Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £3 per month, your representative rate is 27.7% APR (variable).
Most commonly recognised for its salsa music, Cuba is a Caribbean island which hosts a magnificent array of white beaches and diverse landscapes. If you’re planning on experiencing Cuba’s vibrant culture any time soon, then you’ll want to know how you can use your credit card there, to ensure your trip goes without a hitch.
Cuba is largely a cash culture, so you may find it easier to bring cash along with you for your travels. However, in more densely populated tourist areas you’re more likely to find ATMs and card machines. Visa is more likely to be accepted than Mastercard, and very few stores take American Express.
Your first priority should be to contact your bank and confirm whether your card can be used in Cuba before you depart. Rules and regulations surrounding currency in Cuba are subject to frequent changes, so always double-check with your bank prior to travelling.
You are more likely to find ATMs in popular tourist areas, such as Havana and Trinidad. It’s smart to select your ATM carefully -only choose ones either located in banks or crowded areas. This means that if you encounter any issues, you are more likely to find someone who can help.
Due to the country’s outdated technology, most shops and restaurants are still not equipped to accept Mastercard transactions, which is why it’s a good idea to use Visa.
Cuba operates a dual-currency system, whereby visitors use the Cuban convertible peso (CUC) and locals use the Cuban peso (CUP). All cash carried must be in good condition with no tears, rips or markings, otherwise it may be refused.
Since card transactions remain limited, due to patchy Internet access, you should always carry cash to ensure you can make payments without any extra hassle or complications.
Due to the rules regarding currency and methods of payment often being subject to change, try not to rely on only one source of money. If possible, arrive prepared with a combination of cash and cards.
Cuba is in the process of transitioning from magstripes to chip-enabled cards, so it’s a good idea to use your chip-enabled card when possible for added protection and a higher level of security.
By exercising some caution when using your credit card in Cuba, you’ll have a relatively trouble-free experience.
Remain alert to street crime, especially where two or more people work in distracting victims before decamping with their valuables. Instances of theft at airports are not uncommon, so stay vigilant while arriving and departing. There have been numerous instances of thefts from hired cars so don’t leave your wallet or purse in a parked car. In some cases, thieves pose as police and ask to see wallets for identification purposes. In such a scenario, make sure you’re speaking with genuine police officers. It is very unlikely that a real officer will want to sift through your wallet.
Credit card fees can leave a noticeable dent in your pocket when you’re travelling overseas, so know what you’re up against well in advance and choose a card with no or low fees.
British credit card issuers typically charge a fee equivalent to 1% to 3% of your transaction, so carefully review your card’s fine print to avoid statement surprises. Some cards designed for travel come with no foreign transaction fees, so this could be a good time to switch.
Learn more about cards designed for overseas spending
If a retailer offers to bill your credit card in sterling, dynamic currency conversion comes into play. While this might sound like a good deal, you’ll actually end up getting a worse exchange rate, and you might also end up paying currency conversion fees. Whenever you’re presented with an option, choose to pay in local currency.
Using your credit card to withdraw money from an ATM may not make sense unless it’s a bona fide emergency. Each time you withdraw funds from an ATM, you’re likely to pay a cash advance fee. Your APR for cash advances is also typically higher than your purchase APR, and you’ll typically get no grace period on interest — instead, you start paying interest immediately. Again, some cards designed for overseas spending will waive this fee.
The table below serves as an example of how much extra you may pay to use your credit card for in Cuba.
Additionally you can get an idea of costs by using these online currency conversion tools from Mastercard and Visa.
Ask yourself these questions before you leave, so your spending in Cuba doesn’t hit any roadblocks.
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