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June 15, 2016updated 04 Apr 2017 12:45pm

Stonegate Bank launches first MasterCard-branded credit card for use in Cuba

Stonegate Bank, a US-based lender, has rolled out its first MasterCard-branded credit card for use in Cuba.

Stonegate Bank, a US-based lender, has rolled out its first MasterCard-branded credit card for use in Cuba.

Touted to be the first US bank to launch credit cards for Cuba, the bank is offering a limited commemorative edition credit card to celebrate this milestone event.

Stonegate Bank will just issue 1,000 credit cards featuring the artwork of Cuban artist Michel Mirabal that symbolises the historical shift in relations between the two countries.

Commenting on the launch, Stonegate Bank president and CEO Dave Seleski said: "This has been a work in process over the last nine months.

"Hopefully, more U.S. Banks will allow their customers to use their cards in Cuba, thus helping to alleviate the burden on travellers to the island.

"In addition to personal credit cards we will also be issuing corporate, purchasing, payroll and prepaid cards within the next 30 days.

"I am very excited to introduce these products which I believe will benefit our corporate clients and provide a meaningful diversified income stream to the Bank."

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