American Express has released its latest credit performance data for spring 2026, revealing a notable uptick in both card delinquency and write-off rates. The New York-based lender reported that the delinquency rate for its card members reached 2.1% in March 2026, up from 1.8% during the same period last year. Net write-offs — debts the company does not expect to recover — rose to 3.4%, compared with 2.9% in spring 2025.
The increase marks a continuation of the trend seen across the US consumer credit market, where borrowers have struggled with elevated living costs and borrowing costs. Although American Express typically serves higher-credit-score customers, the data suggests that even more affluent households are feeling the pinch of sustained inflation and the lingering effects of higher interest rates.
For UK investors, the figures are a reminder of the interconnected nature of global consumer finance. American Express shares trade on the New York Stock Exchange, but the company's performance influences sentiment in the wider financial sector, including UK-listed banks and card issuers. A deterioration in US consumer credit can weigh on London-listed financial stocks, particularly those with exposure to unsecured lending.
Analysts at several City firms have noted that the rise in write-offs, while still below pandemic-era peaks, signals that consumer balance sheets are under pressure. 'The trend is consistent with a normalisation of credit conditions after a period of exceptionally low defaults,' said one analyst, who asked not to be named. 'But the pace of the increase is worth watching, especially if the US economy slows further.'
The data comes as the Bank of England continues to monitor household debt levels in the UK. While British card delinquency rates have not risen as sharply, the US figures could foreshadow similar trends if the UK economy weakens. Investors holding shares in UK-focused card providers or diversified financial groups should be aware of the potential for increased provisioning costs in upcoming earnings reports.
Source: American Express monthly credit performance report, March 2026