Credit card delinquencies and charge-offs for all six major U.S. card issuers touched an 18-month and a 16-month high in November, respectively.

The uptick in delinquencies and charge-offs was a result of the continued normalization of credit as record inflation and the likelihood of a recession test consumer resilience.

The uptick continues

The charge-off rates at six major credit card issuers in November witnessed a monthly and yearly rise.

American Express Co., Bank of America Corp., Capital One Financial Corp., Citigroup Inc., Discover Financial Services and JPMorgan Chase & Co. posted an average credit card annualized net loss rate of 1.21% in November, up from 1.15% in October and 0.95% in November 2021.

November's net loss rate was the highest since 1.35% in June 2021.

Discover Financial had the biggest year-over-year and sequential jump in its charge-off rate in November. The company's charge-off rate was 1.30% in November, up 13 basis points from the previous month and 37 basis points from a year ago.

JPMorgan was in second place in terms of a monthly increase in charge-off rate with a 12-basis-point jump in November to 1.31%.

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American Express, which had the lowest charge-off rate among the six major credit card issuers, had the third-highest monthly jump at 11 basis points to 0.76%, up from 0.65% in October.

Delinquencies near 1% mark

Similar to charge-off rates, credit card delinquencies were also up in sequential and yearly comparison.

Four of the six major credit card issuers posted an uptick in delinquency rates in November. The average 30-plus-days delinquency rate for the top card issuers was 0.95%, up 3 basis points from October and 13 basis points from a year ago.

The November average 30-plus-days delinquency rate was the highest since 0.97% in April 2021.

Citi had the biggest month-over-month increase with a delinquency rate in November at 0.98%, up 8 basis points from the previous month and 17 basis points from a year ago.

Despite a month-over-month fall in the delinquency rate, Capital One Financial posted the highest year-over-year delinquency rate jump in the group. At 1.17%, it was down 1 basis point from October, but up 20 basis points from a year ago.

Yields climb higher

Five out of six major U.S. credit card issuers booked higher credit card portfolio yields in November, with an average of 23.25%, up 129 basis points from a year ago.

American Express posted the biggest year-over-year increase in master trust portfolio yield of 175 basis points, followed by JPMorgan with a 152-basis-point rise.

Bank of America had the smallest year-over-year increase at 52 basis points.

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