| Item 7.01 | Regulation FD Disclosure |
American Express Company (the “Company”) is hereby furnishing below delinquency and write-off statistics for the lending portfolio of its U.S. Card Services (“USCS”) operating segment for the months ended September 30, October 31 and November 30, 2015.
American Express Company
U.S. Card Services
Delinquency and Write-off Rate Statistics
As of and for the months ended September 30, October 31 and November 30, 2015
(Billions, except percentages)
| | | September 30, 2015 | | | October 31, 2015 | | | November 30, 2015 | |
| Card Member lending: | | | | | | | | | |
| Total loans | | $ | 62.1 | | | $ | 62.7 | | | $ | 63.9 | |
| 30 days past due loans as a % of total | | | 1.0 | % | | | 1.0 | % | | | 1.0 | % |
| Average loans | | $ | 62.4 | | | $ | 62.4 | | | $ | 63.3 | |
Net write-off rate – principal only (a) | | | 1.2 | % | | | 1.3 | % | | | 1.4 | % |
(a) | Net write-off rate based on principal only (i.e., excluding interest and /or fees). |
Note: The statistics presented above are based on the USCS operating segment’s total portfolio of Card Member loans determined in accordance with U.S. generally accepted accounting principles, which includes all securitized and non-securitized Card Member loans.
The statistics presented above provide information that is additional to the data reported by the American Express Credit Account Master Trust (the “Lending Trust”) in its monthly Form 10-D report filed with the Securities and Exchange Commission (the “Commission”). The Card Member loans that have been securitized through the Lending Trust do not possess identical characteristics with those of the total portfolio of USCS loans, which reflects the aggregate of securitized and non-securitized loans. Thus, the reported credit performance of the Lending Trust may, on a month-to-month basis, be better or worse than the credit performance of the total portfolio. Reported differences may arise as a result of, among other things, differences in the mix and vintage of loans between the Lending Trust and the total portfolio (including, among other things, the larger proportion of small business loans in the non-securitized portion of the total portfolio), the use of end-of-period principal loan balances to calculate write-off statistics in the Lending Trust compared to the use of average loan balances over the reporting period used in the total portfolio statistics, as well as other mechanics of the calculation for the lending trust net write-off rate, which is impacted by any additions to the securitization trust within a particular period.
Set forth below is certain information regarding the credit performance of the Lending Trust for its three most recent monthly reporting periods, as reported in its Form 10-D report filed with respect to each such period.
American Express Credit Account Master Trust
(Billions, except percentages)
| | | September 1, 2015 through September 30, 2015 | | | October 1, 2015 through October 31, 2015 | | | November 1, 2015 through November 30, 2015 | |
| Ending total principal balance | | $ | 26.6 | | | $ | 26.6 | | | $ | 26.8 | |
| Defaulted amount | | $ | 0.04 | | | $ | 0.04 | | | $ | 0.04 | |
| Annualized default rate, net of recoveries | | | 1.0 | % | | | 1.1 | % | | | 1.2 | % |
| Total 30+ days delinquent | | $ | 0.2 | | | $ | 0.2 | | | $ | 0.2 | |
