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American Express June US Card Write-Off Rates Decline

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American Express (AXP) said in a filing Wednesday that its US consumer and small business card portfolios recorded lower preliminary net write-off rates in June, reflecting the sale of certain previously written-off card balances.

The US consumer net write-off rate fell to 1.4% in June from 2.0% in May, while the small business net write-off rate declined to 2.3% from 2.6%.

The company said the sale of previously written-off balances reduced June's net write-off rates by about 0.3% for consumer cards and 0.1% for small business cards.

Price: $360.30, Change: $+5.24, Percent Change: +1.48%

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