Major U.S. credit card issuers saw delinquencies drop in April, but charge-off trends were more mixed.
Delinquencies fell for all six card companies, but four recorded higher charge-off rates for the month.
Among the card issuers in this analysis, Capital One Financial Corp. registered the largest month-over-month decrease in delinquencies, falling 11 basis points to 1.90%. Citigroup Inc. and Discover Financial Services saw their delinquency rates tick down 8 basis points each to 1.53% and 1.72%, respectively. Delinquency rates declined 6 basis points for both American Express Co. and Bank of America Corp., landing at 0.95% and 1.63%, respectively. JPMorgan Chase & Co.'s delinquency dropped by 5 basis points to 1.17%.
Bank of America charge-offs rose the most, climbing 15 basis points to 2.96% in April from 2.81% in March. American Express' charge-off rate increased to 1.74% from 1.61%, Capital One's charge-off rate rose to 2.60% from 2.51% and Citigroup's charge-off rate ticked up slightly to 2.80% in April from 2.78% in March.
Discover and JPMorgan posted lower charge-off rates. Discover's charge-off rate declined to 2.36% from 2.50%, and JPMorgan's charge-off rate ticked down slightly, to 2.63% from 2.65%.
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 in April to 2.3% from 2.2% in March. However, the delinquency rate for the segment declined to 1.3% from 1.4%.
The net write-off rate in the U.S. small-business segment based on principal only increased to 1.9% in April from 1.8% in March. The delinquency rate for the U.S. small-business segment decreased to 1.2% from 1.3%.
Capital One's domestic card segment had a 30-plus-day performing delinquency rate of 3.33% in the month of April. The annualized net charge-off rate for the segment was 5.04%.
Of the six major credit card issuers, all but one reported a month-over-month decrease in portfolio yield in April.
Bank of America's portfolio yield declined to 15.46% in April from 17.30% in March, Capital One's worsened to 20.84% from 24.15%, Citigroup's decreased to 18.06% from 19.19%, Discover's declined to 17.69% from 19.57%, and JPMorgan's edged down to 19.33% from 19.50%.
American Express was the only card issuer that reported a month-over-month increase in its portfolio yield, which jumped to 21.27% in April from 19.87% in March.
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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.