PROVISIONS FOR LOSSES Charge card provision for losses decreased $41 million or 6 percent in 2016 compared to 2015, and $55 million or 7 percent in 2015 compared to 2014.
The decrease in 2016 was driven by lower net write-offs and improved delinquencies.
The decrease in 2015 reflects a reserve release versus a reserve build in 2014, partially offset by higher write-offs.
Card Member loans provision for losses increased $45 million or 4 percent in 2016 compared to 2015, and $52 million or 5 percent in 2015 compared to 2014.
The increase in 2016 was primarily driven by strong momentum in our lending growth initiatives, resulting in higher loan balances, increased net write-offs in the current year and a slight increase in delinquencies, partially offset by the impact of the HFS portfolios, as the current year does not reflect the associated credit costs, as previously mentioned.
The increase in 2015 primarily reflects a reserve build versus a reserve release in 2014.
The reserve build in 2015 was due to a small increase in delinquency rates combined with an increase in loan balances, partially offset by lower write-offs and the impact related to transferring the HFS portfolios to Card Member loans and receivables HFS in December 2015.
Other provision for losses increased $34 million or 56 percent in 2016 compared to 2015, and decreased $53 million or 46 percent in 2015 compared to 2014.
The increase in 2016 was primarily driven by growth in the commercial financing portfolio resulting in higher net write-offs.
The decrease in 2015 was primarily due to a merchant-related charge in the fourth quarter of 2014.
TABLE 4: EXPENSES SUMMARY
## Table 0 ##
(a) Beginning December 1, 2015 through to the sale completion dates, includes the valuation allowance adjustment associated with the HFS portfolios.
EXPENSES Marketing and promotion expenses increased $541 million or 17 percent in 2016 compared to 2015, and decreased $107 million or 3 percent in 2015 compared to 2014 (increasing 1 percent on an FX-adjusted basis), with higher levels of spending on growth initiatives in both periods.2 Card Member rewards expenses decreased $203 million or 3 percent in 2016 compared to 2015 and increased $65 million or 1 percent in 2015 compared to 2014.
The decrease in 2016 was primarily driven by lower cobrand rewards expense of $518 million, primarily reflecting lower Costco-related expenses and a shift in volumes to cash rebate cards for which the rewards costs are classified as contra-discount revenue, partially offset by increased spending volumes across other cobrand card products.
The lower cobrand rewards expense was partially offset by higher Membership Rewards expense of $315 million, primarily driven by an increase in new points earned as a result of higher spending volumes, recent enhancements to U. S.  Consumer and Small Business Platinum rewards and less of a decline in the weighted average cost (WAC) per point.
The increase in 2015 was primarily driven by higher cobrand rewards expense of $199 million, driven by rate impacts as a result of cobrand partnership renewal costs, partially offset by a decrease in Membership Rewards expense of $134 million.
The latter was primarily driven by slower growth in the Ultimate Redemption Rate (URR) and a decline in the WAC per point assumption, including the impact of the $109 million charge in the fourth quarter of 2014 related to the Delta partnership renewal, partially offset by increased expenses related to new points earned, driven by higher spending volumes.
The Membership Rewards URR for current program participants was 95 percent (rounded down) at December 31, 2016, compared to 95 percent (rounded down) at December 31, 2015, and 95 percent (rounded up) at December 31, 2014.2 Refer to footnote 1 on page 41 for details regarding foreign currency adjusted information
TABLE 22: UNSECURED DEBT RATINGS
## Table 1 ##
(a) American Express Travel Related Services Company, Inc.
Downgrades in the ratings of our unsecured debt or asset securitization program securities could result in higher funding costs, as well as higher fees related to borrowings under our unused lines of credit.
Declines in credit ratings could also reduce our borrowing capacity in the unsecured debt and asset securitization capital markets.
We believe our funding mix, including the proportion of U. S.  retail deposits insured by the Federal Deposit Insurance Corporation (FDIC), should reduce the impact that credit rating downgrades would have on our funding capacity and costs.
SHORT-TERM FUNDING PROGRAMS Short-term borrowings, such as commercial paper, are defined as any debt with an original maturity of twelve months or less, as well as interest-bearing overdrafts with banks.
Our short-term funding programs are used primarily to meet working capital needs, such as managing seasonal variations in receivables balances.
The amount of short-term borrowings issued in the future will depend on our funding strategy, our needs and market conditions.
As of December 31, 2016, we had $3.0 billion in commercial paper outstanding and we had an average of $0.5 billion in commercial paper outstanding during 2016.
Refer to Note 9 to the “Consolidated Financial Statements” for a further description of these borrowings.
DEPOSIT PROGRAMS We offer deposits within our Centurion Bank and American Express Bank subsidiaries.
These funds are currently insured up to $250,000 per account holder through the FDIC.
Our ability to obtain deposit funding and offer competitive interest rates is dependent on the capital levels of Centurion Bank and American Express Bank.
We, through American Express Bank, have a direct retail deposit program, Personal Savings from American Express, to supplement our distribution of deposit products sourced through third-party distribution channels.
The direct retail program makes FDIC-insured certificates of deposit (CDs) and high-yield savings account products available directly to consumers.
As of December 31, 2016 we had $53.0 billion in customer deposits.
