American Express reports flat write-off rate for August
American Express, one of the country’s leading credit card issuers, reported this week its number of write-offs remained flat in the month of August. The company is notable for having a base of affluent consumers in comparison to other credit card issuers in the market.
In a regulatory filing, American Express said its net write-off rate in August was 5.5 percent, consistent with results from July, according to the Associated Press. In June, however, the rate was slightly higher at 5.7 percent. American Express offers their members the option to view their accounts on smartphones and manage their payments online.
In a fourth annual survey conducted by J.D. Power and Associates, American Express ranked at the top of the list for customer satisfaction, according to DailyMarkets.com. Low rates and fees in addition to simple account management resources have been effective in attracting and satisfying consumers.
American Express also showed a decline in its 30-day delinquency rate between July and August. The rate dropped from 2.6 percent to 2.4 percent while Discover, Bank of America and Capital One all reported increases.