April 2026 Credit Card Data

Research evidence excerpt

April 2026 Credit Card Data

May 17, 2026 April 2026 Credit Card Data

Credit Remains Fine But Differentiation in Loan Growth: BFH and SYF

Loan Growth Accelerating While AXP and COF Slowing Vincent Caintic, CFASPECIALTY (332) 400-5061 vcaintic@btig.com

WHAT YOU SHOULD KNOW: April monthly data supports continued to show relative Morgan O'Donovan, CFA

credit strength across lenders. Where we are seeing differentiation is in loan growth (332) 400-5084 modonovan@btig.com

trends; specifically, acceleration in loan growth at Bread Financial (BFH, Buy, $105)

and Synchrony Financial (SYF, Neutral), but deceleration in American Express (AXP, Sell,FINANCE $285) and Capital One (COF, Buy, $224).

All but American Express reported significantly lower y/y net losses. We do note that

Amex's losses, while up 30bps y/y, are relatively stable with recent months at 2.1%. For

Bread, Capital One and Synchrony: the three companies reported losses that are downINDUSTRY

70bps+ y/y. On Delinquencies, only Synchrony had flat y/y trend, while the other three

showed improvement with Capital One having the greatest change (-51bps y/y).REPORT Both Amex and Capital One's loan growth continue to decelerate. Amex is now showing

loan growth of +7% y/y, while Capital One (pro forma for Discover) is showing +2% y/

y. On the other hand, Bread Financial loans are accelerating to +2% y/y and Synchrony

is +1% y/y, after being flattish earlier this year.

See the following pages for tables and graphs of credit and loan growth trends.

Exhibit 1 - Credit Card Monthly Data

(BTIG coverage group consists of AXP, BFH, COF and SYF)

Average 30d+ DQ Rate Average NCO Rate

6% 5.4%

5.2% 5.1% 5.1% 5.0% 4.9% 4.9% 5.0% 5.0% 4.8% 4.9%

4.7% 5% 4.5%

3.8% 3.7% 3.7% 3.7% 3.8% 3.9% 4.0% 4.0% 3.9% 4.0% 3.9% 3.8% 3.6% 4%

3%

2%

1%

0%