There's Officially a Credit Card You Can Use in Cuba

The first U.S. credit card for use in Cuba could potentially make travel to the country easier for Americans.

As CNBC reports, Pompano Beach-based Stonegate Bank in Florida has created a MasterCard, available today, that “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.”

The U.S. lifted some travel restrictions on Cuba back in December of 2014. As the outlet notes, until now travelers had to bring cash to the country and change it at state institutions that imposed a steep penalty on the dollar or among locals informally.

Though Cuba is preventing cardholders from using the cards for cash advances, the bank told CNBC there are 10,000 point-of-sale devices across the island. Interestingly, CNBC said, Stonegate was the first institution “to issue a U.S. debit card for use in Cuba,” although cardholders can no longer use them for ATM withdrawals.

Remember, before applying for any credit card, it’s important to read the terms and conditions carefully so you can find the plastic that’s right for you. You should also be sure you know where your credit stands so you don’t get turned down for a card and have your score suffer as a result of the hard inquiry. (You can view two of your credit scores, updated every 14 days, for free on Credit.com.)

If your credit is in rough shape, you may be able to improve your score by paying down high credit card balances, disputing any errors with the credit reporting agencies (you can go here to learn what to do about errors on your credit report) and limiting new credit inquiries while your score rebounds.