What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to furnish investors with updated delinquency and write-off statistics for American Express's U.S. Card Services lending portfolio for the months of March, April, and May 2012. This provides additional granular credit performance data beyond regular SEC filings.

How are the reported delinquency and write-off rates trending?

The delinquency rates (30 days past due) remained relatively stable and low, between 1.2% and 1.3%. The net write-off rate, based on principal only, showed a slight improvement, decreasing from 2.4% in March and April to 2.2% in May.

What is the difference between the USCS total portfolio data and the Lending Trust data?

The USCS total portfolio data represents all cardmember loans, both securitized and non-securitized, within the U.S. Card Services segment. The Lending Trust data specifically pertains to loans securitized through the American Express Credit Account Master Trust. The characteristics of these portfolios can differ, leading to potential variations in reported credit performance metrics.

Are there any concerns indicated by these credit metrics?

Based on the data provided, credit metrics appear stable and are showing slight improvement in write-off rates. The low delinquency and declining write-off rates suggest a healthy credit environment for American Express's U.S. Card Services portfolio during this period.

AXP 8-K: Regulation FD — Jun 15, 2012

Summary

This 8-K filing from American Express (AXP) provides an update on credit performance metrics for its U.S. Card Services (USCS) operating segment for the months of March, April, and May 2012. The company is furnishing delinquency and write-off statistics for its cardmember lending portfolio, including both securitized and non-securitized loans. This information is provided to offer additional insights beyond what is reported in the monthly Form 10-D filings by the American Express Credit Account Master Trust.

Key Highlights

1American Express is providing updated credit performance data for its U.S. Card Services segment.
2The data covers delinquency and write-off rates for the months of March, April, and May 2012.
3Total cardmember loans in the USCS segment grew from $51.4 billion to $52.6 billion over the period.
430-day past due loan percentages remained stable, ranging from 1.2% to 1.3%.
5Net write-off rates (principal only) saw a slight decrease, moving from 2.4% in March and April to 2.2% in May.
6The filing also includes data for the American Express Credit Account Master Trust, showing consistent ending principal balances and a decrease in the annualized default rate to 2.2% in the latest period.

AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Jun 15, 2012)

Summary

Key Highlights

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