Originally Posted by cbn42

This could get complicated. Either Mexican law or rental company policy may have laws requiring foreigners to use a license from their country of residence. Many countries have such laws, although I am not familiar with Mexico. If you rent a car with an invalid license (invalid because you no longer live in the jurisdiction that issued it, not because of the license itself) then any insurance policy, from a credit card or otherwise, may not pay due to language excluding unlicensed drivers.

I don't mean to be judgmental, but your question seems to imply that your US license has been suspended/revoked, in which case Mexican law may not allow you to drive at all regardless of any other license you may hold.