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Potential headwinds include "reserve build, winding down portfolio held for sale" and lower interest rates.

The "lower interest rates" risk comment is an interesting one in the context of card companies in general.

Does the writer know that credit card rates in the US are hitting all time highs?
Not just in terms of spreads, but absolute levels.

So, yes, I think lower interest rates are a risk.
But only in the sense of easing back a hair from "printing money hand over fist" levels.
They aren't like banks with mortgage rates chained to the T-bond.
For now, they can charge what the market will bear.

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