American Express announced updated credit performance data for its U.S. Consumer and U.S. Small Business card portfolios for November 2025. Total U.S. Consumer card loans rose to $97.7 billion, with 30-day delinquency unchanged at 1.4%, while the net write-off rate eased to 2.1% from 2.2% in October. U.S. Small Business card loans increased to $31.4 billion, with delinquencies steady at 1.6% and the net write-off rate ticking up to 2.7% from 2.6%. In total, U.S. Consumer and Small Business card loans held for investment reached $129.1 billion at the end of November. Separately, the American Express Credit Account Master Trust reported an annualized default rate of 1.2% for November, down slightly from 1.3% in the prior two months.