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U.S. Credit Card Quality Index: Monthly Performance--August 2022

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U.S. Credit Card Quality Index: Monthly Performance--August 2022

The tables below show the historical monthly performance of S&P Global Ratings' U.S. Credit Card Quality Index (CCQI) for bankcard trusts and private-label card trusts for the past 12 months. For the full datasets, see our extended tables: Click here.

The CCQI is a monthly performance index that aggregates performance information of securitized credit card receivables in the following key risk areas: receivables outstanding, yield, payment rate, charge-off rate, delinquencies, base rate, and excess spread rate. (See the Appendix for more information about the CCQI performance variables.)

For more information on performance trends among individual U.S. bankcard and private-label credit card pools, see our review commentary, "U.S. And Canada Credit Cards ABS Review," published March 1, 2022.

Table 1

S&P Global Ratings' Credit Card Quality Index (CCQI)--U.S. ABS Credit Card--Bankcard
12-month summary
Month/year Outstanding amount ($) Yield (%) Charge-off rate (%) Base rate (%) Spread rate (%) 30+ day delinquency rate (%) 60+ day delinquency rate (%) 90+ day delinquency rate (%) Total payment rate (%) U.S. unemployment rate (%)
Aug/2022 124,511,600,742 22.87 1.05 3.90 17.92 0.85 0.58 0.39 41.22 3.7
Jul/2022 124,567,289,893 22.41 1.04 3.71 17.66 0.83 0.57 0.39 40.26 3.5
Jun/2022 125,862,979,228 22.43 1.01 3.59 17.83 0.82 0.57 0.39 41.84 3.6
May/2022 125,002,022,513 22.28 1.19 3.26 17.84 0.81 0.57 0.40 41.40 3.6
Apr/2022 123,524,265,317 22.01 1.15 2.87 17.99 0.85 0.61 0.41 40.36 3.6
Mar/2022 122,561,108,525 22.42 1.06 2.91 18.45 0.88 0.60 0.41 41.80 3.6
Feb/2022 120,616,034,185 22.05 1.10 2.84 18.10 0.90 0.62 0.43 38.13 3.8
Jan/2022 122,610,740,477 20.58 0.99 2.85 16.74 0.87 0.60 0.41 38.74 4.0
Dec/2021 127,797,405,877 22.12 0.94 2.75 18.44 0.83 0.58 0.39 42.27 3.9
Nov/2021 126,000,079,922 22.37 0.94 2.83 18.54 0.84 0.58 0.39 39.36 4.2
Oct/2021 123,798,549,470 21.97 0.87 2.86 18.24 0.83 0.56 0.37 38.43 4.6
Sep/2021 122,425,805,723 21.70 0.93 2.79 17.98 0.81 0.55 0.37 38.76 4.8

Table 2

S&P Global Ratings' Credit Card Quality Index (CCQI)--U.S. ABS Credit Card--Private Label
12-month summary
Month/year Outstanding amount ($) Yield (%) Charge-off rate (%) Base rate (%) Spread rate (%) 30+ day delinquency rate (%) 60+ day delinquency rate (%) 90+ day delinquency rate (%) Total payment rate (%) U.S. unemployment rate (%)
Aug/2022 26,563,785,162 26.02 3.02 4.81 18.19 2.45 1.63 1.07 19.92 3.7
Jul/2022 26,825,713,133 25.06 2.40 4.66 18.00 2.28 1.51 1.02 19.69 3.5
Jun/2022 26,890,334,632 24.34 2.56 3.93 17.85 2.15 1.47 0.99 20.03 3.6
May/2022 27,740,787,551 25.78 2.82 3.77 19.20 2.02 1.38 0.97 20.29 3.6
Apr/2022 27,502,898,098 26.29 2.57 3.73 19.99 2.02 1.45 0.99 19.90 3.6
Mar/2022 27,632,352,938 25.99 2.65 3.39 20.08 2.09 1.45 0.99 20.35 3.6
Feb/2022 26,736,493,883 26.70 2.58 3.29 20.83 2.24 1.53 1.04 18.49 3.8
Jan/2022 27,360,410,194 25.74 2.08 3.29 20.37 2.16 1.48 1.00 20.07 4.0
Dec/2021 28,961,934,410 25.57 2.57 3.35 19.65 2.00 1.36 0.91 21.42 3.9
Nov/2021 28,385,475,399 26.09 2.52 3.42 20.15 1.98 1.33 0.89 19.97 4.2
Oct/2021 27,886,180,129 26.91 2.36 3.43 21.12 1.94 1.29 0.86 20.02 4.6
Sep/2021 26,828,244,794 26.69 1.95 3.27 21.48 1.94 1.29 0.87 19.36 4.8

Appendix: CCQI Performance Variables

We determine each master trust's weighting by dividing its outstanding eligible principal receivables by the total outstanding eligible principal receivables for all trusts included in the index. We then determine the CCQI weighted average performance variables by adding the result of each master trust's variables multiplied by each master trust's respective weighting.

Receivables outstanding

The aggregate outstanding eligible principal receivables of credit card accounts backing each master trust at the end of the collection period.

Yield

The weighted average total trust income for the collection period as a percentage of eligible principal receivables (annualized).

Charge-off rate

The weighted average losses on principal receivables for the collection period as a percentage of eligible principal receivables (annualized).

Base rate

The weighted average cost of funding (the sum of the certificate rate on a securitization and the corresponding transaction servicing fee) for the collection period.

Excess spread rate

The weighted average surplus of cash inflow for the collection period (yield minus charge-offs minus the base rate).

Delinquencies

The weighted average past-due amount for the collection period as a percentage of the current month's eligible principal receivables.

Total payment rate

The weighted average total monthly collections (obligor principal and finance charge payments) as a percentage of the total outstanding amounts.

The analysts would like to thank Karuna Pradhan for her analytical contribution to this report.

This report does not constitute a rating action.

Primary Credit Analyst:Piper Davis, CFA, New York (1) 212-438-1173;
piper.davis@spglobal.com
Secondary Contacts:Paul Parys, Centennial (1) 303-827-9400;
paul.parys@spglobal.com
Kelly R Luo, New York + 1 (212) 438 2535;
kelly.luo@spglobal.com
Analytical Manager:Kate R Scanlin, New York + 1 (212) 438 2002;
kate.scanlin@spglobal.com

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