NEW YORK— Three companies saw their higher credit card delinquency and charge-off rates rise in February, according to a new report.
As CUToday.info has reported, the news comes at the same time credit unions are also seeing a slight increase in card delinquencies, with NCUA saying it is also watching the rise.
Bread Financial, Discover Financial and JPMorgan Chase reported in recent press releases and Securities and Exchange Commission (SEC) filings that these figures for February were higher than those for both the month before and a year earlier, noted Pymnts.com. Bread Financial said its delinquency rate was 6.0% in February, up from 5.8% in January and 4.4% in February 2022.
The firm’s net loss rate was 7.8%, up from 6.7% in January and 4.8% in February 2022.
What Discover Has Discovered
Discover Financial also saw higher rates. Its credit card delinquency rate reached 2.74% in February, up from 2.67% in January and 1.79% in February 2022, according to the report.
The firm’s net charge-off rate climbed to 3.40%, up from 2.81% in January and 2.02% in February 2022, Pymnts.com said.
Also seeing this trend was JPMorgan Chase, which said its credit card delinquency rate was 0.88% in February, higher than the 0.83% it saw in January and the 0.72% it recorded in February 2022.
JPMorgan Chase also reported that its net charge-off rate in February was 1.33%, up from 1.17% in January and 1.04% in February 2022, Pymnts.com added.
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