Summary
This 8-K filing from American Express (AXP) provides updated delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card Member lending portfolios as of February 28, 2021, and for the months ended February 28, January 31, 2021, and December 31, 2020. The data indicates stable credit performance across both segments, with 30-day delinquency rates holding steady at 1.0% for U.S. Consumer and 0.6%-0.7% for U.S. Small Business portfolios. Net write-off rates also remained within recent historical ranges, showing slight decreases or stability in February. This information is furnished in addition to data reported in the Credit Account Master Trust's Form 10-D filings.
Key Highlights
- 1U.S. Consumer Card Member loans showed a total loan balance of $47.5 billion as of February 28, 2021, with a 30-day delinquency rate of 1.0%.
- 2The net write-off rate for U.S. Consumer loans was 1.4% for February 2021, down from 1.6% in December 2020.
- 3U.S. Small Business Card Member loans totaled $12.8 billion as of February 28, 2021, with a 30-day delinquency rate of 0.6%.
- 4The net write-off rate for U.S. Small Business loans improved to 1.0% in February 2021, down from 1.5% in December 2020.
- 5Overall Card Member loans for U.S. Consumer and Small Business combined stood at $60.4 billion at the end of February 2021.
- 6The American Express Credit Account Master Trust reported an ending principal balance of $22.6 billion as of February 1, 2021.
- 7The Lending Trust's annualized default rate, net of recoveries, was 1.2% for February 2021, consistent with prior months.