“So, as a result, when you look at the sort of full year revenue rate for card of around 10%, we actually see that as a reasonable central case for next year with the sort of elevated marketing and customer acquisition amortization being offset, obviously, by expected growth in NII with the revolve narrative that we’ve laid out.”

In context

“gh. So you’ll remember that for card income, we had a sort of one-off item last quarter, depressing the number. This quarter, we have another sort of one-offish type item, which is the impact of the Southwest co-brand renegotiation, which is public. So, that’s contributing to the card income line, the revenue rate a little bit. But it’s important to note that in the background of all this is the impact of the customer acquisition amortization comfort revenue expense, which, as you know, amortizes over 12 months. And so, as I mentioned earlier, as part of the big sort of increase in customer engagement, as part of the reopening in the middle of the year, we ramped that up quite significantly, 100,000 point offers in the market and stuff like that. And so, that’s coming through the numbers. So, as a result, when you look at the sort of full year revenue rate for card of around 10%, we actually see that as a reasonable central case for next year with the sort of elevated marketing and customer acquisition amortization being offset, obviously, by expected growth in NII with the revolve narrative that we’ve laid out. Operator: So, that question is from Jim Mitchell coming from Seaport Research. Jim Mitchell: Just you guys are doubling the investment spend. So clearly seeing success in the prior efforts. So, could you just give us a little bit big picture discussion on what you’re seeing from a return on investment standpoint and what time frame? Because I think you kind of alluded to 2023 still being a little bit subpar in return. So, does that mean the payback is a little longer and you still expect significant growth in investment spend in ‘23? Jeremy Barnum: Yes, sure. So, I mean, at some level, the question that you’re asking is this perennial question of how can we be sure that the investments that we’re making are paying back and on what time line and how do we measure that? And it’s interesting”