Major U.S. credit card issuers saw delinquency rates increase modestly across the board in September.
Capital One Financial Corp. posted the biggest increase as its delinquency rate jumped by 9 basis points to 2.06%. Discover Financial Services' delinquency rate was 1.64%, an increase of 5 basis points from the previous month, while JPMorgan Chase & Co. saw its rate rise by 6 basis points to 1.22%.
Delinquencies at American Express Co. increased by 4 basis points to 0.95%, Citigroup Inc. saw its delinquency rate climb by 7 basis points to 1.50% and Bank of America Corp.'s rate ticked up 1 basis point to 1.56%.
Charge-off rates at major issuers mostly declined in September, with Bank of America posting the biggest decrease. Its charge-off rate dropped by 45 basis points to 2.35%.
American Express' charge-off rate edged down by 12 basis points to 1.36% and Capital One's decreased by 5 basis points to 2.09%. Discover saw its charge-off rate decline to 1.85%, a decrease of 25 basis points from the previous month, and JPMorgan's charge-off rate ticked down 9 basis points to 2.32%.
Citigroup was the only issuer to report an increase for the month as its charge-off rate rose by 3 basis points to 2.44%.
American Express also provides delinquency and charge-off statistics for certain segments within its card businesses.
For its U.S. consumer services segment, the net write-off rate, based on principal only, dropped to 1.6% in September from 1.8% in August. The delinquency rate for the segment increased to 1.3%. The net write-off rate in the U.S. small-business segment, based on principal only, saw a month-over-month decrease, dropping to 1.4% in September as compared to 1.6% in August. The delinquency rate for the U.S. small-business segment remained flat month over month in September at 1.1%.
American Express reported a month-over-month increase of 76 basis points in its portfolio yield for the month of September, jumping to 22.39% from 21.63% in August. Discover also saw an increase in its portfolio yield, climbing to 18.65% from 18.62%.
Other card issuers reported decreases in their portfolio yields.
Bank of America's yield edged down to 15.84% from 15.92%, Capital One's yield decreased to 21.05% from 21.22%, Citi's yield declined to 17.54% from 18.19% and JPMorgan's yield slipped to 17.80% from 18.20%.
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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.