NEW YORKâThe average 30-plus-day delinquency rate for six major U.S. credit card issuers ticked up in July.
The average rate for American Express, Bank of America, Capital One, Citigroup, Discover and JPMorgan Chase was 1.34% in July, a slight increase from June and up 17 basis points from a year earlier, according to S&P Global Market Intelligence data.
Only Discover logged a sequentially flat delinquency rate in July, while the rest posted higher 30-plus-day delinquency rates compared to the previous month, S&P Global stated in its analysis.
Year over year, only JPMorgan reported a lower delinquency rate, with the metric declining six basis points.
Net Loss Rate Falls
The average annualized net loss rate for the six card issuers fell to 2.14% in July from 2.23% in June. However, the figure was still up by 48 basis points from a year ago, S&P Global said.