New York
|
1-7657
|
13-4922250
|
||
(State or other jurisdiction
of incorporation or organization)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
200 Vesey Street
New York, New York
|
10285
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Not Applicable
|
(Former name or former address, if changed since last report)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 7.01 | Regulation FD Disclosure |
January 31,
2015
|
February 28,
2015
|
(Preliminary)
March 31,
2015
|
(Preliminary)
Three months ended
March 31,
2015
|
|||||||||||||
Card Member lending:
|
||||||||||||||||
Total loans
|
$
|
60.4
|
$
|
58.5
|
$
|
59.9
|
$
|
59.9
|
||||||||
30 days past due loans as a % of total
|
1.0
|
%
|
1.0
|
%
|
1.0
|
%
|
1.0
|
%
|
||||||||
Average loans
|
$
|
61.5
|
$
|
59.5
|
$
|
59.2
|
$
|
60.4
|
||||||||
Net write-off rate – principal only (a)(b)
|
1.4
|
%
|
1.5
|
%
|
1.5
|
%
|
1.5
|
%
|
(a)
|
Net write-off rate based on principal only (i.e., excluding interest and /or fees).
|
(b)
|
Reflects a change in timing of charge-offs for loans in certain modification programs from 180 days past due to 120 days past due beginning January 16, 2015. Excluding the impact of the change, the net write-off rate – principal only was 1.3% and 1.5% for the months ended January 31, 2015 and February 28, 2015, respectively, and 1.4% for the three months ended March 31, 2015. The change was fully implemented prior to March 2015 so the net write-off rate – principal only was not impacted for the month ended March 31, 2015.
|
December 26, 2014
through
January 25, 2015
|
January 26, 2015
through
February 22, 2015
|
February 23, 2015
through
March 25, 2015
|
||||||||||
Ending total principal balance
|
$
|
28.1
|
$
|
27.0
|
$
|
27.0
|
||||||
Defaulted amount
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
||||||
Annualized default rate, net of recoveries
|
1.4
|
%(a)
|
1.7
|
%(a)
|
1.4
|
%
|
||||||
Total 30+ days delinquent
|
$
|
0.3
|
$
|
0.3
|
$
|
0.3
|
(a)
|
Reflects a change in timing of charge-offs for loans in certain modification programs from 180 days past due to 120 days past due beginning January 16, 2015. Excluding the impact of the change, the annualized default rate, net of recoveries was 1.3% and 1.6% for the periods December 26, 2014 through January 25, 2015 and January 26, 2015 through February 22, 2015, respectively.
|
AMERICAN EXPRESS COMPANY
|
||
(REGISTRANT)
|
||
By:
|
/s/ Carol V. Schwartz
|
|
Name: Carol V. Schwartz
|
||
Title: Secretary
|