“We expect that growth rate to pick up in the balance of the year as the year progresses.”

In context

“growth? Stephen Squeri: Hey. Good morning, Erika. So, yes, you're right. The overall portfolio is slowly getting more premium. Either the platinum portfolio is growing at a very fast pace. The spend because of the strong engagement is also growing at a faster pace than the rest. And we have celebrated on this call for many quarters the growth and their sustained growth on card fees, which just reached $10 billion. Right? And there is in the slides that we talked about this morning, you can see the trajectory over time. A lot of that is coming from the premium cards, especially platinum. And as you think about that card fee line in the P&L for 2026, which is right now growing at 16%, which in itself is like an amazingly strong number for a base, like, that is reaching $10 billion annually. We expect that growth rate to pick up in the balance of the year as the year progresses. And as more and more of our card members on the platinum card are facing their renewal anniversary, and we are moving them to the new price point. So that's very much the dynamic indeed that is happening. The other proof points that are either visible that the portfolio is getting more premium, is there incredible performance on the credit side, you see those delinquency rates, those write-off rates that are not only best in class, but they are flat. And I compare and contrast that with many of our competitors that have guided for a small increase there while we're talking about stability. When it comes to those metrics. So the portfolio is indeed moving towards a more premium portfolio and a lot of the P&L lines are reflecting that. Kartik Ramachandran: Thank you. The next question is co”