Card Issuer Trust Trends: May 2026

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Card Issuer Trust Trends: May 2026

RBC Capital Markets, LLC

Jon G. Arfstrom (Associate

Director of U.S. Research)

(646) 703-3565,

jon.arfstrom@rbccm.com

Karl Shepard, CFA (Analyst)

(612) 371-2709,

karl.shepard@rbccm.com

June 15, 2026

Card Issuer Trust Trends: May 2026RESEARCH Favorable core metrics with improving credit and solid growth.

Our view: We are reviewing monthly card data for May. Overall, credit remains on an encouraging

trajectory with stable to positive trends and continued improvement in year-over-year metrics. We

appreciate the outlook for 2026 with delinquency levels supporting stable to lower losses. In terms of

growth, May balances were higher sequentially and the year-over-year growth trends are accelerating

for some names.

May Trust and Managed Card Data Summary:EQUITY

For the top five card issuers on a trust average basis, May charge-offs were 1.96%, which increased 3

bps from the prior month and decreased 15 bps from the year ago period. Meanwhile, average 30+ day

delinquencies were 1.14%, which decreased 5 bps from the prior month and decreased 9 bps from the

year ago period.

On a managed basis, our coverage universe (AXP, BFH, COF, SYF) reported average charge-offs of 4.80%,

which decreased 13 bps from the prior month and decreased 44 bps from a year ago. Meanwhile,

average 30+ day delinquencies were 3.47%, which decreased 10 bps from the prior month and

decreased 30 bps from a year ago.

Overall, credit remains consistent with continued improvement on a year over year basis. In the near

term, we see the core credit metrics as stable with a bias lower in charge-offs. We see the delinquency

trends as providing support and visibility to the loss outlook. Despite the lingering macro uncertainty, as