American Express Reports July 2026 U.S. Card Portfolio Credit Metrics

What Happened
American Express (AXP) filed an 8-K on August 17, 2026, reporting U.S. consumer and U.S. small business card portfolio credit statistics for the months ended July 31, June 30 and May 31, 2026. Total card balances held for investment were $159.2 billion in July 2026. The filing also included performance metrics for the American Express Credit Account Master Trust (the “Lending Trust”) for May–July 2026.

Key Details

• U.S. Consumer (held for investment): total balances $113.1B (Jul); 30‑day past due 1.1% (May–Jul); net write-off rate (principal only) 1.7% (Jul), 1.4% (Jun), 2.0% (May).
• U.S. Small Business (held for investment): total balances $46.1B (Jul); 30‑day past due 1.3% (Jul); net write-off rate 2.6% (Jul and May), 2.3% (Jun).
• Total U.S. Consumer + Small Business held for investment: $159.2B (Jul), $159.7B (Jun), $160.5B (May).
• Lending Trust (revolve‑eligible balances): ending principal $24.9B (Jul), $25.2B (Jun), $25.4B (May); defaulted amount ~$0.04B ($40M) each month; annualized default rate net of recoveries 1.1% (Jul), 0.7% (Jun), 1.2% (May); total 30+ delinquent ~$0.2B ($200M) each month.
• NOTE: In June 2026, AmEx sold certain previously written‑off card balances to a third party; that sale reduced reported June net write‑off rates by ~0.3% (U.S. Consumer) and ~0.1% (U.S. Small Business) and affected the Lending Trust’s June default rate.

Why It Matters
These figures give investors a current read on American Express’s U.S. card credit performance and portfolio size. Delinquency rates (around 1.1–1.4% for 30+ days) and July write‑off rates indicate recent loss trends, while the June sale of written‑off balances makes month‑to‑month comparisons less directly comparable. The Lending Trust metrics apply only to revolve‑eligible, securitized balances and are calculated differently from the company’s total portfolio figures, so both sets of numbers are useful for understanding different slices of credit exposure.