SYF - Credit card metrics continue to improve in April payment rates stay elevated

2021 CompanyTickerTypeAprilMarchFeb.3-month averageCapital One[[COF]]delinquency1.92%2.24%2.45%2.20%  charge-off2.40%2.41%2.66%2.49%American Express[[AXP]]delinquency0.80%0.90%1.00%0.90%  charge-off1.00%1.10%1.40%1.17%JPMorgan[[JPM]]delinquency0.78%0.89%0.97%0.88%  charge-off1.97%2.03%2.11%2.04%Synchrony[[SYF]]core delinquency2.40%2.80%3.10%2.77%  adjusted charge-off3.70%3.80%4.00%3.83%Discover[[DFS]]delinquency1.69%1.85%2.01%1.85%  charge-off2.55%2.71%3.15%2.80%Alliance Data Systems[[ADS]]delinquency3.40%3.80%4.30%3.83%  charge-off5.20%5.30%5.20%5.23%Citigroup[[C]]delinquency1.12%1.26%1.31%1.23%  charge-off2.07%2.49%2.76%2.44%Bank of America[[BAC]]delinquency1.17%1.31%1.50%1.33%  charge-off2.33%3.17%2.67%2.72%  Avg. delinquency1.66%1.89%2.09%1.88%  Avg. charge-off2.65%2.90%2.97%2.84%Overall, the average delinquency rate and the average charge-off rate continued to fall in April as stimulus and tax refunds help consumers keep current on credit card payments.In fact, none of the eight credit card issuers covered here, none reported a March-to-April increase in either metric.The three-month average for delinquency rate fell to 1.88% from 2.04% in March; three-month average charge-off rate, though, increased to 2.97% in April from 2.78% in the prior month.Morgan Stanley's Betsy Graseck notes that consumers are paying their bills at a record pace, with 30+ day delinquencies now just 1.4% of outstanding balances and down ~40% from a year ago."The flip side of this coin is payment rates remain elevated, after jumping 400 bps on average in conjunction with the recent round of stimulus," she wrote in a note to clients.This month, though, there

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Credit card metrics continue to improve in April, payment rates stay elevated