“These travel-related revenue still remain well below 2019 levels, however and their complete recovery will likely lag and be a tailwind into 2023 along with International and cross-border travel.”

In context

“orward. In fact, depending on credit trends and the pace at which our balance sheet grows, it's possible we may need to build some modest level of reserves. Moving next to revenues on Slide 14. Total revenues were up 30% year-over-year in the fourth quarter, up 17% for the full-year. This is well above our original expectations for the year, driven by the successful execution of our investment strategy and it is part of what emboldens us to launch our new growth plan. Before I get into more details about our largest revenue drivers in the next few slides, I would note that other fees and commissions and other revenue were both up year-over-year in the fourth quarter and for the full-year, primarily driven by the uptick in travel-related revenues we began to see in the second half of 2021. These travel-related revenue still remain well below 2019 levels, however and their complete recovery will likely lag and be a tailwind into 2023 along with International and cross-border travel. Turning to our largest revenue line, discount revenue, on Slide 15, you see it grew 36% year-over-year in Q4 and 25% for the full-year on an FX adjusted basis. This growth is primarily driven by the momentum in goods and services spending we saw throughout 2021. Net card fee revenues have grown consistently throughout the pandemic and for the full-year of 2021 were up 10% year-over-year and up 28% versus 2019 as you can see on Slide 16. The resiliency of these subscription-like revenues demonstrates the impact of the investments we've made in our premium value propositions and the continued attractiveness of those value propositions to both prospects and existing customers. As a result, I expect net card fee growth to accelerate from these already high growth rates in 2022. Turning to net”