From the new Origins Card to Chase replacing Goldman Sachs as the new issuer of the Apple Card, Andrew Davidson breaks down the latest news in the financial services industry. He also discusses President Trump’s call for a 10% APR Cap, Bilt launching 2.0, and Senators Marshall and Durbin reintroducing the CCA.
Want to discover more of Andrew’s cutting-edge insights on financial products, marketing strategies, and industry innovations? Follow him on LinkedIn, or listen to him as the host of Mintel’s Little Conversation podcast.
Here are the 5 things you need to know:
1. Introducing the Origins Card
The new Origins Card is being marketed as a 6% back, no-fee Visa (reported to be debit, although the site does not clearly display disclosures) “powered by a shared treasury connected to the growth of the AI economy.”
- Every purchase contributes to an “Autogrow Treasury.” According to the site, each purchase “routes a small contribution back to the treasury” and “strengthens the value of every participant’s stake over time.”
- There is no visible issuing bank, no program partner, and no disclosures, which is highly unusual for a product presented as launch-ready.
- A separate “train AI” concept is referenced but not defined. There is no clarity on who trains the AI or how that activity creates value.
- Instagram ads over the last 48 hours invite those interested to sign up for early access.
💡 The first card launch of 2026 arrives as a complete mystery
- The mystery is the story and it cuts both ways. Origins appears to be intentionally leaning into intrigue. No issuer. No details. No clarity on how the upside works. This approach generates attention, but it also creates friction. Fintech launches typically build trust through transparency. Here, the lack of information becomes part of the marketing. It may generate interest, but it also raises questions about readiness and credibility.
- Riding the AI wave. Based on the limited information available, the 6% reward appears tied to some form of pooled treasury. The “AI economy” framing suggests that the value is generated outside traditional card economics. One interpretation is a hybrid model that combines card spend, treasury growth, and AI participation. If that is correct, Origins may be testing a new category of reward products that blends financial incentives with a broader network driven value loop. It is early, opaque, and unproven, but it hints at where some experimental card models may be heading and if they can scale the “AI economy” framing it will continue to generate buzz.
2. Chase Replaces Goldman Sachs as the New Issuer of Apple Card
Apple and Chase announced that Chase will replace Goldman Sachs as the new issuer of Apple Card.
What we know:
- The transition will take 24 months as Chase integrates Apple’s technology.
- The value proposition isn’t changing, which includes up to 3% Daily Cash back, Apple Card Family and access to a high yield savings account.
- Mastercard will still be the network.
- Chase recorded a one‑time $2.2 billion credit reserve in Q4 2025 related to the forward purchase commitment of the Apple Card portfolio.
Chase will take on more than $20B in outstanding Apple Card balances. The last official disclosure in January 2024 put Apple Card at 12M+ cardholders, and that number is almost certainly higher now.
The announcement prompted me to repost my Apple Card unboxing video from 2019.
💡Growing up and leveling up
- Apple Card grows up. Apple Card is moving from challenger to mainstream. At this scale, that makes sense. This is no longer an experiment. It’s a serious, scaled financial product backed by the largest bank in the country. As a cardholder, the real question is whether it can sustain what made it great in the first place: the Apple experience.
- Superpower synergy. Together, Apple and JPMorgan have a combined market cap approaching $5T, roughly the size of Germany’s economy. The scale and capabilities of these two giants combined create real potential for Apple Card to move into a new phase of growth. Chase brings deep credit expertise and the largest issuing platform in the country, while Apple delivers the consumer experience people trust. If they can work in sync, Apple Card could shift from a successful product to a major force in consumer payments.
3. President Trump Calls for a 10% APR Cap
In a Truth Social post, President Trump called on the card industry to cap interest rates at 10% for one year beginning on January 20th, 2026.
The irony is striking. Decades ago, Senator Chuck Schumer forced credit card APRs into plain sight through what became known as the Schumer Box, a standardized disclosure that made APR the headline number for every card.
Now, Trump is applying pressure to that same number. Conceptually, could we see a “Trump Rate” explicitly called out inside the Schumer Box?
Last year, I laid out who wins and who loses in a 10% cap world, and it still applies.
💡The art of the deal applied to credit cards
- The negotiation. Trump did not cap credit card rates. He initiated a negotiation. The 10 percent figure serves as an anchor that frames the conversation, while the one-year duration acts as a bargaining chip that invites counteroffers. The January 20th start date created urgency, and now that it has passed, the conversation has shifted toward new ideas like “Trump Cards” for underserved Americans.
