合则强，孤则弱。 去年9月，Visa宣布迎来新任大中华区总裁，张文翊接替计划于2025年底退休的于雪莉。于雪莉在任 时，曾透露Visa下一步将重点推动"磁升芯"项目和Apple Pay项目，以助力中国境内规模提升，并指出这 两大项目有着重要的战略意义。 双标卡地位的变化，也折射出支付战场的波谲云诡。一方面，随着中国银行卡清算市场的日益开放，各 大老牌国际卡组织开始面临与"巨无霸"中国银联的同台交锋；另一方面，国内支付市场"C位（中心 位）"已被支付宝等数字钱包占据，走向幕后的卡产品已难以复刻昔日风光。 暗流涌动之下，卡组织的扩张野心与竞争焦虑并存。双标卡"磁升芯"这一步棋，短期来看，确实为存量 双标卡注入了一剂强心针；但从长远来看，这种卡组织间的"合纵连横"或许只是权宜之计，能否真正扭 转市场局面，仍需打上一个问号。 银行启动：双标卡借"磁升芯"重生 去年以来，银联-Visa双标卡"磁升芯"在多家银行启动。例如，建设银行宣布自2025年12月25日起，对部 分银联-Visa双标磁条卡升级为芯片卡；中国银行也在去年"双11"当天推出银联-Visa双标信用卡升芯有 礼活动。 所谓双标卡，是一种同时印有两家卡组织标 ...

President Trump took a swipe at credit card issuers this week, vowing his administration wouldn’t let consumers be “ripped off” by high interest rates and sending bank stocks and financial-sector ETFs skidding downward. Like many things in the Trump era, it’s hard to tell what is noise and what is an actual threat to businesses. In this case, the president told credit card issuers to cap interest rates at 10% (about half the current average across the industry) or risk running afoul of the law. But it doe ...

Core Viewpoint - Credit card stocks, particularly American Express, experienced a decline following President Trump's proposal to cap credit card interest rates at 10% for one year, raising concerns about potential impacts on profitability [1][2][3] Company Performance - American Express reported a strong third-quarter performance with revenue rising 11% year over year to a record $18.4 billion and earnings per share increasing 19% to $4.14 [7] - Discount revenue grew 7% year over year to $9.4 billion, while net card fee revenue surged 18% year over year to approximately $2.6 billion, and net interest income rose 12% year over year to $4.5 billion [8] - Card member spending growth accelerated to 9% year over year, supported by new account acquisitions and increased spending from existing members, with a low net write-off rate of 1.9% [9] Potential Impact of Policy Change - A proposed 10% cap on credit card interest rates could negatively affect American Express's business model, particularly its net interest income, which accounted for about one-fourth of its third-quarter revenue [4][6] - The cap may force credit card companies to lower credit limits for higher-risk borrowers, leading to reduced card member spending and lower discount revenue [5] - Investors are advised to monitor the situation closely, as the proposed policy could significantly impact credit card companies and banks that lend to credit card users [11]

Group 1 - Proposed credit card interest rate cap policy could severely impact the $70 billion credit card debt securitization market, but investors believe the likelihood of implementation is low, resulting in a muted market reaction [1] - Analysts from JPMorgan indicated that a 10% interest rate cap would significantly reduce the excess spread, a key profitability metric, to levels comparable to those during the 2008 financial crisis [1] - The credit card asset-backed securities market is highly sensitive to the interest rate cap policy, which could block high-interest borrowers from accessing credit cards, leading to a significant contraction in the market [2][3] Group 2 - If the interest rate cap is enforced, banks are expected to tighten credit issuance, leading to a decline in overall loan volumes and a reduction in the issuance of credit card asset-backed securities [3] - Current data shows that credit card ABS has dropped from a peak of 36% of total ABS issuance in 2009 to just 9% [2] - The stock market reacted negatively, with significant declines in shares of banks and credit card issuers, particularly those with a higher proportion of low-quality borrowers [4] Group 3 - Analysts predict that if the interest rate cap is made permanent, it could lead to systemic adjustments in credit card companies' strategies, including reduced credit issuance to non-prime consumers and increased fees [4][5] - Major banks like Citigroup, JPMorgan, and Bank of America could see a decline in earnings per share ranging from 1% to 10% due to the proposed policy [5] - The potential impact on credit card companies' book values could be severe, with estimates suggesting declines of 20% to 40% for certain firms under the temporary cap [5][6]

JPMorgan CFO Jeremy Barnum warned Tuesday that President Donald Trump's push to put a 10% cap on credit card interest rates could hurt the broader economy and reduce access to credit. "What's actually simply going to happen is that the provision of the service will change dramatically. Specifically, people will lose access to credit, like on a very, very extensive and broad basis, especially the people who need it," Barnum said during a call tied to the bank’s fourth-quarter earnings release. Barnum said th ...

