Cuba Credit Cards

 

 

Cuba is a purely a cash-based economy. Although debit-cum-ATM cards are issued by retail banks, Cuba credit cards are not issued. For international tourists, US-based credit cards cannot be used for transactions in Cuba. This is in response to US embargo against Cuba in international trade.[br] 

Cuba Credit Cards: History

Cuban banking sector came under the control of the new regime after the 1950s Cuban Revolution. The anti-capitalist philosophies of Che Guvera, the President of National Bank of Cuba from 1959 to the early 1990s, kept the economy closed. The late 1990s witnessed banking reformation in the country. This restructuring led to the establishment of the Central Bank of Cuba. With a view to develop technology-based banking solutions, ATM machines were installed and debit cards were issued to customers in major cities. However, there is no policy to issue Cuban credit cards.

 

Cuba Credit Cards: Essential Information

International credit cards are acceptable in Cuba. Tourists can use their credit cards for:

 

• Money transactions at currency exchange counters.
• Withdraw money from ATM machines.
• Withdraw cash from local banking units.

 

Also, one can make payments using international credit cards at hotels, restaurants, and amusement parks in all major tourist destinations, such as Havana, Varadero and Santiago de Cuba.[br]

 

Credit card usage in Cuba follows these trends:

 

• Visa credit cards are popular in Cuba.
• MasterCard credit cards are not accepted at some places.
• Cirrus/Maestro credit cards are not accepted in the country.
• Any credit card in association with the US is not accepted. This includes credit cards issued in other countries in association with the US banks. For example, popular UK Egg credit card company was taken over by Citibank Group, US. Virgin money cards issued by a subsidiary of Bank of America.

 

International credit card use may attract hefty charges. The Cuban Peso is not a major currency. Thus, credit card transactions occur in US dollars and are converted to Peso at the reception end. Usually, one has to pay up to 11% processing charge, i.e. for a $100 transaction, credit card bill shows $111.

 

After 2008, the Central Bank of Cuba has taken several initiatives to popularize card processing systems in all major cities.