Visa responds to backlash after Trump Accounts post goes viral
Visa is facing an online backlash after partnering up with President Donald Trump on his new investment account for children, the “Trump Account.”
In a post shared to X, Visa announced it would be working “with our U.S. financial institution partners to enable a new capability that will offer cardholders the option to direct credit card rewards into Trump Accounts.” “It’s a simple way for families to turn rewards earned on everyday purchases into savings for their children’s futures,” it said. The post has been viewed over 11 million times on X, earning over 4,000 shares and 2,000 comments.
The responses have not been entirely positive though, with many X users accusing Visa of aligning itself politically with Trump. Many of those critics have decided to boycott Visa.
Noting that the Trump Accounts scheme was one that received bipartisan support and comes IRS approved, a Visa spokesperson told Newsweek: “Visa has supported efforts to increase financial inclusion and education for decades. Our announcement yesterday furthers these objectives by creating a simple way for families to turn rewards earned on everyday purchases into savings for their children’s futures. This is about helping Americans build long-term financial security by ensuring children have a vested stake in their future from the very beginning.”
What To Know
Trump Accounts are tax-advantaged savings and investment accounts for children which come seeded with $1,000. They are for kids born in the U.S. between 2025-2028. The Trump administration hopes the scheme will provide a boost to long-term investments. Under the Visa proposals, cardholders will be able to direct rewards points into these Trump Accounts, further boosting family savings in the process.
The tax-advantaged savings accounts have drawn support, and significant financial contributions, from a number of business leaders, corporations and celebrities.
Why It Matters
Though Visa has sought to position this announcement as an entirely non-political one, it has come at a time when many businesses in the U.S. appear to be weighing in on both sides of the political divide.
Earlier this month, the Trump administration accused Hilton Hotels of refusing rooms to Immigration and Customs Enforcement officers. While some backed the hotel chain’s decision, others within the MAGA movement called for a boycott of Hilton over the alleged incident.
In November, Home Depot was also the target of a proposed boycott after a campaign group accused the home improvement chain of “allowing and colluding with ICE to kidnap our neighbors on their properties.”
This week more than 60 different businesses and CEOs signed a letter calling for the “immediate de-escalation of tensions” in Minnesota following the lethal shootings of U.S. citizens Renee Nicole Good and Alex Pretti. The full list can be viewed here.
What People Are Saying
Visa’s announcement has sparked similar calls for a boycott. Several critics of the plans have taken to X to voice their displeasure at what is being proposed.
RoguePOTUSStaff, a vocal critic of the Trump Administration, on X: “This is, in fact, the kind of development that should terrify every American. The intermingling of private business with government policy, especially business that involves massive data and policy that lacks appropriate legislation, is an insidious pathway to long term fascism.”
Lee Hepner, anti-monopoly law and policy at @econliberties and another Trump critic, said: “Visa is facing a Biden DOJ lawsuit alleging illegal monopolization of debit card transactions, where it exploits a 60 percent market share to extract billions in excess revenue from merchants and consumers. Enter ‘Trump Accounts.’”
Streamer and host @GlitterXplosion on X: “Seems like a good time close your accounts, folks.”
X user @Unholyhello, whose profile describes themselves as “anti fascist,” responded to the X post Visa made by saying: “Canceling all of my Visa cards. Thanks for partnering with a fascist.”
Others struck a more positive tone. Entrepreneur and investor Marcelo P. Lima, posting as @marcelolima, wrote “this is awesome,” while Jim DeRosa, coordinating producer for Fox Business: “Private sector buying into Trump Accounts. Promising.”
Several users have even threatened to switch to Mastercard, oblivious to the fact it too supports Trump Accounts.
Television producer Jeremy Pond on X: “And for everything else, there’s Mastercard.”
Writer Gail Vaz-Oxlade on X: “Hmmmm time to drop your Visa card for a Mastercard.”
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