MasterCard will remove the current block on U.S.-issued card transactions in Cuba starting March 1, 2015.

The action is based on recent guidance from the U.S. Department of Treasury's Office of Foreign Assets Control, MasterCard spokesman Seth Eisen said in an issued statement.

MasterCard will work with its U.S. issuers to support their Cuba-related activities and decisions.  Before traveling to Cuba, U.S. cardholders should contact their bank to ensure the card will be supported on the island, Eisen said.

U.S. President Barack Obama's new rules on economic links to Cuba took hold on Jan. 16, about a month after he surprised Congress with the announcement.

Because U.S. relations with Cuba have been strained for so long, the banking industry is taking a cautious approach. Specifically, banks want to fully understand the legal framework on which they would operate in Cuba.

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