Amex, MasterCard To Let Americans Use Cards In Cuba

(RTTNews) - American Express Co. (AXP) has reportedly announced plans to start banking operations in Cuba, after President Barack Obama lifted the ban on operations of US banks in Cuba.

However, the New York-based company did not disclose when customers can begin availing its facilities in Cuba.

Last week, payment processor MasterCard Inc. (MA), said it will remove the block on US-issued card transactions in Cuba, effective March 1.

The Purchase, New York-based world's second largest payment network indicated having made changes to revive transactions after receiving guidance from the Treasury Department's Office of Foreign Assets Control. MasterCard said it will work with its US issuers to support their Cuba-related activities and decisions.

Master Card has asked customers to contact their bank before traveling to Cuba to ensure their card is supported on the island.

US President Barack Obama had recently revealed plans to normalize relations with Cuba, while lifting some of the existing bans. Last month, Obama announced US would relax restrictions on trade, travel, and banking with Cuba and instructed Secretary of State John Kerry to discuss re-establishing diplomatic relations, including the eventual opening of an embassy in Havana.

AXP is currently trading at $83.21, up $0.81 or 0.98%, on the NYSE, while is trading at $82.38, up $0.61 or 0.75%.