- Rate pressure. Regardless of whether a cap ever becomes law, the direction of travel is clear. Political attention on APRs increases the pressure on issuers to justify or reduce rates, especially now that APRs are once again in the national spotlight. The market hears the signal loudly and sees that rate relief is becoming a public expectation.
- Scenario planning matters. This is as strong a policy signal as the industry is likely to get. Even if the exact terms never materialize, issuers need to prepare for a world where rate limits or pseudo‑rate frameworks could emerge quickly. Building scenarios now enables issuers to adapt pricing, underwriting, and product design before regulatory or political momentum forces rapid change.
4. Bilt launches 2.0
Pre-orders for the new Bilt 2.0 credit cards began on January 14th, with cards going live on February 7th.
Bilt has launched something genuinely innovative: a way to earn points on mortgage payments.
Now that the startup Mesa has shut down, this is unique in the market. Here is the new lineup:
- Bilt Blue (no annual fee)
- Bilt Obsidian ($95 annual fee)
- Bilt Palladium ($495 annual fee)
However, the new cards were not well received by Bilt’s existing members, prompting the company to update its complicated value proposition by providing two options to earn rewards on rent or mortgages.
💡Threading the Needle: Bilt’s Challenge with 2.0
- The renters’ problem. Bilt’s current members are renters. They are the people who built the brand. And renters do not care about mortgage rewards yet. They care about keeping rent simple. Many expressed their frustration on Reddit, prompting a direct response from Bilt’s founder.
- Messaging in two phases. The first marketing priority is not selling the sophistication of a dual currency system. It is keeping existing renters engaged through the transition, even if the headline benefit is not for them today. Bring renters along now, and Bilt is well-positioned when those same members become homeowners.
- Phase two is the real story. About 66% of Americans own their home,s and most have mortgages, compared to roughly 29% who rent. That is the HUGE opportunity. Mortgage is the largest spend category in the United States. Bilt’s model, once you understand it, is a smart and sustainable way to unlock that value.
- Final word. The most innovative part of Bilt 2.0, the ability to earn points on mortgage payments, is getting a little lost in the early messaging. But once that breaks through, it is the real game-changer. Instead of dismissing the structure as too complicated, the industry should recognize the importance of the move. This is what pushing a category forward looks like. New models, new mechanics, and some complexity along the way.
5. Senators Marshall and Durbin Reintroduce the CCA
Who Wins and Who Loses Under the Credit Card Competition Act?
The Credit Card Competition Act (CCA) was formally reintroduced in January after President Trump publicly endorsed it in a Truth Social post.
Senators Roger Marshall and Dick Durbin brought the bill back to Congress only hours after the endorsement.
The legislation would require large issuers with more than $100 billion in assets to enable at least two unaffiliated credit card networks on each card and give merchants the ability to route transactions to the lowest cost option.
Three-party systems like American Express and Discover-branded cards are exempt. The goal is to inject more competition into a market long dominated by Visa and Mastercard.
Source: https://www.marshall.senate.gov/newsroom/
💡The Winners
- Capital One/Discover. Biggest winner. Capital One now benefits from owning the Discover network. As merchants route to cheaper rails, Capital One captures both issuer and network economics. Behind the scenes, a Capital One Visa can offer the Discover option. It is the only major issuer in this position unless Amex changes its pricing.
- Merchants. Those merchants accepting credit cards gain the power to choose the lowest cost network for each transaction. This gives them greater leverage and the potential to reduce acceptance costs meaningfully.
- Small Banks/Credit Unions/Fintechs. Banks with assets below $100 billion are exempt. They avoid the dual network requirement and avoid the interchange and rewards pressure that the largest banks will face. Fintechs took full advantage when debit interchange was capped for large banks.
🚩The Losers
- Consumers. The Durbin Amendment eliminated most debit rewards, and a similar pattern could repeat. The CCA does not cap credit interchange, but routing competition could reduce the economics that fund rewards. That could mean smaller rewards or higher fees, similar to what consumers experienced after Durbin. It could also mean a cut-back in network-funded benefits as Visa and Mastercard seek to offset reduced revenues.
- Big banks. Chase, Citi, Bank of America, U.S. Bank, Wells Fargo, PNC, and other big banks must comply with the CCA without the benefit of owning a network. As routing shifts to cheaper rails, these issuers lose interchange revenue, making it more difficult to compete with Capital One and American Express.
- Visa and Mastercard. The CCA directly challenges its longstanding dominance. Merchant routing choice weakens volume and pricing power, creating long-term pressure on both networks.
