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World

U.S. bank launches first Cuba friendly credit card

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Opening sequence

World

U.S. bank launches first Cuba friendly credit card

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COMING UP:U.S. bank launches first Cuba friendly credit card

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Transcript

00:00:03
>>
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r the first time ever Americans traveling to Cuba will be able to put that plate of picadillo on plastic. Stonegate, a local Florida institution announcing it will be the first bank to issue a credit card that Americans can use on the island. Up until now Americans couldn't use a credit card issued by an American bank because of a US embargo.
00:00:25
On the other hand, Europeans, Canadians, and South Americans could. But just because MasterCard will be accepted, doesn't mean it will be easy for Americans to use one, warns Daniel Trotta. He's just returned from a two year stint as a Reuter's senior correspondent on the island.>> So everything about Cuba's financial and commercial system is a little bit back, outdated.
00:00:50
So yeah, I would suspect that there are going to be connectivity issues and other matters that, let's put it this way, if you are going to Cuba and planning to use a credit card, take some cash with you as well just to be sure.>> Not to mention the availability of electronic credit card readers won't be as ubiquitous as American travelers are used to.
00:01:09
>> They run them all the machines and the credit cards where they make their impression on a piece of carbon paper. It's very inconsistent and it depends on really where you are. That would be in Havana, now the promise is much less likely you would see a modern system.
00:01:26
But in tourist hotels and places where international travelers are gonna be doing business, you will see some more modern equipment.>> But that's not stopping Stonegate from being a pioneer. In addition to MasterCard, it plans to roll out prepaid cards this summer, even though the first commercial US flight won't land in Cuba until September.
00:01:46
>>
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