AI English summary of an SEC filing — figures as filed
American Express AXPAmerican Express said it reclassified $758 million of Card Member loans tied to its Lowe’s small business cobrand portfolio to Card Member loans held for sale on the Consolidated Balance Sheets, effective December 1, 2024. The loans are excluded from the table for December 2024.
Key points
AI summaryAmerican Express said it reclassified $758 million of Card Member loans tied to its Lowe’s small business cobrand portfolio to Card Member loans held for sale on the Consolidated Balance Sheets, effective December 1, 2024. The loans are excluded from the table for December 2024.
The company disclosed that U.S. Consumer Card Member loans totaled $92.6 billion as of December 31, 2024, with 1.4% of loans 30 or more days past due. The net write-off rate based on principal only was 2.1% for December 31, and 2.1% for the 3 months ended December 31.
The company said U.S. Small Business Card Member loans totaled $29.6 billion as of December 31, 2024, with 1.5% of loans 30 or more days past due. The net write-off rate based on principal only was 2.4% for December 31, and 2.3% for the 3 months ended December 31.
American Express said the ending total principal balance of the American Express Credit Account Master Trust (Lending Trust) was $26.9 billion as of the end of December 2024, and the annualized default rate, net of recoveries, was 1.2%. November was 1.3%, and October was 1.5%.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Lowe’s Small Business Cobrand Loans of $758 million Reclassified as Held for Sale
American Express said it reclassified $758 million of Card Member loans tied to its Lowe’s small business cobrand portfolio to Card Member loans held for sale on the Consolidated Balance Sheets, effective December 1, 2024. The loans are excluded from the table for December 2024.
Source · Based on the filing body and exhibits
U.S. Consumer Card Loans Total $92.6 billion, Net Write-Off Rate 2.1%
The company disclosed that U.S. Consumer Card Member loans totaled $92.6 billion as of December 31, 2024, with 1.4% of loans 30 or more days past due. The net write-off rate based on principal only was 2.1% for December 31, and 2.1% for the 3 months ended December 31.
Source · Based on the filing body and exhibits
U.S. Small Business Card Loans Total $29.6 billion, Net Write-Off Rate 2.4%
The company said U.S. Small Business Card Member loans totaled $29.6 billion as of December 31, 2024, with 1.5% of loans 30 or more days past due. The net write-off rate based on principal only was 2.4% for December 31, and 2.3% for the 3 months ended December 31.
Source · Based on the filing body and exhibits
Lending Trust Annualized Default Rate 1.2% for December 2024
American Express said the ending total principal balance of the American Express Credit Account Master Trust (Lending Trust) was $26.9 billion as of the end of December 2024, and the annualized default rate, net of recoveries, was 1.2%. November was 1.3%, and October was 1.5%.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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