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U.S. Credit Card Quality Index: Monthly Performance--April 2023


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U.S. Credit Card Quality Index: Monthly Performance--April 2023

The tables 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 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 Feb. 23, 2023.

Table 1

S&P Global Ratings' Credit Card Quality Index--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 (%)
Apr/2023 128,534,840,355 24.30 1.74 4.92 17.65 1.17 0.83 0.56 38.80 3.40
Mar/2023 127,086,673,271 25.18 1.60 4.66 18.92 1.19 0.82 0.57 41.61 3.50
Feb/2023 124,660,798,493 24.36 1.44 4.89 18.03 1.16 0.81 0.55 38.40 3.60
Jan/2023 127,225,416,277 23.06 1.33 4.83 16.90 1.12 0.79 0.54 40.27 3.40
Dec/2022 131,507,185,537 23.77 1.20 4.63 17.98 1.03 0.70 0.46 40.73 3.50
Nov/2022 128,524,968,810 24.23 1.22 4.48 18.53 0.99 0.66 0.43 39.56 3.70
Oct/2022 124,635,989,660 23.19 1.14 4.28 17.77 0.95 0.64 0.42 39.06 3.70
Sep/2022 123,721,206,337 22.77 1.04 4.07 17.67 0.90 0.61 0.40 40.18 3.50
Aug/2022 124,511,600,742 22.87 1.05 3.90 17.92 0.85 0.58 0.39 41.22 3.70
Jul/2022 124,567,289,893 22.41 1.04 3.71 17.66 0.83 0.57 0.39 40.26 3.50
Jun/2022 125,862,979,228 22.43 1.01 3.59 17.83 0.82 0.57 0.39 41.84 3.60
May/2022 125,002,022,513 22.28 1.19 3.26 17.84 0.81 0.57 0.40 41.40 3.60

Table 2

S&P Global Ratings' Credit Card Quality Index--U.S. ABS credit card--private label
12-month summary
Month/year Outstanding amount ($)(i) 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 (%)
Apr/2023 20,580,450,815 26.80 2.90 6.84 17.06 2.15 1.57 1.08 19.79 3.40
Mar/2023 20,547,318,657 26.06 2.60 6.73 16.73 2.16 1.54 1.07 20.59 3.50
Feb/2023 20,656,408,277 26.30 2.61 6.32 17.37 2.17 1.54 1.07 18.77 3.60
Jan/2023 21,106,035,688 25.52 2.51 6.24 16.78 2.07 1.47 1.01 21.11 3.40
Dec/2022 21,975,654,604 24.93 1.85 6.15 16.93 1.95 1.36 0.94 21.05 3.50
Nov/2022 20,687,712,472 25.54 2.47 6.07 17.00 1.93 1.36 0.92 20.00 3.70
Oct/2022 20,402,143,211 25.51 1.96 5.66 17.89 1.89 1.30 0.88 19.85 3.70
Sep/2022 20,351,642,218 25.16 1.95 5.31 17.90 1.80 1.24 0.84 20.43 3.50
Aug/2022 26,563,785,162 26.02 3.02 4.81 18.19 2.45 1.63 1.07 19.92 3.70
Jul/2022 26,825,713,133 25.06 2.40 4.66 18.00 2.28 1.51 1.02 19.69 3.50
Jun/2022 26,890,334,632 24.34 2.56 3.93 17.85 2.15 1.47 0.99 20.03 3.60
May/2022 27,740,787,551 25.78 2.82 3.77 19.20 2.02 1.38 0.97 20.29 3.60
(i)The balance decline in September 2022 reflects the maturity of World Financial Network Credit Card Master Note Trust's series 2019-C issuance, which was the trust's only outstanding series.

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.


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).


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 their 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;
Secondary Contacts:Paul Parys, Englewood + 1 (303) 827 9400;
Kelly R Luo, New York + 1 (212) 438 2535;
Analytical Manager:Kate R Scanlin, New York + 1 (212) 438 2002;

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