American Express Co.
American Express Provides Delinquency and Write-off Statistics for January 2024
Summary
American Express Company has provided delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card Member lending portfolios for the months ended January 31, 2024, and December 31 and November 30, 2023. The U.S. Consumer Card Member loans showed a slight decrease in total loans and 30 days past due loans as a percentage of total, with a net write-off rate of 2.1% for January 2024. The U.S. Small Business Card Member loans also showed a slight decrease in total loans and 30 days past due loans as a percentage of total, with a net write-off rate of 2.1% for January 2024. Additionally, American Express Credit Account Master Trust reported an annualized default rate, net of recoveries, of 1.3% for January 2024.
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About American Express Co.
American Express Co. is a leading global financial services company, primarily known for its charge cards, credit cards, and travel-related services. Founded in 1850 and headquartered in New York City, American Express is recognized for its premium customer service and luxury lifestyle benefits, distinguishing it within the highly competitive financial services industry. Its products are used by individual consumers, small businesses, and large corporations, showing a robust presence in various sectors. The company's core operations encompass a broad range of payment solutions, offering rewarding loyalty programs such as Membership Rewards, which enhance customer engagement and satisfaction. American Express also provides products related to expense management and international payment processing, essential for businesses and travelers worldwide. Their unique charge card model, which requires payment in full each month, promotes financial discipline among cardholders. American Express plays a significant role in the financial market, not only by facilitating consumer and business transactions but also by supporting economic activities and travel industries. Its stock performance is closely watched by investors for insights into consumer spending trends, making it a vital entity in global financial dynamics.
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