Credit card delinquencies rise for most major US issuers in Q3

By the numbers: Credit card spend grew minimally at Citi and Bank of America in Q3 2024, per their earnings releases.

• Citi’s branded credit card volume increased 3% YoY, compared with 4% YoY growth last year.
• Bank of America’s credit card purchase volume increased 1% YoY, down from 2.5% YoY a year ago.

Both issuers’ 30-day delinquencies increased quarterly and on the year.

• The 30+ day delinquency rate for Citi’s branded cards was 1.05%, up from 0.94% in Q2 and 0.97% last year.
• The 30+ day delinquency rate for Bank of America’s credit cards was 2.54%, up from 2.43% last quarter and 2.10% last year.