American Express credit card delinquency rate stable in October, charge-offs rise

American Express’s (NYSE:AXP) credit card delinquency rate stayed stable in October, while its net charge-off rate rose, in line with many other card issuers.

Its U.S. consumer card delinquency rate  was 1.4% in October, unchanged from September, and up a tick from 1.3% a year ago. That’s still lower than the 1.6% level in October 2019, before the pandemic hit.

U.S. consumer card net charge-off rate rose to 2.4% from 1.9% in September. That compared with 1.9% in October 2023 and 2.3% in Octover 2019.

U.S. consumer card loans of $88.0B rose 1.4% M/M and 11% Y/Y.

U.S. small business card delinquency rate ticked up to 1.3% in October from 1.2% in September. The net charge-off rate rose to 2.0% from 1.7% in the prior month.

Small business loans grew to $25.6B from $25.2B in September.