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Florida Bank To Issue Credit Cards For Use In Cuba

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HAVANA (CBSMiami/AP) — Hey adventurous tourists to Havanna, what's in your wallet?

Well it might not be "that" card, but it could soon be another. Pompano Beach-based Stonegate Bankwill will issue the first U.S. 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.

Stonegate's Mastercard will be available Wednesday.

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.

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.

The card's utility will be limited for the moment, however. Cuba is preventing cardholders from using them for cash advances.

(TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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