Card delinquencies, bank by bank

Haverhill Financial Research · News · October 11, 2026

Americans fell behind on credit cards less often in the second quarter of 2026 than a year earlier. At JPMorgan, Capital One, Bank of America, Citi and American Express, the share of card balances 30 or 90 days past due was lower than in the second quarter of 2025. The share written off as uncollectable was lower at four of the five and flat at American Express.

That matters because cards are the first place consumer stress shows up. Card loans are unsecured, so when a household runs short, the card bill is usually the one that slips first. With the big banks reporting third-quarter results on October 13 and 14, here is where each issuer stood going in.

Losses are steady or falling while lending grows. JPMorgan's card loans reached $249.8 billion, up 7% from a year earlier. Citi's average US card loans were $177 billion, up 5%, and American Express balances rose 8% to $229 billion. Bank of America's card book was $105.7 billion. Growing the book while charge-offs hold or fall is the combination banks want, and it is what all five reported.

The gap between issuers is about who they lend to. Capital One and Citi's store-card business lend more to customers with lower credit scores, so their loss rates sit well above American Express, whose customers skew affluent. That gap is normal; the trend within each bank is the signal.

The monthly data has turned up, which is seasonal. Capital One publishes card figures every month. Its domestic card charge-off rate was 4.12% in July and 4.16% in August, and 30-day delinquency rose from 3.48% to 3.57%. Card delinquencies usually bottom in the spring, when tax refunds pay down balances, and rise into the end of the year. A rise from the second quarter is expected; a rise faster than last year's would be the warning sign.

JPMorgan's guide is the benchmark. JPMorgan expects its card charge-off rate to be about 3.2% for the full year 2026. If third-quarter commentary keeps that number, the bank is telling us the consumer looks no worse than it planned for in January.

Three things in this week's results: whether 30-day delinquency is lower than a year ago at each issuer, since that leads charge-offs by a few months; whether any bank adds to its loan-loss reserve for reasons other than loan growth; and whether management describes lower-income customers differently than higher-income ones. We will publish a full read of the bank results after they report.

The second quarter showed a consumer who is paying their card bills a bit more reliably than a year ago, with fewer late payments at every one of the big five issuers. That is a better starting point than many expected at the start of the year. It is one quarter, and credit cycles turn slowly, so we would read it as a steady picture rather than an improving one until the third-quarter numbers confirm it.

JPMorgan Chase second-quarter 2026 earnings release and supplement; Capital One second-quarter 2026 earnings supplement and monthly credit card metrics (Form 8-K) for July and August 2026; Bank of America second-quarter 2026 earnings supplement; Citigroup second-quarter 2026 financial supplement; American Express second-quarter 2026 earnings release and statistical tables.

Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in the companies named. Data as of October 11, 2026.