Credit card borrowers held out amid rising interest rates in May as delinquency rates were unchanged at major US card issuers tracked by S&P Global Market Intelligence.

The average 30-plus-days delinquency rate for American Express Co., Bank of America Corp., Capital One Financial Corp., Citigroup Inc., Discover Financial Services and JPMorgan Chase & Co. was unchanged at 1.11% from April and ticked up by 32 basis points from a year ago.

Delinquency remains flat

The average delinquency rate of the six major card issuers in the last 12 months was 0.97%, according to Market Intelligence data.

Bank of America, Discover and JPMorgan saw sequential decreases in delinquency rates in May, while that of American Express was unchanged. Citigroup and Capital One saw a slight uptick from April.

Capital One had the highest year-over-year increase in its 30-plus-days delinquency rate among its peers, at 54 basis points. American Express and JPMorgan had the lowest rise, each at 18 basis points year over year.

Net charge-offs continue to rise

Meanwhile, the card issuers' average credit card net charge-off rate edged higher for the fifth month in a row, continuing the trend that started this year.

Most of the six lenders posted higher net loss rates in May than in April. Only Discover's was unchanged at 1.78%.

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Citigroup booked the highest net charge-off rate, going above 2% for the first time since April 2021. The rest of the card issuers had net charge-off rates of less than 2%.

Year over year, Capital One had the biggest increase in net loss rate, followed by Citigroup, then Bank of America.

Overall, the net charge-off rate for the major card issuers was up 53 basis points on average from a year ago.

Higher portfolio yield

The group's May average master trust portfolio yield rate increased sequentially and was up 254 basis points from May 2022.

Discover booked the biggest year-over-year yield rate increase of 373 basis points.

American Express posted the biggest yield rate, 30.66%, while Bank of America reported the smallest yield rate, 19.89%.

Access data on credit card master trust yields, net charge-offs and delinquencies in Excel format.