Credit cards are fairly widely accepted throughout Mexico. That said, you will discover that you will need to use cash more frequently here than back home. You will find that some places expect cash, some give a discount for it (10% seems standard), some charge extra if you don't use it and some places are indifferent. The exchange rate will likely be 1-2% better than at the exchange houses though there is usually a 3% commission charged by the credit card company.
ATMs are widely available and the fee structure is reasonably equivalent to other places. The bank here charges a few dollars/euros & the bank back home adds another fee of its own. The upside is that you don't need to walk around with a lot of cash and your exchange rate will likely be 1-2% better than at the exchange houses.
Where to exchange money? I recommend changing a substantial portion of your cash at the Mexico City airport, but choose when & where carefully. Never change more inside of customs than you need for there. They charge about a half peso premium for their location. Once you exit customs, there are about 20 places to change money (Dollars and Euros both accepted). The rates vary greatly and can change frequently. Generally, the rates are better in the international terminal rather than near the domestic flights. I have found that the best rates tend to be off of the main hall and upstairs near the food court. Rates are generally better during the day than at night, Rates are better on weekdays than weeknights and Sunday is the worst day. For that reason, limit your exchanges if you arrive late Sunday night.
A word to the wise: most inspection for counterfeit bills is done by young employees with no tools, Technically if they suspect a false bill, they must retain it (without compensating you) and submit it to the Bank of Mexico. Since you know that your bills are real, make it easier by not presenting old, damaged, marked-up or other bills which are not perfect.
If you are traveling in other parts of the country, the exchange rates might be the same (i.e Oaxaca) or they might be substantially lower (Cancun or Puerta Vallarta). The rate will never equal the rates in the paper or web unless you use a credit card & pay a commission. Pesos are expected in most places except Cancun and by hotel bellboys.
Now back to the beginning, I recommend that you ask your hotel (if it is not a US chain) after check-in if there is a discount for cash & if so exchange money before check-out. At smaller hotels, I recommend asking at check-in. Ten percent buys a few margaritas.
As a historical footnote, the sign for pesos is $ and the U.S. copied it from Mexico. Here we often use $ for peso and US$ for the greenback. The exchange rate varies but has generally been between 11 & 12 recently.
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