John Greene: Yeah. What we’re seeing is kind of loan build driven by two factors. So, it’s somewhere between 30% and 40% of the build is — or the loan growth is from new accounts, and then the remainder is coming from payment rate normalization. So, we’re seeing kind of portfolio customers increasing their balances. So — and that normalization of payment rate is pretty consistent on the upper bands to the — call it, to the midpoint to the top two-thirds of the portfolio. The bottom third, the payment rate normalized last year, and we’re seeing that at pretty close to historical levels, maybe a mild deterioration from that.
Nick Holowko: Got it. Thank you for taking my question.
Operator: Thank you. Our next question will come from Dominick Gabriele with Oppenheimer. Your line is open.
Dominick Gabriele: Hey, thanks so much. Something sort of related to that, so we just think about the year-over-year spending growth, roughly 1%, I guess, what was the year-over-year growth in the number of cards or new accounts? And also, what was the — and just added to that, what is the benefit that Discover saw to spending in the quarter related to gas on the growth? And then, I just have a follow-up. Thanks.
John Greene: Yeah. So, we grew, and I — we made public comments on this. In 2022, we grew accounts about 20% overall. This year, as we’ve taken a look at the kind of credit performance, we’re on pace to kind of originate about the same number of overall accounts. So, the growth in terms of new accounts will be relatively flat, but the new account generation will be pretty consistent year-over-year. That could change if we [pare] (ph) back credit here in the fourth quarter and into next year. In terms of gas, that was interesting. So, gas was up 1% in the quarter. It was also 5% category. So, when you adjust for kind of the deflationary impact, the usage there was — or at least through our card was up over 10%.
Dominick Gabriele: Okay, great. And then, obviously, you have a lot of student loans. You’re one of the major players. We have the moratorium ending. I know that that doesn’t affect you directly perhaps in your own loans, because they’re private loans, but what are you seeing in the data that you’re watching of how this might be affecting either payment rates or demand for private loans or refinancings? Anything you can provide as far as how this affects the consumer that you’re seeing in your data, only in 19 days or whatever, but anything you can provide would be really helpful. Thank you.
John Greene: Yeah. So, we’re not seeing anything in our data yet whatsoever. We did actually, a couple quarters ago, quantify what we thought the impact could be to our portfolio in terms of charge-offs. And as it turns out, based on the executive order direction in terms of kind of the repayment structure that the Biden administration is putting in place and making kind of payments levels associated or tied to income levels, we expect the impact on our portfolio to be de minimis. Now, we’ll see how it all plays out legislatively, but we’re not expecting a significant impact certainly this year, and we’ll evaluate to see what happens and take a look at our data to make a determination if it is going to have an adverse impact on our charge-offs. But today, nothing.
Dominick Gabriele: Got it. Thank you.
John Greene: You’re welcome, Dominick.
Operator: This concludes the Q&A portion of the call. And I’d now like to turn the floor back over to Eric Wasserstrom for any additional or closing remarks.
Eric Wasserstrom: Well, thank you very much for joining us this morning. If you have any additional questions, please reach out to the IR team and looking forward to hear from you. Thanks very much. Take care.
Operator: Thank you, ladies and gentlemen. This concludes today’s program, and we appreciate your participation. You may disconnect at any time.
