Credit cards & corruption

Just back from the exercise walk today on a lovely morning.

When I arrived on the south side of the Rio Bravo these many years ago, I came with two credit cards, one from Wells Fargo, the other from a bank I now forget. I used the latter in 2003 to make monthly payments automatically for a Sky TV service. Sky almost immediately started to hose me, overcharging the card.

Oddly, the bank would not let me block future charges, so I had to cancel the card, leaving me with just one, the Wells Fargo. A year or two later, when I received a renewal card in the mail from up north, the fraud department wanted me to jump through so many hoops to activate it that I canceled it too. So, no credit card.

I started using a debit card online, which is a dreadful idea. I had two banks at that point, a Mexican account at Banamex, and a U.S. account at Banamex USA in Los Angeles. I finally obtained a Visa card from the Banamex account. It had a very low limit, the peso equivalent of about $150 U.S, so rule out a European splurge.

It was the same sort of starter card they offer campesinos.

My credit card history above the border was stellar, but credit history does not travel across the Rio Bravo. Down here, you start from scratch. Mexico has a credit bureau.

In 2014, due to the nincompoop FATCA legislation from the Obama Administration, Banamex USA closed my account with little warning, leaving me just the Mexican bank account with its almost useless credit card.

I was mad at Banamex in general, so I opened another Mexican account at HSBC only to learn it would not give me a credit card, in part due to my age. You read that right. HSBC is a nightmare bank. Avoid it. And I had canceled the Banamex account.

I then opened an account at BBVA Bancomer to have a fallback. After a wait of about three months, they gave me a Visa credit card with a free additional with my wife’s name on it. I have since requested a second one which also came with a free spouse card, plus the two have digital cards connected. So, all told, I have six Mexican credit cards.

BBVA Bancomer is an excellent bank. It has dropped the Bancomer name, and is just BBVA now. I have also tried out and found wanting accounts at Banco Santander and Banco Azteca. I investigated opening an account once at Banorte, but the woman with whom I was dealing briefly was so surly, I decided against it.

And I dumped the HSBC account. BBVA now serves all my needs nicely.

I have the BBVA app on my Motorola cell, and I check it daily. On two or three occasions, I found fraudulent charges. Since the cards never leave home, I wonder how that’s done. I suspect it’s bank employees. No matter, a phone call to the bank gets the matter resolved, the card in question cancelled, and a replacement rapidly arrives at my door.

Fraudulent charges, quite a lot, appeared on one of my cards just last week. Someone was having a field day purchasing goodies from Mercado Libre. A replacement card is en route. I’m a big fan of BBVA even though I do think it’s bank employees who occasionally buy stuff with my card. Let’s just call them bad apples.

From what I see on internet forums, lots, probably most, Gringos who move to Mexico live here for years without Mexican bank accounts and without Mexican credit cards, relying totally on their accounts up north. This often gets them into binds.

If you’re gonna live in Mexico, you need a Mexican bank and credit cards.


Now let’s turn to politics, always fun.

Have you heard about last week’s revelations in the New York Post that Hunter Biden, in cahoots with his creepy dad, aka The Big Guy, were selling access to the White House when Sleepy Joe was vice president?

Have you read about Facebook and Twitter censoring mentions of the scandal? And how that censoring is blowing up in their partisan faces? If you know little or nothing about these things, that means you get your “news” from The New York Times, The Washington Post, CNN, the Houston Chronicle and others of their ilk in the mainstream media.

All for now, amigos. Vote for Trump.

My credit report

new-imageMY LATEST credit report arrived in the Yule email.

Mexico has a credit bureau, and it’s totally disconnected from credit bureaus in the United States. When you move over the Rio Bravo, you leave your credit history behind.

Depending on your deadbeat quotient, this can be a good thing or a bad thing. For me, it was bad.

Unlike above the border where credit bureaus are a dime a dozen, there seems to be just one credit bureau in Mexico, which makes more sense to me.

That’s my latest credit score above from the Buró de Crédito. I am more reliable than 85 percent of other Mexicans. That score should have me tying with 100 percent because I have never missed a payment here or paid late.

I would have a higher score were I addicted to debt, if I made car payments, had a mortgage, etc. All I have is a couple of Visa cards. Both are paid in full, monthly.

