NEW YORK, Jan 16, 2026, 14:23 (ET) — Regular session.
- American Express shares climbed roughly 3% in afternoon trading following a new filing that revealed consumer delinquencies dipped in December.
- Small business delinquencies edged higher, even as charge-offs remained flat across the portfolios.
- With American Express set to report quarterly results later this month, investors are scrutinizing the latest credit data.
American Express shares jumped on Friday, rebounding after a choppy week for card lenders amid fresh data on delinquencies and charge-offs. By early afternoon in New York, the stock had gained roughly 3% to $367.96. 1
The move came after a Form 8-K detailed December’s credit performance for its U.S. consumer and small business card loans held for investment. As of Dec. 31, U.S. consumer loans stood at $100.2 billion, with 30-day delinquencies at 1.3% and a net write-off rate of 2.1%—this reflects loans written off as uncollectible, based on principal only. 2
The filing arrives amid a busy earnings season, with credit stocks reacting to any signs of strain in household finances. Lenders’ shares have also taken a hit from Washington chatter about a potential one-year cap on credit card interest rates, a risk that has spilled over into the wider market ahead of the long weekend. 3
Big banks aren’t on board. Citi CFO Mark Mason dismissed an interest-rate cap as “not something that we would, or could, support.” Meanwhile, CEO Jane Fraser cautioned the damage to banks would be “dwarfed” by the blow to consumer spending, Business Insider reported. 4
Political chatter is now hitting the private sector. Fintech company Bilt launched a revamped credit card featuring a 10% introductory APR for the first year. CEO Ankur Jain told the Associated Press, “If (a credit card rate cap) is going to happen, we’d rather be at the forefront.” 5
American Express posted a mixed credit report that avoided any major red flags. Delinquencies in its small business segment ticked up slightly to 1.7% from 1.6%. Meanwhile, net write-offs held steady at 2.7%, according to the filing.
American Express stands apart from many mass-market lenders by its customer base and revenue streams: it operates a card network, collects merchant fees on transactions, and earns interest on revolving balances. This balance helps cushion certain shocks, but it doesn’t eliminate political risks.
Other names tied to credit cards also climbed on Friday, with Synchrony and Capital One gaining ground. Payment processors moved within a tighter range. The rebound hints that some investors see this week’s selloff as exaggerated, at least for the moment.
The downside scenario is clear-cut. Should policy rhetoric turn into concrete measures, lenders might see interest income and rewards economics squeezed. Any slowdown in hiring or spending would likely hit delinquencies first, followed by write-offs.
American Express is set to release its fourth-quarter and full-year 2025 numbers on Jan. 30. Investors will be tuning in closely for clues on spending patterns, credit costs, and any fallout from recent chatter about rate caps. 6
