“But it’s still above in 2023, I would say the stable level and still above where we were pre pandemic because of that rebuilding process.”

In context

“hat drives first really strong discount revenue growth. Our card fee growth, as Steve just mentioned, is super sustainable. I’d just remind everyone that is the front-line item that grew double digits right through all the ups and downs of the pandemic. And gosh, our latest figures that Steve just gave you, 70% of our card members on fee-paying products this quarter, we have a long ways to go to keep growing net card fees. And then, look, it’s the third leg of the stool. It’s only 19%, 20% of our revenues, but net interest income matters. And we are still in a rebuilding mode of balance. Certainly, that process has now begun in earnest, and that’s why you saw our loans grow a little faster than volumes this quarter. So I don’t expect to see quite as high a rate next year as you saw in Q4. But it’s still above in 2023, I would say the stable level and still above where we were pre pandemic because of that rebuilding process. So you put all that together with the comments that you’ve now heard both Steve and I make, which is, look, we got to run the business based on what we see with our customers who are premium consumers, select segments of small businesses and the largest companies in the world, and that’s where you get to the 15% to 17% revenue growth. Operator: Thank you. The next question is coming from Betsy Graseck of Morgan Stanley. Please go ahead. Betsy Graseck: Hi, good morning. Steve Squeri: Good morning, Betsy. Betsy Graseck: So another kind of subtext on this theme. I wanted to understand a little bit about how I should be triangulating the revenue growth outlook, which is very clear with the comments around normalization of credit, should I be expecting that you’re underwriting to that pre-pand”