Lower gas prices are prompting more card spending on restaurants, hotels and other discretionary categories, according to Richard Davis, U.S. Bancorp's chairman, president and CEO.

In the past 90 days, the bank has seen "almost a perfect correlation" that illustrates consumers and businesses are spending the money they are saving on gas purchases made on debit, credit and prepaid cards, Davis said during US Bancorp's Jan. 21 fourth-quarter 2014 earnings call.

"They are spending on things that I'm sure that a lot of retailers and the restaurateurs are happy about," Davis added.

On the merchant acquiring side, the bank sees less activity in the fourth quarter, which is typical for this time of the year, said Andy Cecere, U.S. Bancorp's chief operating officer and vice chairman.

The bank has fewer retail customers on the acquiring side, but these include airlines, which have a "more seasonal" business, Cecere said. "You think about when people buy their [airline] tickets … it is less in the fourth quarter."

Still, US Bancorp showed year-over-year growth of just less than 5% for same-store sales in the fourth quarter, Cecere added.

Robert Barba contributed to this story. 

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