articles Ratings /ratings/en/research/articles/240508-u-s-credit-card-quality-index-monthly-performance-march-2024-13102371.xml content esgSubNav
In This List

U.S. Credit Card Quality Index: Monthly Performance--March 2024


Table Of Contents: S&P Global Ratings Credit Rating Models


Lower Margin For Error On Debt Service Coverage Raises U.S. CMBS Performance Risk


Weekly European CLO Update


Select Servicer List

U.S. Credit Card Quality Index: Monthly Performance--March 2024

The tables show the historical monthly performance of S&P Global Ratings' U.S. Credit Card Quality Index (CCQI) for bankcard trusts for the past 12 months.

For the full dataset, see our extended table: 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, net loss rate, delinquencies, base rate, and excess spread rate (see the Appendix).

For more information on performance trends among individual credit card pools, see our review commentary "2024 U.S. and Canada Credit Cards ABS Review Report," published Feb 23, 2024.

S&P Global Ratings' Credit Card Quality Index (CCQI)--U.S. ABS credit card--bankcard
12-month summary
Month/year Outstanding amount ($) Yield (%) Net loss rate (%) Base rate (%) Spread rate (%) 30+ day delinquency rate (%) 60+ day delinquency rate (%) 90+ day delinquency rate (%) Total payment rate (%) U.S. unemployment rate (%)
Mar/2024 141,895,442,933 25.48 2.40 5.32 17.75 1.47 1.04 0.73 39.30 3.8
Feb/2024 137,925,662,442 24.86 2.24 5.33 17.29 1.51 1.08 0.76 38.68 3.9
Jan/2024 135,863,917,639 23.79 2.19 5.30 16.30 1.52 1.09 0.76 39.37 3.7
Dec/2023 138,805,932,048 24.78 2.18 5.29 17.31 1.47 1.04 0.71 39.40 3.7
Nov/2023 136,535,450,103 24.88 2.00 5.20 17.69 1.45 1.01 0.68 38.70 3.7
Oct/2023 134,409,347,273 24.97 1.95 5.18 17.84 1.41 0.97 0.66 38.99 3.9
Sep/2023 129,732,309,121 24.76 1.88 5.11 17.76 1.38 0.95 0.64 38.84 3.8
Aug/2023 131,069,735,105 24.82 1.85 5.10 17.87 1.30 0.89 0.60 40.92 3.8
Jul/2023 131,320,873,736 24.78 1.73 5.09 17.96 1.25 0.86 0.59 39.79 3.5
Jun/2023 131,051,830,461 25.16 1.76 5.02 18.38 1.20 0.83 0.57 41.48 3.7
May/2023 129,179,525,486 25.09 1.77 4.88 18.44 1.17 0.83 0.58 41.11 3.7
Apr/2023 128,534,840,355 24.30 1.74 4.92 17.65 1.17 0.83 0.56 38.80 3.4

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).

Net loss rate

The weighted average net 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 contribution to this report.

This report does not constitute a rating action.

Primary Credit Analyst:Piper Regan, CFA, Gulfport (1) 212-438-1173;
Secondary Contact:Trang Luu, Austin + 1 (214) 765 5887;
Analytical Manager:Ildiko Szilank, New York + 1 (212) 438 2614;
Research Contributor:Harshil Doshi, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at


Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in