Credit quality in US credit card
portfolios continued to strengthen in June according to consultants
SNL Financial.
American Express (Amex) continued
to report a sector leading delinquency rate (flat at 1.31%) ahead
of Discover (down 5 basis points on the month to 1.88%).
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Capital One’s rate also remained
flat, at 2.89%.
The three largest US bank credit
card issuers all posted monthly delinquency falls. JPMorgan Chase
reported a 3 basis point decline to 2.06%; Citi’s 35-plus-day
delinquency rate fell by 11 basis points to 2.44% with Bank of
America (BofA) down 9 basis points to 3.23%.
Charge-offs also fell across the board. BofA’s
charge-off rate remained the highest but fell from 5.52% in May to
5.04% in June; Citi’s tumbled from 5.2% to 3.74% with Capital One
down to 2.76% from 3.30%.
Amex retained the lowest charge-off rate at
2.18% (down e basis points on the month) with Discover’s rate down
by 25 basis points to 2.40%.
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