Delinquencies at major card issuers increased moderately across the board in January.
American Express Co. and Bank of America Corp. each saw their delinquency rates increase by 4 basis points to 1.01% and 1.70%, respectively. Capital One Financial Corp.'s delinquency rate ticked up 3 basis points to 2.10%, Citigroup Inc.'s rate climbed by 7 basis points to 1.60%, Discover Financial Services' delinquency rate rose by 9 basis points to 1.81%, while JPMorgan Chase & Co.'s increased by just 1 basis point to 1.21%.
Aside from Discover, whose charge-off rate increased by 4 basis points to 2.17%, major credit card issuers saw charge-offs decline in the first month of 2018.
American Express' charge-off rate dropped by 13 basis points to 1.28%, and Citi's rate plunged by 41 basis points to 2.17%. Bank of America's charge-off rate inched down by 2 basis points to 2.58%, Capital One's charge-off rate declined by 9 basis points to 2.26%, while JPMorgan's charge-off rate was cut by 3 basis points to 2.40%.
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, decreased to 1.7% in January from 2.0% a month earlier, while the delinquency rate for the segment rose to 1.4% from 1.3%.
The net write-off rate in the U.S. small-business segment, based on principal only, dropped to 1.4% in the month. Additionally, the delinquency rate for the U.S. small-business segment improved slightly to 1.3% from 1.2%.
Capital One's domestic card segment had a 30-plus-day performing delinquency rate of 4.11% in January. The annualized net charge-off rate for the segment was 5.33%.
Five of the six major card issuers recorded month-over-month declines in their portfolio yields in January.
Bank of America's portfolio yield dropped to 15.66% from 16.50%, Capital One's decreased to 20.25% from 21.90%, Citigroup's portfolio yield was cut to 17.70% from 19.03%, Discover's dropped to 17.58% from 19.26% and JPMorgan's portfolio yield fell to 17.18% from 19.13% in January.
American Express was the only issuer whose portfolio yield increased in January, as it rose to 22.13% from 21.45%.
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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 S&P Global Market Intelligence platform.
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