American Express September Consumer Card Net Write-Off Rate Drops to 1.9%

MT Newswires Live10-16

American Express (AXP) said Tuesday the net write-off rate for US consumer card member loans in September fell to 1.9% from 2.2% in August.

The net write-off rate for US small business card member loans dropped to 2.1% from 2.3%, the company said in a regulatory filing that provided preliminary figures for September.

The September write-off rates are based on principal only, excluding interest or fees.

Total US-based consumer and small business card member loans fell to $116.7 billion in September from $117.4 billion in August.

Shares of American Express were up 1.2% in recent trading.

Price: 279.90, Change: +3.38, Percent Change: +1.22

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