Chime Financial Inc. customers increased their spending on motor fuel by 25% in March versus February, the company's chief executive said, as higher crude prices following US attacks on Iran fed through to pump prices.
Chris Britt, Chime's CEO, described the change as a notable rise in fuel outlays during a television interview on Bloomberg on Thursday. He said consumers overall continue to demonstrate resilience, with aggregate spending and savings patterns remaining largely consistent, but added that the jump in fuel costs is producing a tangible pinch for many households.
"From February to March we did see, not surprisingly, a pretty significant uptick in the amount that consumers were spending on their fuel purchases," Britt said. "That is definitely something consumers are feeling a real pinch in."
President Donald Trump has been attempting to persuade Americans that the US attacks on Iran, which began at the end of February, were necessary. The conflicts and related geopolitical uncertainty have contributed to a rise in crude oil prices and a surge in gasoline costs, which climbed above $4 a gallon for the first time since 2022.
Reports of a sharp move higher in Brent crude followed a prime-time speech by President Trump on Wednesday night that, according to market observers cited in the reporting, reduced expectations of a swift resolution to the conflict and helped push oil benchmarks upward. Those higher crude prices have translated into elevated retail gasoline costs.
Despite the increase in fuel spending, Britt said other categories of consumer expenditure have been steady. He specifically noted that spending on groceries, mobile phone bills and other regular monthly obligations has not shown a comparable increase in Chime's customer data.
This reporting reflects the company's stated data and public comments by its CEO. The figures and statements cited are presented as reported and do not include additional analysis beyond those disclosures.