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Delinquencies, charge-offs edge up at card issuers in February

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Delinquencies, charge-offs edge up at card issuers in February

Major card issuers mostly saw slightly worsening credit trends in February as delinquencies and charge-offs were, on the whole, higher for the month.

American Express Co.'s delinquency rate increased by 4 basis points to 1.05%, while Bank of America Corp.'s delinquency rate edged up by 2 basis points to 1.72%. Discover Financial Services and JPMorgan Chase & Co. saw their delinquency rates tick up by 3 basis points each to 1.84% and 1.24%, respectively.

Delinquency rates of Capital One Financial Corp. and Citigroup Inc., on the other hand, dropped by 2 basis points each to 2.08% and 1.58%, respectively.

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Charge-off rates among major card issuers remained mixed in the month. American Express' charge-off rate jumped by 54 basis points to 1.82%, and Citi's spiked by 40 basis points to 2.57%. Bank of America's charge-off rate climbed by 20 basis points to 2.78% and Discover's ticked up by 2 basis points to 2.19%.

Capital One's charge-off rate remained flat at 2.26%, while JPMorgan's declined by 12 basis points to 2.28%.

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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, increased to 2.2% in February from 1.7% in January, while the delinquency rate for the segment remained flat at 1.4%.

The net write-off rate in the U.S. small-business segment, based on principal only, jumped to 1.7% from 1.4%. The delinquency rate for the U.S. small-business segment worsened slightly, rising to 1.4% from 1.3%.

Capital One's domestic card segment had a 30-plus-day performing delinquency rate of 3.92% in February. The annualized net charge-off rate for the segment was 5.16%.

Five of the six major card issuers recorded month-over-month increases in their portfolio yields.

American Express' portfolio yield increased to 23.81% from 22.13%, Capital One's rose to 20.90% from 20.25%, Citigroup's portfolio yield moved to 18.02% from 17.70%, Discover's climbed to 18.58% from 17.58% and JPMorgan's portfolio yield increased to 19.43% from 17.18% in February.

Bank of America was the only issuer whose portfolio yield declined, falling to 15.39% from 15.66%.

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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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