SYF - Credit card delinquency rates continue to fall while charge-offs increase in February

CompanyTickerTypeFebruaryJanuaryDecember3-month averageCapital One[[COF]]delinquency2.45%2.49%2.41%2.45%  charge-off2.66%2.54%2.42%2.54%American Express[[AXP]]delinquency1.00%1.00%1.00%1.00%  charge-off1.40%1.30%1.60%1.43%JPMorgan[[JPM]]delinquency0.97%0.99%0.99%0.98%  charge-off2.11%1.97%1.70%1.93%Synchrony[[SYF]]core delinquency3.10%3.20%3.10%3.13%  adjusted charge-off4.00%3.10%3.10%3.40%Discover Financial[[DFS]]delinquency2.01%2.08%2.07%2.05%  charge-off3.15%2.57%2.45%2.72%Alliance Data Systems[[ADS]]delinquency4.30%4.30%4.40%4.33%  charge-off5.20%4.60%8.70%6.17%Citigroup[[C]]delinquency1.31%1.38%1.36%1.35%  charge-off2.76%2.01%2.11%2.29%Bank of America[[BAC]]delinquency1.50%1.55%1.50%1.52%  charge-off2.67%1.81%1.67%2.05%  Avg. delinquency2.08%2.12%2.10%2.10%  Avg. charge-off2.99%2.49%2.97%2.82%On average, credit card delinquencies declined from January to February, but net charge-offs increased during that same period. For each company covered, charge-offs rose from the January level.Bank of America CEO Brian Moynihan said consumer delinquencies have returned to below where they were before the COVID crisis. Some 2M customers suspended payments at the height of the crisis when unemployment stood at ~15%, but now that's "next to  nothing," he said in an interview on Bloomberg TV.  And those who have returned to work are paying their debts, he added.Indications are that delinquencies won't rise in the near term as federal relief payments hit customer accounts.Still, credit quality metrics may still be a bit muted as some banks are still offering forbearance programs for customers hurt by the pandemic. Generally, accounts under forbearance don't advance to the next

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Credit card delinquency rates continue to fall, while charge-offs increase in February