01—Abstract
Summary
Summary of the 8-K filed December 15, 2025. Cited figures are marked; the original filing is the authoritative source.
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%a 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.
02—Key points
Key Highlights
- Delinquency 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.
- Net write-off rates (principal only) for U.S. Consumer loans increased slightly from 1.9% in September to 2.1% in November 2025.
- Net 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.
- Total 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.
- The 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.
- Loan statistics exclude card member loans classified as held for sale.
- The 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.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to provide investors with updated monthly statistics on the credit performance of American Express's U.S. Consumer and U.S. Small Business card member loans held for investment. It also includes related data for the American Express Credit Account Master Trust.
Are the delinquency and write-off rates presented for all American Express loans?
No, the presented statistics are specifically for U.S. Consumer and U.S. Small Business card member loans that are held for investment. Loans classified as 'held for sale' are excluded from these figures. Additionally, the data for the Credit Account Master Trust represents securitized assets and may differ from the overall portfolio performance.
What is the trend in credit quality based on these numbers?
Delinquency rates (30+ days past due) have remained stable. However, there has been a slight upward trend in net write-off rates for both U.S. Consumer and U.S. Small Business loans held for investment over the three-month period. While the absolute levels are not alarming, investors should monitor this trend for potential future implications on loan loss provisions.
How do the Credit Account Master Trust's performance metrics compare to the overall loan portfolio?
The Credit Account Master Trust, which represents securitized loans, shows generally lower annualized default rates (around 1.2%-1.3%) compared to the net write-off rates for the total U.S. Consumer and U.S. Small Business held-for-investment portfolios. The company notes that these differences can arise due to various factors including loan characteristics and calculation methodologies.
04—Continue