American Express Co.
American Express Discloses Delinquency and Write-off Statistics for U.S. Card Member Portfolios
Summary
American Express Company has disclosed delinquency and write-off rate statistics for its U.S. Consumer and U.S. Small Business Card Member lending portfolios for the months ended September 30, August 31, and July 31, 2024, and the three months ended September 30, 2024. The statistics provide information supplementary to the data reported by the American Express Credit Account Master Trust in its monthly Form 10-D report. As of September 30, 2024, U.S. Consumer Card Member loans totaled $86.8 billion with a 30 days past due rate of 1.4% and a net write-off rate of 2.1%. U.S. Small Business Card Member loans totaled $29.9 billion with a 30 days past due rate of 1.5% and a net write-off rate of 2.2%. The total Card Member loans for U.S. Consumer and U.S. Small Business stood at $116.7 billion. These figures indicate the credit performance of the portfolios and are distinct from the credit performance reported by the Lending Trust.
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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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