Santander and American Express Announce Partnership to Issue Credit Cards in Mexico
Santander launches "Santander American Express" which will open a new customer segment in Mexico
Santander and American Express today announced a partnership to launch the Santander American Express® Credit Card in Mexico. This card offers an innovative way for Card Members to quickly earn rewards on their daily purchases.
The new Santander American Express Credit Card, issued by Santander, focuses on rewarding Card Members for their daily spending in department stores and supermarkets through its innovative, preferred points redemption program, Santander Rewards (Recompensas Santander), and includes a powerful points multiplier for interest-free installment payments during the first six months. The value proposition includes an attractive insurance platform, which provides services, such as Travel Assistance, Travel Accident Insurance, Car Rental Insurance, Purchase Protection Insurance and Extended Warranty Insurance.
As part of the partnership between both institutions, the new card will be accepted on American Express’ global merchant network.
“For Santander, this partnership reaffirms our commitment to innovating in the marketplace. We are opening a new segment where clients are looking for a mix of the best services from both companies,” stated Jorge Alfaro Lara, Associate General Director, Consumer Credit and Payment Tools, Santander Mexico.
“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,” said Lisandro Delfino, Vice President, Global Network Partnerships Latin America, American Express.
The Santander Rewards program will offer the following points earning scheme for the new Santander American Express Credit Card:
- 3 (three) points per each US dollar spent in department stores in Mexico
- 2 (two) points for each US dollar spent in supermarkets in Mexico
- 1 (one) point per each US dollar spent in any merchant establishment in Mexico, except department stores and supermarkets
- 1 (one) point per each US dollar spent on purchases made abroad, regardless of the type of merchant establishment
- Triple points on purchases made on interest-free installment payments during the first six months of using the card.
In this alliance, Santander will be responsible for owning the customer relationships, marketing and promoting the cards and managing credit authorizations and billing. The cards will be accepted and processed through American Express’ global merchant network.
ABOUT GRUPO FINANCIERO SANTANDER MÉXICO, S.A.B. DE C.V. (NYSE: BSMX; BMV: SANMEX)
Grupo Financiero Santander México, S.A.B. de C.V. (Santander México), one of Mexico’s leading financial services holding companies, provides a wide range of financial and related services, including retail and commercial banking, securities brokerage, financial advisory and other related investment activities. Santander México offers a multichannel financial services platform focused on mid- to high-income individuals and small- to medium-sized enterprises, while also providing integrated financial services to larger multinational companies in Mexico. As of June 30, 2014, Santander México had total assets of Ps.919.9 billion under Mexican Banking GAAP and more than 11 million customers. Headquartered in Mexico City, the Company operates 1,050 branches and 243 offices nationwide and has a total of 14,375 employees.
ABOUT AMERICAN EXPRESS
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Since 1997, American Express has partnered with a select group of leading banks and financial institutions around the world to issue American Express-branded products and acquire merchants on to the American Express merchant network. By leveraging its partnerships, global infrastructure and the powerful appeal of its brand, American Express has gained even broader reach for its network worldwide.
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