Refer to Note 8 to the “Consolidated Financial Statements” for a further description of these deposits.
LONG-TERM DEBT PROGRAMS As of December 31, 2016 we had $47.0 billion in long-term debt outstanding.
During 2016, we and our subsidiaries issued $3.8 billion of unsecured debt with maturities ranging from 3 to 5 years.
Referto Note 9 to the “Consolidated Financial Statements” for a further description of these borrowings.
Our 2016 debt issuances were as follows: TABLE 23: DEBT ISSUANCES
## Table 2 ##
ASSET SECURITIZATION PROGRAMS We periodically securitize Card Member loans and receivables arising from our card business, as the securitization market provides us with cost-effective funding.
Securitization of Card Member loans and receivables is accomplished through the transfer of those assets to a trust, which in turn issues securities collateralized by the transferred assets to third-party investors.
The proceeds from issuance are distributed to us, through our wholly owned subsidiaries, as consideration for the transferred assets.
NOTE 3 LOANS AND ACCOUNTS RECEIVABLE The Company’s lending and charge payment card products result in the generation of Card Member loans and Card Member receivables, respectively.
CARD MEMBER AND OTHER LOANS Card Member loans are recorded at the time a Card Member enters into a point-of-sale transaction with a merchant and represent revolving amounts due on lending card products, as well as amounts due from charge Card Members who utilize the Pay Over Time features on their account and elect to revolve a portion of the outstanding balance by entering into a revolving payment arrangement with the Company.
These loans have a range of terms such as credit limits, interest rates, fees and payment structures, which can be revised over time based on new information about Card Members, and in accordance with applicable regulations and the respective product’s terms and conditions.
Card Members holding revolving loans are typically required to make monthly payments based on pre-established amounts and the amounts that Card Members choose to revolve are subject to finance charges.
Card Member loans are presented on the Consolidated Balance Sheets net of reserves for losses (refer to Note 4), and include principal and any related accrued interest and fees.
The Company’s policy generally is to cease accruing interest on a Card Member loan at the time the account is written off, and establish reserves for interest that the Company believes will not be collected.
Card Member loans by segment and Other loans as of December 31, 2017 and 2016 consisted of:
## Table 3 ##
(a) Includes approximately $25.7 billion and $26.1 billion of gross Card Member loans available to settle obligations of a consolidated VIE as of December 31, 2017 and 2016, respectively.
(b) Other loans primarily represent personal and commercial financing products.
Other loans are presented net of reserves for losses of $80 million and $42 million as of December 31, 2017 and 2016, respectively.
CARD MEMBER AND OTHER RECEIVABLES Card Member receivables are also recorded at the time a Card Member enters into a point-of-sale transaction with a merchant and represent amounts due on charge card products.
Each charge card transaction is authorized based on its likely economics, a Card Member’s most recent credit information and spend patterns.
Additionally, global spend limits are established to limit the maximum exposure for the Company.
Charge Card Members generally must pay the full amount billed each month.
Card Member receivable balances are presented on the Consolidated Balance Sheets net of reserves for losses (refer to Note 4), and include principal and any related accrued fees.
Card Member accounts receivable by segment and Other receivables as of December 31, 2017 and 2016 consisted of:
## Table 4 ##
(a) Includes $8.9 billion of gross Card Member receivables available to settle obligations of a consolidated VIE as of both December 31, 2017 and 2016.
(b) Other receivables primarily represent amounts related to (i) GNS partner banks for items such as royalty and franchise fees, (ii) certain merchants for billed discount revenue, (iii) tax-related receivables, and (iv) loyalty coalition partners for points issued, as well as program participation and servicing fees.
Other receivables are presented net of reserves for losses of $31 million and $45 million as of December 31, 2017 and 2016, respectively.
Stock Performance Graph The following graph sets forth the cumulative total shareholder return on our Series A common stock, Series B common stock and Series C common stock as compared with the cumulative total return of the companies listed in the Standard and Poor’s 500 Stock Index (“S&P 500 Index”) and a peer group of companies comprised of CBS Corporation Class B common stock, Scripps Network Interactive, Inc.  (acquired by the Company in March 2018), Time Warner, Inc.  (acquired by AT&T Inc.  in June 2018), Twenty-First Century Fox, Inc.  Class A common stock (News Corporation Class A Common Stock prior to June 2013), Viacom, Inc.  Class B common stock and The Walt Disney Company.
The graph assumes $100 originally invested on December 31, 2013 in each of our Series A common stock, Series B common stock and Series C common stock, the S&P 500 Index, and the stock of our peer group companies, including reinvestment of dividends, for the years ended December 31, 2014, 2015, 2016, 2017 and 2018.
Two peer companies, Scripps Networks Interactive, Inc.  and Time Warner, Inc. , were acquired in 2018.
The stock performance chart shows the peer group including Scripps Networks Interactive, Inc.  and Time Warner, Inc.  and excluding both acquired companies for the entire five year period.
## Table 5 ##
Equity Compensation Plan Information Information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive Proxy Statement for our 2019 Annual Meeting of Stockholders under the caption “Securities Authorized for Issuance Under Equity Compensation Plans,” which is incorporated herein by reference.

