HAVANA (CBS/AP) — A small U.S. bank will issue the first credit card intended for use in Cuba. That could make it easier for Americans to travel and work on an island largely cut off from the U.S. financial system, the bank announced Tuesday.
Florida-based Stonegate Bank says its Mastercard will be available Wednesday.READ MORE: San Francisco DA Boudin Files Charges Against SF Sheriff’s Deputy Accused of Sexual Assault, Threats
It will let U.S. travelers charge purchases at state-run businesses and a handful of private ones, mostly high-end private restaurants equipped with point-of-sale devices.READ MORE: Notorious Norteño Gang Member 'Lil Rhino' Sentenced For Carrying Out Jailhouse Attacks
Until now, Americans have generally had to bring cash to Cuba and change it either at state institutions that impose a 10 percent penalty on the dollar or in informal exchanges with locals.MORE NEWS: U.S. Postal Service To Hire 1,000 People In San Francisco Bay Area
The card’s utility will be limited for the moment, however. Cuba is preventing cardholders from using them for cash advances.