President Trump has announced that Visa cash back credit card rewards can soon be deposited into Trump Accounts, thanks to a new platform. Say what now?!
In this post:
Visa partners with Trump on credit card rewards
Today, Trump announced Visa is creating a new platform that will allow credit card holders to deposit their cash back rewards directly into Trump Accounts. Here’s how Trump explained this development, during an announcement:
“I’m pleased to announce that Visa is creating a brand new platform which will allow credit card holders to deposit their cash back rewards directly into Trump Accounts. That’s a big deal. Where’s the head of Visa? Thank you very much, Visa.”
“These initiatives couldn’t come at a better moment, because there’s never been a better time to invest in the United States of America than right now. Who knew it would’ve happened this fast? I inherited a mess, we were a country that was laughed at a year and a half ago, we were laughed at, now we’re the hottest country anywhere in the world, nobody even close, so who knew this was going to take place this quickly?”
Wait, what on earth are Trump Accounts?
What’s actually going on here? The “Trump Accounts” branding makes this sound like you’re depositing money directly into Trump’s account, or something, or like he’s launching a bank. Or like you’re buying Trump or Melania meme coins…
However, that’s not quite what’s going on here. Here’s the explanation of Trump Accounts on the IRS website:
The Working Families Tax Cuts allows parents, guardians and other authorized individuals to establish a new type of individual retirement account for their children, called Trump Accounts. The account is for a child who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number.
The account features a pilot program contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
So branding aside, the idea is that this is just a savings account for kids, and for a limited time, newly born children can receive a contribution of $1,000. The idea is that you can contribute your credit card rewards to grow this account.
That’s actually not a radical concept, as there are even several credit cards that specifically are intended to contribute to savings accounts for children. Of course the branding here will no doubt be controversial, though.
So yeah, I don’t think there’s anything wrong with this, and it seems like a fine initiative. I’m not sure it’ll prove that popular, but giving people more options to contribute credit card cash back toward a savings account for children is a win-win.
I will say, I am curious how this plays into Trump’s threats to cap credit card interest rates at 10%. He said he’d require that for a year, and that if credit card companies don’t comply, they’d be “in violation of the law.” It seems like not a whole lot has come of that, so I wonder if Visa getting onboard with the Trump Accounts concept is intended as a way to smooth things over.
Bottom line
Visa cardmembers will soon be able to deposit their cash back credit card rewards into Trump Accounts, which are savings accounts for children. Giving cardmembers more options to contribute cash back to their savings accounts for children seems like a good thing. I’m not sure this will move the needle much on anything, since it’s not like people couldn’t have done that before, but…
What do you make of this new Visa Trump Accounts concept?
Everything with America's national crime family is a grift, so definitely don't be participating in this...
At least now Trump is actually paying the children that he's screwing
The Trump Accounts initiative seems generally positive, I don't see how there could even be a negative spin to this? Tax-incentivized accounts for building households and raising children.
OK, I understand and patly agree with the TDS. The naming is over the top, but should your hatred overcome the possible good. This program could overcome partly overcome the roots of longterm poverty
Sickening to consider putting any money in something called "Trump Account".
the folks who will do it are the same ones who deserve to be immiserated so it sorta works out
Ahh Ben I love the blog, but this post is awful. Giving that ‘creature’ credit is sickening.
Yes Rob, we'll be sure to never give such a nasty, base, cruel and disgusting "creature", such as yourself, any credit. Now kindly, please bugger off with your misguided tomfoolery, bugger! Otherwise, perhaps, Tim Dunn will come over to this comment and derail us again with stories of his "chafed nipples" and his many (what people call) "NIP" "SLIPS". Disgusting. Anyways the point I'm making, "Rob" is not to derail comments with politicism.
Rod
Donald is an empty headed vainglorious ninnyhammer who must have his name on as much as possible now because he knows no one will do it after he's gone
And the Chase Sapphire Reserve card now has a new bonus: Two free tickets to the Melania movie!
Thank you for your attention to this matter.
Christ Ben your need to never bite the hand that feeds you has never been so nauseating
@ JR -- Sorry, I'm doing what now? Are there really any questions about how I feel about Trump? I realize people come to the blog to (mostly) escape politics, but in this case it's something that directly impacts the industry, so it's worth covering. And I try to do so without getting overly political, since that pisses off a good percentage of readers.
More pandering to a vulgar fool with a gaping maw where his heart should be, a chasm that cannot possibly be filled even by all the false adulation in the world.
I am of course speaking of myself!
LOL whatever dude, you're not even a good dupe. By all means, keep fellating your orange god tho
Also, you're a really weird person if you're impersonating me in the comments section of this blog. I don't care, no one else here cares, and the name "All Due Respect" doesn't carry any weight, so I'm not sure what you're thinking you're gaining from your sad little stalker impersonation
@Ben,
The visage and the voice of that man makes me nauseous. Can I suggest to using a visa card instead, if you must have a graphic.
Just to be clear, the AHCA wasn't named Obamacare by the people who introduced it but instead by right wingers who wanted to use the racism of their followers to demonise a policy that would help them at the expense of their donors.
As for this scheme it's cool I guess but unless the returns are very large surely you would just pick the highest cashback card and deposit it yourself?
Tremendous! MAGA!
Would you trust ANY account that has Trumps name on it? Not a chance. Another money grab by the Trump team. Who is the bank or fiduciary that holds these funds? What interest rate will they pay on these accounts?
Knowing how this administration defies any and all laws, will these accounts even be solvent by the time any of the kids turn 18 and Trump and his MAGA cronies are hopefully long gone?...
Would you trust ANY account that has Trumps name on it? Not a chance. Another money grab by the Trump team. Who is the bank or fiduciary that holds these funds? What interest rate will they pay on these accounts?
Knowing how this administration defies any and all laws, will these accounts even be solvent by the time any of the kids turn 18 and Trump and his MAGA cronies are hopefully long gone? It's nauseatingly never ending how they figure out ways to line their own pockets.