AeroMexico Visa Secured Card: Rebuild Your Credit While You Travel

By Christina Majaski. Last updated 25 June 2018. 0 comments

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One of the disadvantages of using secured credit cards for rebuilding or building credit is that they often carry high fees and APRs, and rarely provide any extra benefits or rewards. It is especially rare for a secured card to offer a rewards program.

U.S. Bank, however, offers the AeroMexico Visa® Secured Card, which allows you to rebuild your credit and earn rewards for purchases made with the card that can be redeemed for award flights with AeroMexico and its partners. This is one of the few secured cards that offer travel rewards. (See also: Best Secured Credit Cards for Rebuilding Credit)

Some Card Highlights

  • Companion Certificate upon approval
  • 3,500 bonus miles when you use your card the first time
  • Double miles on gas and groceries
  • $99 companion certificate with renewal each year

How This Card Works

You are required to make a security deposit of at least $300, which is held in an interest bearing account with U.S. Bank. When you are approved, you receive a credit card with a limit in the amount of the security deposit, and are able to use your card as you would any credit card. Your account activity is reported to the three major credit bureaus, which helps to establish a positive credit rating. If you manage your account responsibly for 12 months, you may qualify for an unsecured card.

You can earn two Club Premier miles for each dollar spent on gasoline and groceries and one mile for each dollar spent on all other purchases. You can earn an unlimited number of miles, but they will expire if you don't fly AeroMexico every 24 months. New cardholders qualify for a 3,500 mile bonus after you pay your annual fee or use your card.

Upon approval, you will receive a complimentary Companion Certificate valid for round-trip travel from the United States to Mexico on Aeromexico. Additionally, you get a $99 Companion Certificate every year upon renewal.

You can redeem your miles for AeroMexico and AeroMexico Connect flights, or with SkyTeam member airlines such as Delta, Air France, and Korea Air. 

Costs

  • $25
  • 24.74% Variable APR
  • 2%-3% Foreign Transaction Fee 

Pros

First time bonus. Secured credit cards rarely offer bonuses. Plus, when you are approved for the card, you receive a companion certificate which can be used for a companion traveling on the same itinerary. 

Earn rewards on everyday purchases. You can earn double miles on gasoline and grocery purchases, without any caps or limitations. These are two commonly used spending categories, often with limits to the amount of miles or points you can earn within the calendar year or per quarter. Because secured cards generally only provide the basics, there are very few (if any) outside of the U.S. Bank line which allow you to earn unlimited miles on gasoline and grocery store purchases.

Interest bearing deposit. The security deposit is held in an interest bearing savings account so that when you close your account, you can receive a refund that has learned a little extra. Not all secured credit cards allow you to earn interest on your deposit; in fact, U.S. Bank secured cards are among the few. (See also: Best Secured Credit Cards that Pay Interest on Deposit)

Companion certificates. You receive a companion certificate when you are approved for the card and then each year after you pay your annual fee. You are responsible for taxes, fees, and surcharges on the companion ticket. Even with the fees, the companion certificate can more than cover the annual fee of $25.

Cons

High APR. Like many other rewards cards, the APR is higher. This is less of a concern if you are diligent in paying your balance in full each month, which is recommended with all rewards cards, but if you carry a balance, you should use a card with a lower APR. (See also: Best Secured Cards with Low APRs)

Expiration. The miles expire if you don’t travel with AeroMexico every 24 months, and the companion certificates expire 12 months after the date they are issued. If you don't travel frequently with AeroMexico, you aren't going to be able to use the most valuable perks of the card.

Foreign transaction fee. If you use your card for foreign purchases, you are going to pay a fee of at least 2%, depending on whether the purchase is made in foreign or U.S. currency. This is going to decrease the value of any rewards earned with the credit card. If you travel frequently outside of the U.S., it is best to use cards without foreign transaction fees. (See also: Secured Credit Cards with no Foreign Fees)

Who This Card Is Best For

The AeroMexico Visa Secured Card is best for those who are in the process of building or rebuilding credit, use their card primarily for gasoline and grocery store purchases, and want to earn rewards on those purchases. It is also best if you travel AeroMexico frequently, yet are diligent in paying your balances in full each month in order to avoid paying the high interest rate.

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