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Years Ended December 31,
(Millions, except percentages)	2016	2015	2014
Marketing and promotion	$3,650	$3,109	$3,216	$541	17 %	$-107	-3%
Card Member rewards	6,793	6,996	6,931	-203	-3	65	1
Card Member services and other	1,133	1,018	822	115	11	196	24
Total marketing, promotion, rewards and Card Member services and other	11,576	11,123	10,969	453	4	154	1
Salaries and employee benefits	5,259	4,976	6,095	283	6	-1,119	-18
Other, net(a)	5,162	6,793	6,089	-1,631	-24	704	12
Total expenses	$21,997	$22,892	$23,153	$-895	-4%	$-261	-1%

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Credit Agency	American Express Entity	Short-Term Ratings	Long-Term Ratings	Outlook
DBRS	All rated entities	R-1 (middle)	A (high)	Stable
Fitch	All rated entities	F1	A	Negative
Moody’s	TRS and rated operating subsidiaries(a)	Prime-1	A2	Stable
Moody’s	American Express Company	Prime-2	A3	Stable
S&P	TRS(a)	N/A	A-	Stable
S&P	Other rated operating subsidiaries	A-2	A-	Stable
S&P	American Express Company	A-2	BBB+	Stable

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(Billions)	2016
American Express Credit Corporation:
Fixed Rate Senior Notes (weighted-average coupon of 1.65%)	$3.5
Floating Rate Senior Notes(3-monthLIBOR plus 57 basis points onaverage)	0.3
Total	$3.8

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(Millions)	2017	2016
U.S. Consumer Services(a)	$53,668	$48,758
International Consumer and Network Services	8,651	6,971
Global Commercial Services	11,080	9,536
Card Member loans	73,399	65,265
Less: Reserve for losses	1,706	1,223
Card Member loans, net	$71,693	$64,042
Other loans, net(b)	$2,607	$1,419

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(Millions)	2017	2016
U.S. Consumer Services(a)	$13,143	$12,302
International Consumer and Network Services	7,803	5,966
Global Commercial Services	33,101	29,040
Card Member receivables	54,047	47,308
Less: Reserve for losses	521	467
Card Member receivables, net	$53,526	$46,841
Other receivables, net(b)	$3,163	$3,232

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December 31,2013	December 31,2014	December 31,2015	December 31,2016	December 31,2017	December 31,2018
DISCA	$100.00	$74.58	$57.76	$59.34	$48.45	$53.56
DISCB	$100.00	$80.56	$58.82	$63.44	$53.97	$72.90
DISCK	$100.00	$80.42	$60.15	$63.87	$50.49	$55.04
S&P 500	$100.00	$111.39	$110.58	$121.13	$144.65	$135.63
Peer Group incl. Acquired Companies	$100.00	$116.64	$114.02	$127.96	$132.23	$105.80
Peer Group ex. Acquired Companies	$100.00	$113.23	$117.27	$120.58	$127.90	$141.58

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Question: In the year with lowest amount of Total marketing, promotion, rewards and Card Member services and other, what's the increasing rate of Card Member rewards in 2014?
Answer: 0.33451000000000003