The average annualized credit card net loss rate increased while the 30-plus-day delinquency rate ticked down month over month for six major issuers, according to data collated by S&P Global Market Intelligence.

American Express Co. and JPMorgan Chase & Co. posted lower annualized credit card net loss rates in March from February, while those at Bank of America Corp., Citigroup Inc., Capital One Financial Corp. and Discover Financial Services went up sequentially, according to the companies' latest Form 10-D filings.

On average, the six credit card issuers posted an annualized credit card net loss rate of 2.30% in March, up from 2.10% in February and up 72 basis points year over year.

Consumer net charge-offs are expected to level out over the next quarter or so, as the trend of delinquencies slows down, Bank of America CFO Alastair Borthwick projected during the company's first-quarter earnings call.

30-plus-day delinquency improved

The six credit card issuers posted an average 30-plus-day delinquency rate of 1.36% in March, edging lower from 1.38% in February, though up 24 basis points year over year.

The 30-plus-day delinquency rates improved sequentially for the major card issuers in March, except for Bank of America.

According to Bank of America's first-quarter earnings presentation, the bank reported $4.21 billion in overall consumer 30-plus-day performing past due, including credit card, for the first quarter. This was less than the $4.41 billion posted in the linked quarter but higher than the year-ago's $3.34 billion.

Specifically for its credit card trust, Bank of America posted a higher 30-plus-day delinquency rate of 1.41% in March, compared to 1.39% in February. The March delinquency ratio was also 26 basis points higher than a year ago.

"All of this is still well within our risk appetite and our expectations, and it's consistent with the normalization of credit we've discussed with you in prior calls," Borthwick said. The CFO added that Bank of America is even "encouraged by the trend of delinquencies because the late-stage increases slowed and early-stage delinquencies improved as well."

JPMorgan posts improved delinquency, charge-off rates in March

Year over year, only JPMorgan improved both credit card delinquency and charge-off metrics. JPMorgan's Chase Issuance Trust for March showed a credit card annualized net loss rate that was 13 basis points lower and a 9-basis-point decrease in its 30-plus-day credit card delinquency rate.

American Express, Bank of America, Capital One, Citigroup and Discover all had higher delinquency and charge-off rates year over year. Capital One had the highest year-over-year increase in net loss rate in March, up 153 basis points, followed by Citigroup, up 123 basis points.

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Master trust yields rise for all major card issuers

Meanwhile, all of the six major US card issuers' master trust portfolio gross yields went up in March, both sequentially and year over year. American Express booked the biggest rise with a year-over-year jump of 197 basis points, trailed by JPMorgan with a 93-basis-point increase.