Just a few days back, US President Donald Trump launched Trump accounts at event studded with celebrities.
Credit Card Rewards and Trump Accounts
Trump accounts are essentially child saving accounts touted by the current administration as a policy move to boost savings for future generations of Americans. The accounts would be available to every child born in the US with a valid social security number. The Federal Government would make an initial seed deposit of $1,000 for kids born between 2025 and 2028. Moreover, Michael and Susan Dell have proposed to deposit $250 for those children born between 2014 and 2024. However, these deposits are specific to kids who live in zip codes where median family income is $150,000 or less.
Once the funds are deposited, they cannot be withdrawn before January 1st in the calendar year in which the child turns 18 years old.
Converting Cash Back into Trump Account Deposits
At an event yesterday, President Trump hailed the leadership of Visa’s CEO as he announced that very soon Visa cardholders will be able to convert their cash back rewards and deposit them into Trump accounts.
President Trump hailed the move and praised the leadership for Visa for this new feature. Here’s what President Trump said:
The Pundit’s Mantra
I’m not an investment advisor but I usually stay away from converting credit card rewards into cash. I find better uses of cash back rewards or points to book travel or buy stuff that I would’ve bought anyway. However, for some others, converting these rewards into deposits may work.
What do you think about this idea to convert Visa cash back rewards into Trump account deposits? Tell us in the comments section.
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