JPMorgan Chase is pushing back on President Trump’s proposed 10% cap on credit card interest rates, with the bank’s top finance executive warning that the move would be “very bad for consumers” and force a radical overhaul of one of Wall Street’s most profitable businesses.“If it were to happen, it would be very bad for consumers, very bad for the economy,” JPMorgan Chief Financial Officer Jeremy Barnum said on the bank’s earnings call on Tuesday.If the cap is implemented, the company’s credit card operatio ...

Core Viewpoint - The relationship between Wall Street and the Trump administration has deteriorated due to proposed policies that threaten the financial industry's profitability and the independence of the Federal Reserve [1][2]. Group 1: Impact of Proposed Policies - President Trump has proposed a one-year, 10% cap on credit card interest rates, which could significantly affect financial institutions that rely on this lucrative business [2][5]. - The average credit card interest rate currently ranges from 19.65% to 21.5%, indicating that a 10% cap would lead to substantial revenue losses for banks, estimated at around $100 billion annually [6]. Group 2: Concerns from Financial Executives - Bank CEOs have expressed concerns that Trump's actions could harm the American economy rather than help it, emphasizing the importance of the Federal Reserve's independence [2][4]. - BNY Chief Executive Officer Robin Vince highlighted that undermining the Fed's independence could shake the foundation of the bond market and potentially lead to higher interest rates due to a lack of confidence [3]. Group 3: Market Reactions - Shares of major credit card companies, including American Express, JPMorgan, Citigroup, and Capital One, experienced significant declines as investors reacted to the potential negative impact on profits from the proposed interest rate cap [6].

Market Overview - U.S. stock markets are experiencing a mixed session with major indexes showing slight pullbacks as investors assess inflation data and fourth-quarter earnings reports [1][2] - The S&P 500 Index is down less than 0.1%, the Nasdaq Composite Index has slipped 0.2%, and the Dow Jones Industrial Average has fallen 0.6% [2] Economic Indicators - The December Consumer Price Index (CPI) data shows a 2.7% year-over-year rise in headline inflation, matching expectations, while core inflation is at 2.6%, slightly below the projected 2.8% [4] - The 10-year Treasury yield has decreased to below 4.18% from 4.20% following the CPI data release, indicating potential room for Federal Reserve interest rate cuts [4] Earnings Reports - JPMorgan Chase (JPM) reported adjusted profits exceeding expectations but with slightly lower revenue, leading to a 2.5% decline in shares [7] - Delta Air Lines (DAL) shares fell nearly 6% pre-bell and 1.5% in recent trading after forecasting lower-than-expected profit growth for fiscal 2026, despite reporting operating revenue of $16.00 billion [7] - L3Harris Technologies (LHX) shares surged 3% to an all-time high following plans to spin off its Missile Solutions business, supported by a $1 billion government investment [8] Sector Movements - A sector rotation trend has been observed since late December 2025, with the Dow Jones and small-cap Russell 2000 outperforming AI-heavy mega-cap technology stocks [3] Corporate Developments - Sun Country Airlines Holdings Inc. (SNCY) shares jumped 10.6% after announcing an acquisition agreement with Allegiant Travel (ALGT) valued at $18.89 per share [10] - Posco Holdings Inc. (PKX) shares rose 12% after raising $700 million in global bond markets and providing a positive earnings outlook for 2026 [11] Political Impact - President Trump's proposal to cap credit card interest rates at 10% has negatively impacted financial stocks, with Visa (V) and Mastercard (MA) down 5%, and American Express Company (AXP) down 4.3% [9]

Core Viewpoint - President Trump's proposal to impose a 10% cap on credit card interest rates aims to protect consumers from high-interest rates, but it may lead to significant restrictions on credit access for many Americans, particularly low to moderate-income households [2][3][7]. Impact on Consumers - The Electronic Payments Coalition (EPC) estimates that 82% to 88% of credit card holders could see their cards eliminated or their credit limits drastically reduced due to the proposed cap [3][4]. - Nearly all credit card accounts associated with a credit score below 740 would be closed or severely restricted, affecting approximately 175 million to 190 million American cardholders [7]. - The average credit score for low-income Americans is reported at 658, while it is 735 for middle-income households, indicating a significant disparity in credit access [7]. Impact on Small Businesses - Small business owners, who often use personal credit cards alongside business accounts, would face compounded restrictions, affecting their financial operations [15][16]. - The reliance on credit cards for cash flow is critical for small businesses, with 98% of them making under a million dollars in gross receipts annually [16]. Changes in Credit Access - Remaining cardholders would experience lower credit limits, tighter underwriting standards, and reduced or eliminated rewards, regardless of their credit scores [8]. - Consumers may turn to riskier alternatives, such as payday lenders and unregulated online lenders, which are exempt from the proposed cap [11].

A proposed cap on credit card interest rates will hurt U.S. consumers and the economy, JPMorgan Chase Chief Financial Officer Jeremy Barnum said on Tuesday. ...