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U.S. Credit Card Quality Index: Monthly Performance--February 2024

The tables show the historical monthly performance of S&P Global Ratings' U.S. Credit Card Quality Index (CCQI) for bankcard trusts for the past 12 months.

For the full dataset, see our extended table: Click here.

The CCQI is a monthly performance index that aggregates performance information of securitized credit card receivables in key risk areas: receivables outstanding, yield, payment rate, net loss rate, delinquencies, base rate, and excess spread rate (see the Appendix).

For more information on performance trends among individual credit card pools, see our review commentary "2024 U.S. and Canada Credit Cards ABS Review Report," published Feb 23, 2024.

S&P Global Ratings' Credit Card Quality Index (CCQI)--U.S. ABS credit card--bankcard
12-month summary
Month/year Outstanding amount ($) Yield (%) Net loss rate (%) Base rate (%) Spread rate (%) 30+ day delinquency rate (%) 60+ day delinquency rate (%) 90+ day delinquency rate (%) Total payment rate (%) U.S. unemployment rate (%)
Feb/2024 137,925,662,442 24.86 2.24 5.33 17.29 1.51 1.08 0.76 38.68 3.9
Jan/2024 135,863,917,639 23.79 2.19 5.30 16.30 1.52 1.09 0.76 39.37 3.7
Dec/2023 138,805,932,048 24.78 2.18 5.29 17.31 1.47 1.04 0.71 39.40 3.7
Nov/2023 136,535,450,103 24.88 2.00 5.20 17.69 1.45 1.01 0.68 38.70 3.7
Oct/2023 134,409,347,273 24.97 1.95 5.18 17.84 1.41 0.97 0.66 38.99 3.9
Sep/2023 129,732,309,121 24.76 1.88 5.11 17.76 1.38 0.95 0.64 38.84 3.8
Aug/2023 131,069,735,105 24.82 1.85 5.10 17.87 1.30 0.89 0.60 40.92 3.8
Jul/2023 131,320,873,736 24.78 1.73 5.09 17.96 1.25 0.86 0.59 39.79 3.5
Jun/2023 131,051,830,461 25.16 1.76 5.02 18.38 1.20 0.83 0.57 41.48 3.7
May/2023 129,179,525,486 25.09 1.77 4.88 18.44 1.17 0.83 0.58 41.11 3.7
Apr/2023 128,534,840,355 24.30 1.74 4.92 17.65 1.17 0.83 0.56 38.80 3.4
Mar/2023 127,086,673,271 25.18 1.60 4.66 18.92 1.19 0.82 0.57 41.61 3.5

Appendix: CCQI Performance Variables

We determine each master trust's weighting by dividing its outstanding eligible principal receivables by the total outstanding eligible principal receivables for all trusts included in the index. We then determine the CCQI weighted average performance variables by adding the result of each master trust's variables multiplied by each master trust's respective weighting.

Receivables outstanding

The aggregate outstanding eligible principal receivables of credit card accounts backing each master trust at the end of the collection period.

Yield

The weighted average total trust income for the collection period as a percentage of eligible principal receivables (annualized).

Net loss rate

The weighted average net losses on principal receivables for the collection period as a percentage of eligible principal receivables (annualized).

Base rate

The weighted average cost of funding (the sum of the certificate rate on a securitization and the corresponding transaction servicing fee) for the collection period.

Excess spread rate

The weighted average surplus of cash inflow for the collection period (yield minus charge-offs minus the base rate).

Delinquencies

The weighted average past-due amount for the collection period as a percentage of the current month's eligible principal receivables.

Total payment rate

The weighted average total monthly collections (obligor principal and finance charge payments) as a percentage of the total outstanding amounts.

The analysts would like to thank Karuna Pradhan for their contribution to this report.

This report does not constitute a rating action.

Primary Credit Analyst:Piper Regan, CFA, New York + 1 (212) 438 1173;
piper.regan@spglobal.com
Secondary Contact:Trang Luu, Austin + 1 (214) 765 5887;
trang.luu@spglobal.com
Analytical Manager:Ildiko Szilank, New York + 1 (212) 438 2614;
ildiko.szilank@spglobal.com
Research Contributor:Sushmita Murai, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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