The US credit card industry is in a low-growth stage right...

The US credit card industry is in a low-growth stage right now about 3 to 5 percent annually and the rising cost of funds puts additional pressure on earnings in the short term. But given the strengths of Discover, its powerful brand name and its continuing strong return on investment, retaining the business and investing in it over time give us a good chance to create value through domestic growth in excess of industry trends, growth in international profit and the unique opportunities in the payments business.