AXP Jan 2026 credit trends: Consumer net write-off improves to 1.9%, Small Biz worsens to 2.8%

AMERICAN EXPRESS CO

U.S. Consumer card loans: total $97.2B, 30+ days past due 1.4%, net write-off rate 1.9% (down from 2.1% in Dec 2025).
U.S. Small Business card loans: total $31.4B, 30+ days past due 1.7%, net write-off rate 2.8% (up from 2.7% in Dec 2025).
Combined U.S. Consumer and Small Business loans held for investment: $128.6B, down from $131.0B in Dec 2025.
Credit Account Master Trust: $25.2B ending principal; annualized default rate 1.1% (down from 1.2% in Dec 2025).
Default amount in trust remained low at $0.04B for January 2026.

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