Major U.S. banks, including Bank of America, JPMorgan Chase, Citigroup, and Capital One, have released their third-quarter reports, offering insights into consumer credit card behavior. Credit cards serve as a key indicator of financial strain, as they are a form of revolving credit. The latest data suggests that consumers are managing their debts well despite economic challenges.
Banks bear the credit risk for credit cards, unlike payment processors like Visa and Mastercard. The profitability of credit card operations hinges on balancing risk and reward. Banks report 30-day and 90-day delinquency rates, as well as charge-off ratios, to provide transparency on credit risk. For the third quarter of 2026, these metrics generally improved compared to the previous year.
Citigroup's branded card portfolio had a 30-day delinquency rate of 1.16%, while private-label cards had a rate of 1.96%. Both figures were lower than a year ago. JPMorgan Chase reported a 30-day delinquency rate of 1.97% and a 90-day rate of 0.96%, both down year over year. Bank of America saw a 30-day delinquency rate of 2.32% and a 90-day rate of 1.13%, with net charge-offs at 3.22%, all lower than the previous year. Capital One, which serves lower-credit-quality customers, had a higher 30-day delinquency rate of 3.72%, but charge-offs fell to 4.01%.
Overall, the data suggests that consumers are holding up well despite financial pressures like high inflation. The credit card performance of these major banks indicates that consumers have not overextended themselves, providing a positive outlook for the economy.