For my first 14 years in Mexico, I had two U.S. credit cards that were paid automatically in full every month via a connection with my U.S. bank, Banamex USA, the American outpost of the Mexican financial behemoth Banamex.

In 2014, a U.S. law known as FATCA caused Banamex USA to unceremoniously cancel my checking account, leaving me with no way whatsoever to pay my U.S. credit cards.

I opened accounts at HSBC-Mexico and BBVA Bancomer. I now have credit cards from both. Getting one from Bancomer was easy. Getting one from HSBC was like pulling teeth.

I use credit cards 99.9 percent for online purchases, and my credit score is inching up slowly. For easy access to your credit bureau score, the Buró de Crédito requires an account with them, which costs about 200 pesos a year.

After a few weeks of sleepless nights after Banamex USA zapped my only U.S. bank, I was back in business with the Mexican banks and credit cards.*

FATCA also threw a wrench into my PayPal account.

PayPal is not the same everywhere. Previously, I had the U.S. version. I canceled it and opened a Mexican PayPal which, like Mexican credit cards, works anywhere.

Again, everything is back in order, working smoothly, and I now have almost no financial ties with the United States, which puts a smug smile on my Mexican mug.

* * * *

* We have three credit cards. One with my name from HSBC. Another with my name from Bancomer, plus a third, piggybacked on my account, with my wife’s name and a different card number. She’s never used it. She’s as averse to debt as I am and has never used a credit card in her life.

(NOTE: The United States is the only nation in the world that wants to  suck tax earnings from what its citizens earn in other countries while living in those other countries. In other words, if you move to Ghana, open a store, earn a few Ghana bucks, Uncle Sam wants a cut! Freaking incredible.)

Another cord cut

IT SAT IN my email folder at dawn on Monday. Your account has been canceled. Your credit card, that is.

My last Gringo card. Zapped for inactivity.

I moved south 16 years ago with four credit cards, all issued by U.S. institutions and all paid in full every month via the checking account I opened in 1999 at Banamex USA,* the U.S. branch of the Mexican behemoth Banamex.

I’d been a longtime Wells Fargo Bank customer, but I was planning my move to Mexico.

sailor-knot-9-ana-maria-edulescuThe four cards were a Wells Fargo Mastercard, an AT&T Universal Visa and two other Visas from another bank, somewhere in the Dakotas, the name of which I have long forgotten.

The two Visas from the Dakota bank were the first to go. I had to cancel them both 12 years ago after one was skyjacked by Sky cable television down here. Never give Sky your credit card number for recurring charges.

That is very good advice for most Mexican firms.

That left me with two credit cards, which didn’t concern me.

A few years later, Wells Fargo sent a renewal card to my post office box here. But due to living in Mexico — a shady land, you know — they insisted I go to a bank here and jump through all manner of hoops to prove I am who I am.

Screw that, I muttered to myself as I cut up the card.

That left me with just one card, the AT&T Universal Visa. I was starting to get a little nervous. To have a backup, I went to Banamex here where I had a checking account and requested a credit card. They gave me one with a $10 limit, only a slight exaggeration, and there was a fat annual fee too.

About a year later, I got a hair up my keister about something, and I canceled the card. I hadn’t used it much.

So, back to just one credit card.

THE LETTER

Then the letter came in 2014 from Banamex USA. Your checking account will be canceled shortly. That happened due to a new U.S. law known by its initials, FATCA.

It’s all Barry Obama’s fault, of course.

Banamex USA was my only way to pay off the U.S. credit card. No other option existed.  I do not now qualify for another U.S. bank account. No U.S. address or driver’s license.

That effectively nulled my last credit card. But I never canceled it because, I thought, maybe one day I might need it, though I could not imagine how, where or why. I held onto the account, my final Gringo credit card, a lifeline.

There was no annual fee.

For many months, I was left only with a Banamex debit card, which is not as secure as a credit card, especially online.

I asked for my Banamex credit card again. They wouldn’t reissue it. It was due to FATCA, but they danced around that fact. Irked, I canceled my Banamex account that I’d had for 14 years. They didn’t seem to give a hoot.

Heartless, greedy capitalists!

HUNTING ALTERNATIVES

I opened a checking account just up the street at HSBC-Mexico. I asked for a credit card. Not just yet, they told me. Later maybe. Later came and went. No credit card.

