“Over time, though, I would expect rising rates to represent a modest headwind.”

In context

“the investments we've made in our premium value propositions. This quarter, we acquired 3.3 million new cards with acquisitions of US Consumer Platinum and Gold Card members and US business Platinum Card members, all reaching record highs in the quarter and now each more than two times higher than pre-pandemic levels, demonstrating the great demand we're seeing, especially for our premium fee-based products. Moving on to Slide 16, you can see that net interest income was up 30% year-over-year on an FX adjusted basis due to the recovery of our revolving loan balances. While generally speaking, a rising rate environment would be a modest headwind for us due to our sizable non-interest-bearing charge balances. An actual fact, it has been fairly neutral in terms of impact for us year-to-date. Over time, though, I would expect rising rates to represent a modest headwind. To sum up on revenues, we're seeing strong results across the board and really good momentum. When looking at Slide 17, I would point out that we have now seen six consecutive quarters of revenue growth above 24% on an FX adjusted basis as we are now showing strong growth even on top of the strong recovery-led growth in the prior year quarter. I would also point out that we have a couple of hundred basis points of difference when looking at revenue growth on an FX-adjusted basis versus our reported results. So, while we are leaving our full year reported revenue guidance at 23% to 25% for 2022, I would expect to be above that growth rate range on an FX-adjusted basis. Now, all this revenue momentum we just discussed has been driven by the investments we've made in our brand, value proposi”