American Express Company
U.S. Card Services
Delinquency and Write-off Rate Statistics
As of and for the months ended November 30 and December 31, 2015 and January 31, 2016
(Billions, except percentages)
| | | November 30, 2015 | | | December 31, 2015 | | | January 31, 2016 | |
| Card Member loans: | | | | | | | | | |
| Total loans held for investment | | $ | 63.9 | | | $ | 51.4 | (b) | | $ | 50.5 | (b) |
| 30 days past due loans as a % of total | | | 1.0 | % | | | 1.0 | % | | | 1.0 | % |
| Average loans held for investment | | $ | 63.3 | | | $ | 49.6 | | | $ | 51.0 | |
Net write-off rate – principal only (a) | | | 1.4 | % | | | 1.4 | % | | | 1.4 | % |
(a) | Net write-off rate based on principal only (i.e., excluding interest and /or fees). |
(b) | Total reported Card Member loans were $60.4 billion and $62.6 billion as of January 31, 2015 and December 31, 2014, respectively. Card Member loans related to Costco and JetBlue, now classified as HFS, were $13.9 billion and $1.0 billion, respectively, as of January 31, 2015 and $14.8 billion and $1.0 billion, respectively, as of December 31, 2014. |
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 Card Member loans that have been securitized through the Lending Trust do not possess identical characteristics with those of the USCS loans held for investment, which reflect the aggregate of securitized and non-securitized loans and exclude loans held for sale. 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 USCS loans held for investment. 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 USCS loans held for investment (including, among other things, the larger proportion of small business loans in the non-securitized portion of the USCS loans held for investment), the performance of Card Member loans held for sale that have been securitized through the Lending Trust, but which are not included in the statistics of the USCS loans held for investment, 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 statistics of the USCS loans held for investment, 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)
| | | November 1, 2015 through November 30, 2015 | | | December 1, 2015 through December 31, 2015 | | | January 1, 2016 through January 31, 2016 | |
| Ending total principal balance | | $ | 26.8 | | | $ | 27.8 | | | $ | 26.6 | |
| Defaulted amount | | $ | 0.04 | | | $ | 0.04 | | | $ | 0.04 | |
| Annualized default rate, net of recoveries | | | 1.2 | % | | | 1.1 | % | | | 1.2 | % |
| Total 30+ days delinquent | | $ | 0.2 | | | $ | 0.2 | | | $ | 0.2 | |