So I went even farther up the street and opened a checking account at Bancomer, still keeping the one at HSBC. Again, I requested a credit card. Wait three months, they said. I waited, and they gave me a credit card. Yipee!

And another for my child bride. For this and other reasons, I’ve become a yuuuge** Bancomer booster.

I requested a credit card from HSBC many times, and they always said no with little explanation. I gave up. Months later, out of the blue, they asked if I wanted one.

I said sure. Go figger.

So now I have credit cards at both Bancomer and HSBC. I also had my AT&T Visa, the Gringo card, till this week, useless as it was, an emotional tie to the old country.

Gone now, like so many other cards and cords.

FORGET AMERICA

My goal these days is to have as little to do with that troubled land above the border as possible. The norm, it seems, for Americans living in Mexico is the opposite, to keep connected to the greatest degree possible.

They keep bank accounts, addresses, homes, relatives. You name it, they keep it. Their Mexican ties seem tenuous.

They’re always visiting up north. They’re always having friends bring down “stuff” they can’t find here, stuff they think they can’t live without. Someone recently posted on a Yahoo forum catering to local Gringos a list of “essential” stuff one needs from above the Rio Bravo. I guffawed.

  1. Workshop tools, as if you cannot find tools in Mexico.
  2. Down comforters, as if Costco doesn’t offer them, and so does Bed, Bath & Beyond.
  3. Mosquito nets, as if they’re not easy to find here.
  4. Smartphones. We Mexicans still use tin cans and string.
  5. Up-to-date laptops. Best Buy, Walmart, Sears, etc., in Mexico just sell crusty Commodores and dusty Ataris.
  6. Linens “to fit your bed.” Somehow, my Mexican linens always fit my beds, both king and queen.
  7. Walking sticks. Certainly, no walking sticks can be found here. I wonder where I found mine?
  8. Good binoculars. Only defective binoculars are sold in Mexico, of course, leftovers from pirate times.

That’s just some of the stuff I saw on the list, all of which is available in Mexico. Do they cost a bit more at times? Sure, but factor in your minuscule electric bill and fresh, cheap veggies and low restaurant tabs, you’re way ahead.

And the beautiful women.

I don’t go north anymore, nor do I have things smuggled down. It ain’t necessary. You can live quite well here with what’s available, and that’s what I try to do.

And now I have no Gringo credit cards at all.

If you read all this, you’re a better man than I am.

* * * * *

* Banamex USA is closing entirely this year. There has long been talk of its involvement in money laundering. HSBC’s reputation along those lines isn’t much better.

** Trump allusion.

(Note: There is a Mexican credit bureau. It has no connection with credit bureaus in the United States, so you start from scratch below the border no matter how good or bad a credit rating you had in the United States.)

Fun with credit!

YES, I’M HAVING a grand time with my new Mexican credit card. Why, just this morning I renewed my account* with the Mexican credit bureau using that very card. Did you know Mexico has a credit bureau?

Alas, you can have squeaky clean credit in the United States, and it will do squat for you here in Mexico where you have to start all over again establishing credit. One would think that in today’s interconnected world, especially in the area of finance, that your credit history would follow you around, good or bad.

But it does not follow you to Mexico.

With my briefly held credit card via Banamex and a second via Banamex USA, also briefly held (I unwisely canceled both before FATCA stormed onto the scene), I established a bit of good credit here. Strangely, my report on the Mexican credit bureau is good but not spectacular. I am accustomed to spectacular.

sidewaysSince I never paid late on the two previous Mexican cards, my less-than-spectacular rating puzzles me, but I imagine it’s due to the relatively short time and scant usage involved.

Moving on to other financial issues, did you know that Mexico insures bank deposits much like the United States does with the Federal Deposit Insurance Corp.? Down here we have the Institute for the Protection of Bank Savings, but it’s not just for savings accounts. It covers most things.

The amount varies, but nowadays it’s somewhere in the neighborhood of $150,000 U.S. bucks. If you have more than that in one bank, I suppose it would be wiser to put part in another bank. Many Gringos living down here incorrectly think Mexico does not insure bank deposits.

I have more faith in Mexico’s financial future than I have in America’s.

* * * *

* To have easy access to your credit report, you need an account which costs about 18 bucks a year.