CCB), the US banking arm of Banco Nacional de Mexico (Banamex), located in Los Angeles. CCB, Banamex USA and Banamex in Mexico are all member companies of Citigroup Inc.
The new bi-national card operates in the following way: the U.S. cardholder is given a Banamex USA credit card and the designated person in Mexico gets a card issued by Banamex in Mexico. The U.S. 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 U.S. 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.
In this way, the bi-national credit card becomes an efficient mechanism for sending remittances, benefiting people of Mexican descent who live in the U.S. and those living in Mexico.
"Since integrating Banamex with Citigroup, strengthening the ties between Mexicans on both sides of the border has been a priority for us," said Manuel Medina Mora, CEO of Banamex and Citigroup Latin America. "This card offering is a clear example of how we are turning our priorities into realities," he concluded.
Steve Freiberg, Chairman and CEO of Citi Cards North America, said: "The bi-national credit card program is another important step for Citigroup on the road to better serving the U.S. Hispanic market. The U.S. customer can adjust the spending limit at any time, making more or less of the credit line available to the person in Mexico as circumstances require."
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 may designate the person in Mexico with whom he or she wants to share the account and set a pre-authorized portion of their 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.
In Mexico, the card will be issued by Banamex to the designated person, but 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).
"This innovative program from Citigroup will help strengthen the community links between the US and Mexico, providing friends and relatives with substantial benefits. It is especially important for people in Mexico who do not have bank accounts and might not otherwise have access to credit," said Dr. Raul Hinojosa, Director of the North American Integration and Development Center of UCLA.
For further information, consumers may call toll free 1-800-222-1234 in the U.S. and 01-800-111-1234 in Mexico.
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About Grupo Financiero Banamex
Grupo Financiero Banamex is member of Citigroup, Inc. and is the leading financial group in Mexico with Banco Nacional de Mexico (Banamex) founded in 1884. Through its affiliates, the group maintains a preeminent position in the financial markets of the country, including deposits, consumer finance, management of mutual fund societies and funds for retirement, banking, insurance, pensions and money brokerage. The group has an extensive distribution network of more than 1,400 branches and 4,700 ATMs located throughout the country. For more information please visit www.banamex.com
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com
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