Good morning from NYC!

Judging by my upcoming calendar and inbox, it feels like the final winter break vacationers are officially back in the office and ready for 2026.

(Crazy to think that at this time last year, I was skiing in Europe — my favorite type of winter trip — and still had another full week until I needed to be back in Philly for MBA classes.)

While I thoroughly enjoyed my weekend, some folks in the travel and credit card industries likely didn’t.

Between President Trump’s credit card interest rate announcement on Friday night to an airline merger announced on Sunday evening, this isn’t a newsletter to skim.

Plus, we’re just 48 hours away from learning the official details about Bilt Card 2.0 — and I already have some insider information waiting for you below.

Last week, leaked code revealed what could be the final details of the upcoming Bilt 2.0 credit cards launching on Wednesday.

Perhaps the biggest change is how you’ll earn points on rent (and mortgage payments).

Instead of just using your card 5 times a month to unlock free points on rent, Bilt is seemingly introducing a complicated formula that rewards you for spending more on its credit cards (and helps you become an Excel whiz).

The more you spend on non-rent transactions, the more free points you’ll earn from rent payments. This leaked setup turned my Instagram comments and DMs into a “RIP Bilt” party.

Bilt publicly responded to the initial backlash, which to me signals that the leak is legit. (Maybe Bilt even planted it to address the bad news before it blew up?)

Either way, I just shared a big silver lining to the rumored updates. And stay tuned because there’s much more coming later this week.

Last week, I asked for your hacks to transcon flying. I got a ton of replies, including a bunch of gear recommendations from people on what they use to optimize their trips.

There’s a sleeper hit for the best domestic first-class recliner that anyone living east of the Mississippi River might have never tried.

That award goes to Alaska Airlines, which recently started rolling out its new signature domestic cabins, including an upgraded first-class product.

The recliner features both a calfrest and leg-rest — two amenities you rarely find in domestic first class — as well as generous recline, 40 inches of pitch, and extra padding around the back of the seat.

You won’t find TVs (or Wi-Fi — yes, in 2026 — yet on some new jets), but judging by my round-trip to Seattle last week, Alaska’s first class is about as good as it gets for something that doesn’t lie flat.

Even if you don’t fly up front, you’ll probably enjoy Alaska’s friendlier-than-average crews and the pleasant PA announcements that don’t sound gruff or harried. (Why is Alaska the only U.S. airline to refer to passengers as “guests?”)

On Friday afternoon, President Trump took to his preferred newswire service, Truth Social, to announce that credit card interest rates should be capped at 10% for one year starting on Jan. 20.

Capping interest rates would have implications for many people. Obviously, it seems like a big (temporary) win for those who currently revolve their balances and have the means to eventually pay them down.

If you’re reading this newsletter, that’s likely not you. (If it is, I’d recommend sticking with a debit card and forgoing any points you might earn.)

For those with multiple premium credit cards and healthy points balances, this will be interesting to follow.

I’d imagine the issuers would need to cut back on some perks and reevaluate investment areas, like lounges, if the economics of their programs are significantly changed. (Some alternatives could be raising annual fees even higher, or devaluing points redemptions.)

There aren’t any immediate changes to report, but I’m keeping a close eye on what happens next.

Two of America’s least-known airlines just announced that they’re merging.

Allegiant Air, the leisure carrier based in Las Vegas, is buying Minneapolis-based Sun Country Airlines for $1.5 billion.

Sun Country has spent 40 years being the leisure airline of choice for those living in the Minneapolis area who don’t want to pay Delta fares. The carrier has expanded in recent years into the charter and cargo businesses and has operated with enviable margins.

But Sun Country is a small regional player with limited growth opportunities on its own.

As a combined force with Allegiant, the carriers are touting expanded breadth and scale (including a bigger international presence) as a key benefit to the merger.

As I shared on X, I think the biggest question mark is what happens in Minneapolis. Delta has largely tolerated Sun Country’s presence there without putting up much of a serious fight. (Compare the situation in Minneapolis to what Delta’s done in Seattle and Boston in recent years.)

Will the combined Allegiant pull back in MSP? Would another budget carrier try to pick up sloppy seconds? What will happen to Delta fares?