In this episode, host Reggie Young sits down with Matthew Goldman, founder of Totavi and one of the most respected card experts in fintech, for their annual “State of the Cards Union.” Matthew breaks down why 2025 became a breakout year for crypto-linked cards, how Amex is selectively stepping deeper into fintech partnerships, and why HELOC-backed credit products reached an unexpected inflection point. He also shares what surprised him most this year, the underwriting innovations reshaping access to credit, and why consumer obsession with rewards has gone fully mainstream. The conversation moves through the history of program management waves, the rise of cloud-native processors, and the real economics behind modern card programs. Finally, Matthew looks ahead to 2026 with predictions around stablecoin settlement, hyper-personalized rewards, and the next big opportunity in gig-worker credit.