American Express Credit Account Master Trust Reports Trust Portfolio Performance (May 2026)

What Happened
American Express Credit Account Master Trust filed an 8‑K on August 26, 2026 (Item 8.01) providing updated portfolio performance and credit metrics for the Trust Portfolio through May 31, 2026. The Trust held $26.69 billion of receivables as of May 31, 2026 (principal $25.44B; finance charges $1.25B). For the five months ended May 31, 2026 the Trust reported $205.4 million in gross charge‑offs, $77.5 million in recoveries and $127.9 million in net charge‑offs (annualized net charge‑offs ~1.23% of average principal receivables). Total finance charge and fee collections for the five‑month period were $3.551 billion (annualized ~34.05% of average principal receivables).

Key Details

• Total receivables (May 31, 2026): $26,691,654,047 (principal $25,437,874,395; finance charge receivables $1,253,779,652).
• Five months ended May 31, 2026: gross charge‑offs $205,406,000; recoveries $77,473,000; net charge‑offs $127,933,000 (net charge‑offs = 1.23% annualized).
• Delinquency: average receivables delinquent 0.73% of the portfolio (five‑month period); average number of delinquent accounts 0.17% of accounts. As of May 31, 99.84% of accounts were current to 30 days.
• Credit quality & behavior: 57.3% of receivables are from FICO ≥760, 29.5% from FICO 700–759. Account holder payment behavior (month ended May 2026): monthly average principal payment rate ~50.97%; 69.34% paid full balance; 7.73% made only the minimum payment.

Why It Matters
This filing gives investors in the trust (and other interested retail investors) current, concrete measures of credit performance and cash‑flow drivers: portfolio size, charge‑offs/recoveries, delinquency rates, revenue yield from finance charges and fees, and borrower credit mix. Low delinquency percentages and a large share of high‑FICO receivables suggest relatively strong credit quality; however, the reported net charge‑off pace and high annualized finance‑charge yield (~34%) are key inputs for estimating future cash flows and loss coverage for holders of securities backed by this trust.