Introduction
After the pandemic, bank card financing experienced double-digit growth, but in 2025, it has shown a consistent slowdown. This trend aligns with the general credit’s lower dynamism, yet it remains well above the country’s growth rate.
The Slowdown in Bank Card Financing
According to experts from BBVA Mexico, the real growth rate of 6.6% observed in November is the lowest in the past 40 months. This slowdown is attributed to the reduced economic and employment growth last year.
Based on data from Banco de México (Banxico), bank commercial financing through credit cards grew by 6.6% in real terms in November, reaching a balance of 696,615 million pesos.
This figure contrasts with the growth of 7.1% in October and 10.0% in January 2025.
Within the consumption portfolio (which includes payroll, personal, and durable goods credit), bank card credit financing is the main segment, accounting for almost a third of the total portfolio balance.
The Lowest Growth in 40 Months
The latest Monthly Report on Banking and Financial System, prepared by the economic studies area of BBVA Mexico, highlights that the 6.6% growth in bank card financing registered in November is below the third-quarter 2025 average of 8.2%. It also mentions that the real growth rate observed in November is the lowest in the past 40 months.
According to Banco de México, the 6.6% growth in November is the lowest since July 2022, when it was 6.3%.
In recent years, the growth of bank card credit financing reached a peak in mid-2023, exceeding 17%.
Lower Dynamism Even with El Buen Fin
Despite BBVA Mexico’s report, published last week, noting the seasonality generated by the shopping season associated with El Buen Fin campaign on these credit balances, a lower dynamism was still observed.
“The real monthly growth in November 2025 was 5.8%, below the 6.7% average observed in November of the previous four years,” the document reads.
The indicators for credit card usage show that, despite El Buen Fin (held from November 13 to 17), both the transaction amount and the number of operations have slowed down compared to previous months.
Among the various consumption sectors, only those associated with restaurants, air travel, miscellaneous goods, and retail sales marginally increased their dynamism compared to the previous month.
Over 40 Million Bank Card Contracts
CNBV (National Banking and Values Commission) figures reveal that, as of October 2025 (the latest recorded data), there were 40.3 million bank card credit contracts, representing over 3.8 million more than the previous year.
Of this figure, BBVA had 11.2 million contracts, Banamex 9.7 million, HSBC 4.3 million, Santander nearly 4 million, BanCoppel 3.4 million, Banorte 2.9 million, and Inbursa 1.2 million.
Other Consumption Credits
However, the slowdown in bank card credit financing is not limited to 2025; it’s part of a broader trend in credit dynamism.
For example, the consumption credit portfolio grew by 8.0% in November compared to 8.9% in October.
Within this portfolio, payroll credit grew by 4.8% in real terms (against 4.9% in October), while personal credit grew by 8.4% (against 9.8%).
The credit for acquiring durable consumer goods (ABCD) has also shown a greater slowdown, mainly due to the decrease in its main component, automotive credit. Its growth fell from 48.0% in January 2025 to 15.3% in November of the same year, according to CNBV data.
BBVA Mexico noted in its latest Situación Banca report that the lower dynamism of the overall bank credit portfolio could be due to slower formal employment and real wage growth.
It also pointed out that the entry of new players and household demand for this type of financing to maintain their consumption level, given the weakness in their income sources, could contribute to this trend.
Key Questions and Answers
- What is the current growth rate of bank card financing in Mexico? The real growth rate of 6.6% was observed in November, the lowest in 40 months.
- How does this slowdown compare to previous years? After the pandemic, bank card financing experienced double-digit growth. However, in 2025, it has shown a consistent slowdown.
- What are the reasons behind this slowdown? The slowdown is attributed to reduced economic and employment growth last year.
- How many bank card credit contracts are there in Mexico? As of October 2025, there were 40.3 million contracts.
- What is the growth rate of other consumption credits? The consumption credit portfolio grew by 8.0% in November, down from 8.9% in October.
- What is causing the slowdown in durable consumer goods credit? The decrease in automotive credit growth, falling from 48.0% in January 2025 to 15.3% in November of the same year, is a significant factor.
