In 2018, there were 7.7B credit cards in the world, meaning slightly more cards than human beings on Earth.

Yet across much of Latin America, millions of people actually live without the plastic. As of 2023, a whopping 42% of Latin Americans didn’t have a credit card—which isn’t to say this isn’t slowly changing in countries like Mexico.

Multi-panel line chart showing the number of credit cards by bank in Mexico, revealing over 10 million new Mexican credit cards were added in four years | Sources: CNBV, Latinometrics
10M+ Mexican credit cards were added in 4 years

In Latin America’s northern giant, the credit card market is booming, and formal banking is on the rise. BBVA and Tarjetas Banamex are leading the charge in the growing financial inclusion of everyday Mexicans.

But who are these cards really built for and how much can they spend?

Most local credit cards are clearly built for everyday purchases rather than big splurges, given that over half have a monthly limit below $1600. This indicates a market heavily weighted towards the large Mexican middle- and working-class population.

While the big banks dominating the market may be playing it safe, offering lots of low-limit cards to a broad base of customers to manage risk, there’s a diverse, competitive financial landscape today.

Treemap showing Mexican credit cards by monthly limit, indicating over half have a limit below $1600 | Sources: CNBV, Latinometrics
Mexican credit cards by monthly limit

As Mexico and the rest of Latin America develops, we should expect to see rises in digital banking, access to credit cards, and overall financial inclusion.

The question is—who will lead this shift? The established giants currently running the credit card game…or the newer fintech opponents who have risen to meet the challenge?