Visa Inc. announced Wednesday that credit card holders can now use rewards points to fund children's savings accounts. Visa will make the feature available through its partner banks. The initiative supports a Trump administration push to encourage the creation of these accounts.
CEO Ryan McInerney announced the plan at a White House event. McInerney described the initiative as a "simple and powerful way to turn rewards into savings." He noted the feature helps families save for their children's future through regular spending.
President Donald Trump lauded the move, calling it a "big deal." Details regarding which banking partners will initially offer this option were not immediately available.