Florida’s Stonegate Bank to issue first US credit card for use in Cuba

US citizens traveling to Havana can now do so without exchanging dollars, at a 10-percent fee, into the Cuban peso if they are using the Stonegate cards.

Created On: Jun 15, 2016 15:15 ISTModified On: Jun 15, 2016 15:38 IST

Florida-based Stonegate Bank on 14 June 2016 issued a new credit card that will allow Americans to use it in Cuba during their visit to the country. The card will help the US visitors to avoid the Cuban 10-percent penalty on the dollar.

Pompano-beach based Stonegate is also the first US bank to introduce a debit card for use in Cuba.

The bank announced that US travelers will be able to use its Mastercard to charge purchases at Cuban state-run businesses and some private businesses, starting 15 June 2016.

Initially, the bank will issue only 1000 cards and each card will feature artwork by celebrated Cuban painter Michel Mirabal.

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