Summary
This 8-K filing from American Express provides an update on credit performance metrics for its U.S. Consumer and U.S. Small Business card member loan portfolios held for investment, as well as for the American Express Credit Account Master Trust. The data covers the periods ending November 30, October 31, and September 30, 2025. Investors should note that while the overall loan portfolio shows stable delinquency rates, the net write-off rates have seen a slight uptick, particularly in the U.S. Small Business segment, which warrants monitoring. The report distinguishes between loans held for investment and those held for sale, with the presented statistics focusing on the former. The deliquency rates across both consumer and small business segments remained consistent at 1.4% and 1.6% respectively for 30 days past due. However, the net write-off rate (principal only) for U.S. Consumer loans increased from 1.9% in September to 2.1% in November, while U.S. Small Business write-offs moved from 2.5% to 2.7% over the same period. The information on the Credit Account Master Trust presents a separate view of securitized assets, showing generally lower annualized default rates.
Key Highlights
- 1Delinquency rates for U.S. Consumer and U.S. Small Business card member loans held for investment remained stable at 1.4% and 1.6% (30+ days past due) respectively, for the three months ending September, October, and November 2025.
- 2Net write-off rates (principal only) for U.S. Consumer loans increased slightly from 1.9% in September to 2.1% in November 2025.
- 3Net write-off rates (principal only) for U.S. Small Business loans also saw a modest increase from 2.5% in September to 2.7% in November 2025.
- 4Total U.S. Consumer and Small Business card member loans held for investment grew from $124.8 billion in September to $129.1 billion in November 2025.
- 5The report includes separate credit performance data for the American Express Credit Account Master Trust, which generally exhibits lower annualized default rates (around 1.2%-1.3%) compared to the overall write-off rates of the held-for-investment portfolio.
- 6Loan statistics exclude card member loans classified as held for sale.
- 7The company clarifies that the Lending Trust's reported credit performance may differ from the total portfolio due to various factors including loan mix, vintage, aging, and calculation methodologies.