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Sean O’Reilly, Chase Card Services general manager, on credit card spending trends and what this signals for the economic recovery.
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Americans supporting more on -- credit -- the latest numbers from the -- other credit card spending another revolving debt rose 11% in May compared to a year ago.
As more people tons of plastic what are they demanding in return for make credit card companies -- joining us a short O'Reilly chase card services.
General manager Sean thank you for being -- also we see a rise in credit card -- we talking about the wealthy -- Portion of consumers or we talking overrule.
And I know that you -- with -- -- who have been promoting the chase.
Sapphire cod in particular again which which is a high end service correct.
Correct you know it's it it's a great time to be a consumer yeah rewards programs have become increasingly important to consumers in even even through the cycle.
-- as such it's become a much more competitive environment.
A chase we've responded by investing in rewards program are rewards programs -- removing foreign transaction season and really investing in our customer service.
But consumer credit is rising seventeen point one billion right now have people paying their bills are they just charge and stuff so.
-- -- learning environment I think where where loss rates are at our our our.
Lower than they were through the cycle on what we're seeing in our business is is -- is we've invested in dining and travel.
25% rise in those categories.
That though is a mixture of customers giving more of their business to lost to the customers that you were talking about -- -- new customers entering our franchise how competitive is this particular space going.
It's you -- you only have to either open your mailbox or go online to see now how how competitive the spaces.
I think though that you know well how we've responded is we know the customers are looking for value and flexibility.
And so we've invested in our rewards programs we've invested in our service in -- For -- we give two times the points on dining and travel that's everything from the food trucks that are downstairs to fine dining.
Everything from my tab right over here today tick airlines hotels so sick Citigroup saying a consumer spending will be down a second half of the year you're not worried about -- then because you're just saying people -- -- keep beating.
We're yeah.
I think what we're trying to do is is how consumers seem to value and the products that we're offering a chase.
We obviously serve Americans coast to coast we -- -- are different products both our.
Our travel products and our our our products that are what you would call may be you know more simple credit our product stuff.
We we serve we serve everyone -- so our strategy is to make sure that.
We have the products -- meet customers' needs and then like for chase sapphire we try to do that better than the competition.
Very good all right Sheila Reilly of chase thank you so much for being here -- -- -- -- -- to -- -- he --
