trending Market Intelligence /marketintelligence/en/news-insights/trending/DixEPELJgtqfPnMeAkU6dQ2 content esgSubNav
In This List

Delinquencies, charge-off rates mixed at card issuers in November


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Banks’ Response to Rising Rates & Liquidity Concerns

Delinquencies, charge-off rates mixed at card issuers in November

Four major credit card issuers saw their delinquencies jump in November.

Delinquency rates at American Express Co., Bank of America Corp. and Discover Financial Services increased 3 basis points each to 1.00%, 1.64% and 1.72%, respectively. Citigroup Inc.'s delinquency rate ticked up 1 basis point to 1.58%.

Delinquencies at Capital One Financial Corp. and JPMorgan Chase & Co. decreased in the month, with Capital One's delinquency rate decreasing 1 basis point to 2.11% and JPMorgan's declining 2 basis points to 1.22%.

SNL Image

Charge-off rates declined for two of the six major card issuers.

American Express' charge-off rate decreased 1 basis point to 1.34%, and Discover's charge-off rate dropped 2 basis points to 2.16%.

Bank of America's charge-off rate increased 35 basis points to 2.74%, Capital One's charge-off rate increased 22 basis points to 2.30% and Citigroup's charge-off rate moved 11 basis points higher to 2.49%. The charge-off rate of JPMorgan ticked up 1 basis point to 2.36%.

SNL Image

American Express and Capital One also provided 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 1.9% in November, from 1.8% in October. The delinquency rate for the segment remained steady at 1.3%. The net write-off rate in the U.S. small-business segment, based on principal only, remained flat at 1.6% in the month. Meanwhile, the delinquency rate for the U.S. small-business segment rose to 1.2%.

Capital One's domestic card segment had a 30-plus-day performing delinquency rate of 4.11% in November, while the annualized net charge-off rate for the segment was 5.16%.

Portfolio yields of four major card issuers decreased in November.

Bank of America's portfolio yield decreased to 15.79% from 15.88%, while Capital One's declined to 21.30% from 21.41%. Citigroup's portfolio yield dropped to 17.74% from 18.92%, and Discover's portfolio yield decreased to 18.81% from 19.06%.

American Express' portfolio yield increased to 22.16% from 21.06%, and JPMorgan's portfolio yield edged up to 19.09% from 18.78%.

SNL Image

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

SNL Image

Did you enjoy this analysis? Click here to set alerts for future Data Dispatches.

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.