AeroMexico Secured Credit Card Review: Earn Travel Miles While Building Your Credit
AeroMexico Secured Credit Card
The AeroMexico Secured Credit Card breaks from the basics of most secured credit cards in that it offers travel rewards every time you make a purchase. Even better, the card’s renewal bonus more than covers its annual fee, making the AeroMexico Visa Secured Card a great choice for people who regularly fly on AeroMexico. In short, you’ll get most everything you’d expect from a secured card to build or rebuild your credit, along with the ability to earn perks, too.
AeroMexico Visa Secured Card Quick Review
Here are the highlights of the AeroMexico Visa Secured Card:
Annual Fee: $0 the first year, then $25
Sign-Up Bonus: 3,500 miles
- Earn AeroMexico miles with every purchase
- $99 companion certificate when you renew the card annually
- Complimentary checked baggage
- Discounts on in-flight purchases
- Customize your credit limit
The greater of:
- 1% of your new balance
- Any late, annual, or account-related fee
- All interest charges
- Any over limit amount
- The greater of 3% or $5 for balance transfers
- The greater of 4% or $5 for cash advances
- 2% for foreign transactions in U.S. dollars
- 3% for foreign transactions in another currency
Why Apply for the AeroMexico Visa Secured Card
There are a few reasons to apply for the AeroMexico Visa Secured Card.
You want a secured credit card that offers travel benefits rewards
The majority of secured credit don’t offer any rewards. Typically, you need to qualify for premium cards that require an excellent credit score to earn rewards. The AeroMexico Visa Secured Card lets you earn rewards, even when you can’t qualify for a premium rewards card. You’ll earn 3,500 miles when you use the card for the first time, plus 2 miles per dollar spent on gas and groceries, and 1 mile per dollar spent elsewhere. You’ll also get discounts on AeroMexico’s in-flight purchases, free checked bags, and a $99 companion certificate in each year after the first.
You want a clear path toward an unsecured card
One of the primary reasons to apply for a secured credit card is to improve your credit score enough to qualify for unsecured cards. Many lenders make it difficult to move to an unsecured card, forcing you to close your account and apply for an entirely new card if you want your deposit back. The AeroMexico Visa Secured Card makes it easy to graduate to an unsecured card. Your account will be reviewed after 12 months, and if you’re eligible, it’ll be converted to an unsecured card. It’s pretty simple, and you don’t have to think further about juggling multiple cards.
AeroMexico Visa Secured Card: Drawbacks and Downsides
The AeroMexico Visa Secured Card does have drawbacks you should keep in mind.
Rewards are only good for AeroMexico
Many premium rewards credit cards earns rewards that you earn on multiple airlines. Aside from co-branded airline cards, you won’t be forced to use the same airline every time you travel. With the AeroMexico Visa Secured Card, the rewards you earn are only valid on AeroMexico flights. If you never fly AeroMexico, the rewards won’t be of much use, and you’ll be paying an annual fee for a secured card that doesn’t offer you its full value.
High interest rate
Ideally, you should pay your credit card bill in full at the end of every statement period. This will help you increase your credit score and ensure you don’t pay interest charges in the process. However, it’s not always easy to pay your bill in full every month, and sometimes you find yourself needing to carry a balance, even if it’s just a small amount or for a month or two. The AeroMexico Visa Secured Card charges an APR of , a high interest rate even compared to other secured credit cards. That makes carrying a balance expensive if you ever find yourself needing to do so.
AeroMexico Visa Secured Card Alternatives
If you’re thinking about applying for the AeroMexico Visa Secured Card, consider these alternatives as well
Capital One Secured Mastercard
If you want a credit card with no annual fee, consider applying for the Capital One Secured Mastercard. This card makes it easy to start building your credit, requiring a minimum security deposit as low as $49. You’ll also get free access to Capital One Credit Wise, which lets you track your credit score and how your actions affect it. Best of all, the card will never charge an annual fee.
Discover it Secured Card
If you want a secured credit card with rewards that you can use anywhere, consider the Discover it Secured Card. This card offers 1% cash back on every purchase, along with 2% cash back on purchases at gas stations and restaurants. Depending on how often you use the card, you could easily earn hundreds of dollars in rewards per year while improving your credit score. Even better, the card doesn’t charge an annual fee. It’s a great card for someone just learning about credit or trying to rebuild their credit score.
Other Things to Know
Here are some common questions people have about the AeroMexico Visa Secured Card.
What is the maximum credit limit of the AeroMexico Visa Secured Card?
The AeroMexico Visa Secured Card has a minimum credit limit of $300 and a maximum credit limit of $5,000. You can increase your credit limit by adding to your security deposit in increments of $100.
Can I track the changes to my credit score with the AeroMexico Visa Secured Card?
The AeroMexico Visa Secured Card does not offer a free monthly FICO score like many other secured cards. You’ll have to rely on a third-party credit tracking service to keep track of your credit score and how your use of the card is affecting it.
Bottom Line: Should You Apply for the AeroMexico Visa Secured Card?
The AeroMexico Visa Secured Card is a great secured card for people who regularly fly AeroMexico. If you don’t use the airline, you can find other secured cards that offer better perks.