British neobank Revolut has launched its first credit card in Mexico, following the start of its banking operations in the country last November. The new offering provides benefits ranging from access to VIP lounges at Mexico City International Airport (AICM) to subscriptions such as Tinder Gold, catering to different customer needs. This launch represents a major step in Revolut’s strategy to establish itself as a full-service bank in Latin America.
Early Access and Subscription Options
Revolut has begun sending early access invitations to select customers, offering three versions of its credit card. A standard card comes at no cost, while the Premium plan costs 149 pesos per month and the Metal version 349 pesos, each providing additional perks like travel insurance, theft protection, and app subscriptions. Cards are issued by Mastercard, with the phased rollout allowing Revolut to refine its credit risk assessment models before mass distribution.
Targeting Mexico’s Credit Card Market
Mexico’s credit card market is dominated by banks such as BBVA, Banamex, HSBC, Santander, and Bancoppel, with over 40 million cards issued nationally. Revolut aims to compete directly with these incumbents, offering unique benefits like unlimited access to Mastercard Elite Lounges at AICM for standard users. The premium and Metal plans provide further advantages, including subscriptions to productivity and wellness apps, financial news, and co-working spaces.
Strategic Importance of Mexico
Revolut considers Mexico a key market for its global expansion, drawing on lessons from Colombia, Argentina, Brazil, and the United States. CEO Juan Miguel Guerra has emphasized that the country is a “battleground” for defining the future of fintech globally, motivating the bank to aim for a top-five position in the local banking sector. Initial challenges included obtaining a banking license and regulatory approval, which the company has now successfully navigated.
Credit Terms and Beta Phase
The new credit card has a maximum initial limit of 5,000 pesos (approximately US$277), with interest rates varying from 36% to 87% depending on the user’s profile. Revolut’s current rollout operates as a beta phase to gather feedback and optimize product performance ahead of a broader launch. According to Guerra, this approach allows the neobank to refine offerings based on real customer experience and ensure a competitive entry into Mexico’s financial market.
Product Ecosystem and Services
Beyond the credit card, Revolut has been offering bank accounts, debit cards, international transfers, and currency exchange services in Mexico. The Premium and Metal subscription tiers add value through services such as health apps, VPNs, creative tools, and access to WeWork offices. While cryptocurrency services remain off the table for now due to local regulations, the launch still positions Revolut as a tech-forward banking option for digitally savvy customers.
The launch of Revolut’s credit card in Mexico represents a critical step in its effort to become a fully established bank in Latin America. By combining competitive perks, flexible subscription plans, and phased rollout strategies, the neobank seeks to gain consumer trust in a market with low banking penetration but high competition. The success of the beta phase will determine how quickly Revolut can scale its offerings and challenge traditional banks in the region.