Discover, Capital One credit card delinquencies surpass pre-pandemic levels
Seven credit card lenders see delinquency rates accelerate after slowing in Q2
Delinquency rates on credit cards shot up to above pre-pandemic levels at two banks in the third quarter.
Discover’s 30-day delinquency rate on credit card loans rose by 55 basis points to 3.41% at end-September, the largest quarterly rise and highest end-quarter rate since at least 2017. Capital One also saw a 55bp rise to a five-year peak, finishing Q3 with a 30-day delinquency rate of 4.32%.
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