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Card issuer delinquencies continued to rise in November

U.S. credit card issuers saw delinquencies climb in November, while charge-off trends and portfolio yields were mixed during the month.

All large issuers — American Express Co., Bank of America Corp., Capital One Financial Corp., Citigroup Inc., Discover Financial Services and JPMorgan Chase & Co. — recorded higher delinquency rates in November compared with October. Citigroup had the largest delinquency rate increase, to 1.62% in November from 1.56% in October.

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Of the six card issuers, Bank of America, Capital One Financial, Citigroup and Discover Financial Services saw their charge-offs climb in November. Citigroup had the steepest increase in annualized net loss rates for November at 2.92%, compared with 2.28% in October.

The annualized net loss rates declined at JPMorgan Chase to 2.12% in November from 2.13% in October. American Express also had lower annualized net loss rates at 1.07% during the month, down from 1.11% in October.

On portfolio yields, only American Express and JPMorgan Chase recorded an increase in November. American Express saw its portfolio yields jump to 20.60% in November from 19.60% in October, while JPMorgan Chase recorded an increase in yield to 18.24% from 17.68%. Bank of America posted the largest decline, at 15.13% in November, down from 15.43% in October.

American Express and Capital One also provide delinquency and charge-off statistics for certain segments within their card businesses.

For American Express' U.S. consumer services segment, the net write-off rate, based on principal only, was 1.5% in November, down from 1.6% in October. The delinquency rate for the segment was flat in November at 1.1%. The net write-off rate in the U.S. small-business segment, based on principal only, fell to 1.2% in November from 1.5% in the previous month. The delinquency rate for the U.S. small-business segment remained the same in November as in the previous month at 1.1%.

Capital One's domestic card segment had a 30-plus-day performing delinquency rate of 4.00% in November, compared with 3.91% in October. The annualized net charge-off rate for the segment increased to 4.78% from 4.31%.

The 30-plus-day performing delinquency rate in Capital One's international card business fell to 3.25% in November from 3.34% in October, while the net charge-off rate climbed to 3.95% from 2.13%.

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Click here for the underlying data for credit card master trust yields, net charge-offs and delinquencies.

The monthly performance of the trust is reported in the 10-D filing, which can be accessed under the Documents section of a company's briefing book page on the SNL website.