And one is on the vintage curves from new originations. They continue to be pretty flat month after month. They’re, of course, lagged by several months, but pretty flat. And in — when we compare individual segments to where they were back in the pre-pandemic period. It’s pretty much on top of each other. So, that is a good sign. We continue to look at our payment rates, which continue to be elevated. We like elevated payment rates that we’ve assumed they’re going to normalize part of the way down to where they were before. But of course, there’s been some mix shift towards more spender within Capital One’s portfolio. But payment rates continue to be strong. The percent of customers making just the minimum payment is still below pre-pandemic levels.
The percent of customers making full payments is above pre-pandemic levels. Revolve rate is roughly flat relative to last year and remains below pre-pandemic. So, these are all things that are positive indicators. But I do want to say also, again, there’s been some mix change in our own portfolio with a bit of a shift toward the heavier spenders. So, many of these metrics may not fully get back to where they were pre-pandemic. But if we pull up on this, what we see is — nothing we see is surprising. It would be consistent with a consumer coming off of some of the extreme stimulus and some of the extreme pullbacks in the pandemic and returning to more normal behavior. And I think the delinquency metrics are certainly leading indicators of that trajectory.
Bill Carcache: That’s very helpful, Rich. Thank you. If I may, as a follow-up, separate topic. Can you give us an update on Capital One’s strategy for reducing friction at checkout with different electronic consumer wallet solutions. There have been some recent press reports regarding partnerships with other digital wallet providers. It would be helpful if you could just share your latest thoughts.
Jeff Norris: Before you go, we’re getting a lot of background noise, Bill. Could you go on mute?
Bill Carcache: Yes.
Richard Fairbank: So, a phrase that I’ve often used is the tip of the spear in the transformation of banking is payments, both on the consumer and the commercial side. And the reason I say this is that first of all, it’s very prone to significant changes in technology, and also, it’s not as heavily regulated a space as much of banking is. You don’t have to be a bank holding company to be doing a lot of those things. And that’s actually the area that we have seen certainly a lot of traction in — by some very successful tech company. So, Capital One has — we continue to support the various technology players who have developed payment innovations, and we continue to develop innovations of our own. There were some news out about in the news today, in fact, about potentially a new wallet coming out.
We are 1 of 7 co-owners of EWS. And we’re one of the thousands of banks that use EWS. But on that one, we really don’t have any specific comments to get ahead of the EWS management team on that.
Operator: And our next question comes from the line of Don Fandetti with Wells Fargo.
