US president Trump signs $5 billion gift card deal with Visa and MasterCard

US President Donald Trump on Thursday signed a new $5.9 billion gift cards deal with two major US credit card issuers.

Trump, who will hold a summit on infrastructure and transportation at the White House on Monday, said he was happy to see the agreement signed with Visa, which offers US travelers $100 rewards points, and Mastercard, which also offers $100 points.

The two companies had long been rivals, but Trump was keen to show a “new beginning” with both companies after he took office in January, and they now had a common goal in promoting US infrastructure and making transportation safer.

The US credit cards deal will allow US consumers to spend up to $500 on online purchases and gift cards from US credit and debit cards, with a minimum of $5 per transaction, said White House press secretary Sarah Huckabee Sanders.

Sanders said the deal will also provide the US with a $1 billion annual revenue stream, which will be used to finance infrastructure projects, expand apprenticeship programs and help pay for federal healthcare initiatives.

Trump said the agreement will allow the US to offer more competitive prices and faster checkout times, and will allow merchants to offer “much faster” checkout times on certain types of products, she said.

She said the gift card agreement will be implemented over the next two years, with the first payment to be made in the next six months.

Visa and MasterCards chief executive officer Michael C. Anderson told Reuters news agency that the US would not be able to compete with the UK, Germany and other countries that offer more generous gift cards.

Anderson said Visa’s deal with the US is a “first step” in the United States’ journey to becoming a world leader in credit cards.

“This is a global deal,” he said.

“We’re excited to partner with President Trump on this important project to advance US commerce and support the economy.”

Visa said the US will not have to pay any foreign exchange taxes, and that its new deal with Trump’s administration will help to ensure the US continues to have access to credit markets.

The new agreement comes after a year of talks between the two credit card giants.US consumers have been wary of Visa and its rival MasterCard, which have come under increased pressure for their pricing and customer service.

Venture capitalist Charles Schwab said in November that the cards’ reputation had been damaged by the two companies’ aggressive promotions.

On Thursday, Trump also signed a gift card bill that will allow up to six people to purchase a $100 gift card for $1 each, with maximum $500 value.

The bill was signed into law by Trump, who also signed the $5 million deal with U.S. airline Delta.

The gift card program is meant to make credit cards less expensive for consumers.

The $1 million payment for a $50 gift card will also be paid into the Treasury.

The U.K. is the first country in the world to allow gift cards to be spent at checkout.

It has introduced its own gift card, which is not tied to Visa or MasterCard.