"What people have missed is ... [credit] card usage has actually gone up," Corbat said in a wide-ranging interview with "Mad Money"host Jim Cramer on Wednesday.
"Sure, Amazon has benefited, but other online retailers benefit [too]," argued the CEO of one of the nation's top credit card issuers. "Today, only about 20 to 30 percent of purchases in stores happen on credit cards. About 100 percent [of purchases] happen online with credit cards. So we benefit from that. And if you think of our partners — Home Depot and American and Costco and all of those — we've definitely got to benefit from that."
Even with those tail winds from the increased use of plastic,
However, on Tuesday, Citi executives expressed a positive outlook for profit growth at Citigroup's first investor day since the 2008 financial crisis.