“putting those factors together, it takes roughly two years to fully lap the impact of the refresh on card fees. With the contribution to growth peaking 12 months following the effective date of the new annual fee.”

In context

“vision expense of $1.3 billion this quarter included a reserve build of $125 million, reflecting balanced growth. Returning to revenue on slide 14. Revenue was very strong this quarter, up 11% with momentum across revenue lines. Net card fees were up 17%, FX adjusted, a pace that we have now maintained since 2019. Card fee growth moderated as we expected and will continue to moderate before we see an inflection upward in 2026. As a result of our product refreshes. As a reminder, card members who held platinum cards prior to the refresh get to experience the new benefits for a few months before the increase in the annual fee goes into effect. The new card fee will then be applied at renewal anniversaries over the next 12 months. Additionally, card fees are amortized over a 12-month period, putting those factors together, it takes roughly two years to fully lap the impact of the refresh on card fees. With the contribution to growth peaking 12 months following the effective date of the new annual fee. The overall trajectory of card fees is also dependent on many other factors, such as volume and mix of acquisitions, retention, and the full suite and cadence of product refreshes globally. Net interest income was up 12% again this quarter. We continue to grow balances largely in line with spending while driving higher NII growth by expanding the margin earned on balances and at the same time, we've maintained best-in-class credit results. This quarter, the service fees and other revenue line includes the impact of a transaction at the Global Business Travel Group, which contributed about five percentage points to year-over-year growth in this line. In addition, this is the first quarter that we have fully lapped the sale of the acidified business last May. The main takeaway here is that”