Say “hola!” to the newest American Express credit card, Santander American Express, which will be issued in Mexico. It’s set to offer rewards for purchases in department stores, supermarkets, and anywhere else the card is used through a rewards program called “Recompensas Santander.”
The first six months of purchases with the new card will be interest free, and cardholder will get a rewards bonus for purchases made during this period. The card is designed to offer extra rewards in Mexican department stores and supermarkets. Customers will earn three points per dollar spent in department stores, and two points per dollar in supermarkets, in Mexican stores only. All other purchases will earn one point per dollar, including all purchases made outside of Mexico.
Purchases made during the first six months will be interest free and paid according to installments, and will earn three points per dollar spent. Points are given according to the number of U.S. dollars spent.
The card also comes with an insurance platform, including travel assistance, travel accident insurance, car rental insurance, purchase protection insurance and extended warranty insurance. The Santander card will be accepted not just in Mexico, but anywhere across the globe where American Express is a valid method of payment.
Partnering to offer rewards in Mexico
Santander will handle the marketing, promotion, and customer service for the new rewards credit card. They will also be in charge of credit authorizations and billing. American Express will process payments through their global network.
Santander expects the new card to open a new segment for them in the marketplace and is pleased to be partnering with American Express. Jorge Alfaro Lara, associate general director of consumer credit at Santander Mexico, said the card would give clients “a mix of the best services from both companies.”
Lisandro Delfino, American Express’s VP of global network partnerships Latin America, said, “With this new alliance, we have a great opportunity to extend the reach of the benefits and services of the American Express network and create a new attractive array of products for Santander’s customers.”