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Earnings materials from the company show that consumer billed business — which is a measure of member spending, including cash advances — was up 10% to $155b. The company noted in its earnings release that card spending, overall, has hit another all-time high, and that travel and entertainment related spending was up 14%.
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During the conference call with analysts, CEO Steve Squeri noted 70% of accounts were acquired on fee-based products, noting that “our fee-based premium products, which drive our spend centric economics and produce a fast growing stream of subscription like revenue spending is the largest contributor of revenues. While lending plays a more modest role in our model, this revenue mix is a key differentiator for us.”
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