NEW YORK, Jan 15, 2026, 2:13 PM ET — Regular session
- American Express shares barely moved following the release of December card-loan delinquency and write-off figures in an SEC filing
- U.S. consumer 30-day delinquencies declined, but small business late payments inched up
- Attention turns to late-month earnings reports and ongoing Washington chatter about a proposed cap on credit card interest rates
Shares of American Express Company edged up roughly 0.1% to $358.54 on Thursday. The card issuer had just released fresh U.S. credit performance data, closely watched by investors as an early signal of potential loan losses.
The update comes at a tricky time for the card and payments sector. Traders are eyeing signs of credit stress after the holidays, even as chatter from Washington on credit-card pricing rattles a group that until recently behaved like a dependable compounder.
One policy risk on the horizon is President Donald Trump’s proposal to cap credit card interest rates at 10% for one year starting Jan. 20. JPMorgan Chief Financial Officer Jeremy Barnum slammed the plan as “very bad for consumers, very bad for the economy,” saying it would push lenders to tighten credit. 1
American Express unveiled preliminary delinquency and write-off figures for its U.S. Consumer card member loans held for investment in a Form 8-K filing covering the months ended Dec. 31, Nov. 30, and Oct. 31, 2025. Consumer loans stood at $100.2 billion as of Dec. 31. Loans 30 days past due dropped to 1.3% of the total, down from 1.4% in both November and October. The net write-off rate, representing the annualized pace of balances deemed uncollectible on a principal-only basis, remained steady at 2.1%. 2
U.S. small business card member loans hit $30.8 billion as of Dec. 31, with 30-day past due loans ticking up to 1.7% from 1.6% in both November and October. The net write-off rate held steady at 2.7% in December and November, slightly above October’s 2.6%. Combined U.S. consumer and small business loans held for investment stood at $131.0 billion. 3
The delinquency figure counts loans that are at least 30 days overdue. Write-offs reflect what the company has essentially written off as uncollectible, usually appearing later in provisions and earnings.
American Express isn’t a pure-play lender, yet credit costs remain crucial since they can squeeze margins if spending dips or delinquencies climb. That’s why these monthly updates draw interest, even when the stock barely budges.
Peers have faced similar scrutiny. Investors are using credit card issuers and card-heavy lenders as a barometer for the U.S. consumer’s condition—and recently, as casualties in the ongoing policy fights over rates and fees.
However, the risk is that the trend line could shift rapidly. Should small business delinquencies continue rising post-holidays, or if an interest-rate cap gains momentum, card economics might tighten, putting rewards at risk, warned several executives and analysts. 4
American Express is set to release its fourth-quarter and full-year earnings on Friday, Jan. 30, followed by a conference call at 8:30 a.m. ET. Investors will be focused on management’s outlook for spending trends, credit costs, and any insights related to ongoing policy discussions. 5
