JPM Credit Card Trust Tracker April 2026 Preview

Research evidence excerpt

JPM Credit Card Trust Tracker April 2026 Preview

J P M O R G A N North America Equity Research

12 May 2026

JPM Credit Card Trust Tracker

April 2026 Preview

We are previewing the April 2026 monthly credit card master trust data (which we Consumer Finance

ACanticipate will be released Friday, May 15th). We expect early & total DQs to Richard Shane

improve modestly M/M, primarily driven by the tailwind from tax refunds. We (1-415) 315-6701

expect NCOs to improve M/M across issuers (except AXP). April typically marks richard.b.shane@jpmorgan.com

the beginning of asset balance recovery as spending rebounds from the post- J.P. Morgan Securities LLC

holiday pre-tax-refund lull. Chase Spending Data1 showed relatively consistent

spending growth in April (+5.9%) compared to March (+6.1%). As a result, we

The authors wish to thank Prakhar Rai, ofexpect loan growth should be in line with historical seasonality (click here for our

the J.P. Morgan Global Research Center,Chase Spending note and here for disclaimers and methodology).

for contributions to this report.

• NCOs expected to improve across issuers (except AXP). In the last 10 years,

the NCO rate for the JPM Trust Tracker Index has averaged 5bps of

improvement in April. Based on historical trends, we expect NCOs to

deteriorate 3bps for AMXCA (AXP) and improve 2bps for COMET (COF).

• Early DQs & total DQs expected to improve modestly M/M across issuers.

Historically, delinquencies tend to improve in April, driven by a credit tailwind

from tax refunds. In the last 10 years, the average M/M change in total

delinquencies for the JPM Trust Index has improved 3bps in the month of

April. On a sequential basis, we expect early-stage DQs to improve 3bps for

AMXCA and and 4bps for COMET. We expect total DQs to improve by 3bps