“And I would remind you that for our business model, we would not expect to see a meaningful impact from the lower interest-rate environment next year.”

In context

“the current growth supported by continued product innovation and our focus on premium value propositions. We currently have plans to refresh around 40 products globally next year. In the quarter, we acquired 2.9 million new cards, and the spend revenue and credit profiles of our new cardmembers continue to look strong. Moving on to slide 14. You can see that net interest income was up 30% year-over-year on an FX-adjusted basis in Q4, and 33% for the full-year. This growth is driven by the increase in our revolving loan balances and also by continued net yield expansion versus last year. When you think about 2024, you should expect to see net interest income growth moderate as balance growth moderates, with some continued tailwind from our tenured customers continuing to rebuild balances. And I would remind you that for our business model, we would not expect to see a meaningful impact from the lower interest-rate environment next year. To sum up, revenues on slide 15, the power of our diversified model continues to drive strong revenue momentum. Looking forward into 2024, we expect to see revenue growth between 9% and 11%. Moving to expenses on slide 16. Overall, total expenses were up 5% in the fourth quarter and 10% on a full-year basis, both growing significantly lower than revenue. This expense growth reflects the strong growth we're seeing in our business, the investments we've made, as well as our continued focus on expense discipline. Starting at the top of the page with variable customer engagement expenses. These costs came in at 40% of total revenues for the fourth quarter and 41% for the full-year. I would note that this cost came in a bit lower than our expectations, reflecting some of the natural hedges in”