Loans and Card Member Receivables

6 Months Ended

Jun. 30, 2025

Our lending and charge payment card products that we offer to consumer, small business and corporate customers result in the generation of Card Member loans and Card Member receivables. We also extend credit to customers through financing products that are not associated with a Card Member agreement, and instead are governed by a separate borrowing relationship, resulting in Other loans.

Card Member and Other loans as of June 30, 2025 and December 31, 2024 consisted of:

Table 2.1: Card Member and Other Loans


(Millions)	2025		2024
Consumer (a)	$	109,160	$	107,646
Small Business	33,072		31,991
Corporate	43		37
Card Member loans	142,275		139,674
Less: Reserves for credit losses	5,767		5,679
Card Member loans, net	$	136,508	$	133,995
Other loans, net (b)	$	9,831	$	9,038

(a)Includes approximately $26.7 billion and $28.3 billion of gross Card Member loans available to settle obligations of a consolidated variable interest entity (VIE) as of June 30, 2025 and December 31, 2024, respectively.

(b)Other loans are presented net of reserves for credit losses of $272 million and $194 million as of June 30, 2025 and December 31, 2024, respectively.

Card Member receivables as of June 30, 2025 and December 31, 2024 consisted of:

Table 2.2: Card Member Receivables


(Millions)	2025		2024
Consumer	$	24,598	$	25,431
Small Business	18,982		18,619
Corporate (a)	16,018		15,361
Card Member receivables	59,598		59,411
Less: Reserves for credit losses	193		171
Card Member receivables, net	$	59,405	$	59,240

(a)Includes $4.0 billion and $3.9 billion of gross Card Member receivables available to settle obligations of a consolidated VIE as of June 30, 2025 and December 31, 2024, respectively.

Card Member Loans and Receivables Aging

Generally, a Card Member account is considered past due if payment due is not received within 30 days after the billing statement date. The following tables present the aging of Card Member loans and receivables as of June 30, 2025 and December 31, 2024:

Table 2.3: Card Member Loans and Receivables Aging


2025 (Millions)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total		90+ Days Past Due and Still Accruing Interest (c)		Non-Accruals(d)
Card Member Loans:
Consumer	$	107,714	$	432	$	326	$	688	$	109,160	$	425	$	423
Small Business	32,563		156		114		239		33,072		139		150
Corporate (a)	(b)		(b)		(b)		—		43		—		—
Card Member Receivables:
Consumer	24,407		65		41		85		24,598		—		—
Small Business	$	18,765	$	72	$	48	97		18,982		—		—
Corporate (a)	(b)		(b)		(b)		$	65	$	16,018	$	—	$	—


2024 (Millions)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total		90+ Days Past Due and Still Accruing Interest (c)		Non-Accruals(d)
Card Member Loans:
Consumer	$	106,155	$	437	$	329	$	725	$	107,646	$	435	$	464
Small Business	31,510		151		107		223		31,991		132		135
Corporate (a)	(b)		(b)		(b)		—		37		—		—
Card Member Receivables:
Consumer	25,255		58		39		79		25,431		—		—
Small Business	$	18,400	$	77	$	54	88		18,619		—		—
Corporate (a)	(b)		(b)		(b)		$	65	$	15,361	$	—	$	—

(a)For corporate accounts, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member loan or receivable balance is classified as 90 days past billing. These amounts are shown above as 90+ Days Past Due for presentation purposes. See also (b).

(b)Delinquency data for periods other than 90+ days past billing has not historically been available due to system constraints. Therefore, such data has not been a material input for risk management purposes. The balances that are current to 89 days past billing can be derived as the difference between the Total and the 90+ Days Past Due balances.

(c)Our policy is generally to accrue interest through the date of write-off (typically 180 days past due). We establish reserves for interest that we believe will not be collected.

(d)Non-accrual loans primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest.

Other Loans Aging and Gross Write-Offs by Origination Year

Generally, a customer loan is considered past due if payment due is not received within 30 days after the payment due date. The following tables present the aging and gross write-offs for other loans by year of origination as of or for the six months ended June 30, 2025, and as of or for the twelve months ended December 31, 2024:

Table 2.4: Other Loans Aging and Gross Write-Offs by Origination Year


2025 (Millions)	2025		2024		2023		2022		2021		Prior		Revolving Loans (a)		Total
Current	$	3,189	$	3,321	$	928	$	117	$	8	$	62	$	2,418	$	10,043
30-59 Days Past Due	1		7		2		1		—		1		10		22
60-89 Days Past Due	1		6		3		1		—		—		8		19
90+ Days Past Due (b)	—		5		3		1		—		1		9		19
Total (c)	$	3,191	$	3,339	$	936	$	120	$	8	$	64	$	2,445	$	10,103
Gross Write-Offs	$	2	$	36	$	28	$	9	$	—	$	—	$	46	$	121

2024 (Millions)	2024		2023		2022		2021		2020		Prior		Revolving Loans (a)		Total
Current	$	4,950	$	1,578	$	356	$	10	$	14	$	57	$	2,209	$	9,174
30-59 Days Past Due	5		5		2		—		—		—		10		22
60-89 Days Past Due	5		4		2		—		—		—		7		18
90+ Days Past Due (b)	4		4		2		—		—		1		7		18
Total (c)	$	4,964	$	1,591	$	362	$	10	$	14	$	58	$	2,233	$	9,232
Gross Write-Offs	$	13	$	59	$	42	$	6	$	—	$	—	$	87	$	207

(a)Revolving loans consist primarily of lines of credit offered to small business customers.

(b)Over 90 days past due includes $6 million as of both June 30, 2025 and December 31, 2024 of loans on which interest is still accruing. Our policy is generally to accrue interest through the date of write-off (typically 120 days past due) except for lines of credit offered to small business customers, where interest ceases to accrue at 90 days past due. We establish reserves for interest that we believe will not be collected.

(c)This total includes non-accrual loans of $19 million as of both June 30, 2025 and December 31, 2024. Non-accruals for consumer installment loans primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest.

Credit Quality Indicators for Loans and Card Member Receivables

The following table presents the key credit quality indicators as of or for the six months ended June 30:

Table 2.5: Credit Quality Indicators for Loans and Card Member Receivables


	2025						2024
	Net Write-Off Rate						Net Write-Off Rate
	Principal Only (a)		Principal, Interest & Fees (a)		30+ Days Past Due as a % of Total		Principal Only (a)		Principal, Interest & Fees (a)		30+ Days Past Due as a % of Total
Card Member Loans:
Consumer	2.2	%	2.7	%	1.3	%	2.3	%	2.8	%	1.3	%
Small Business	2.5	%	2.9	%	1.5	%	2.3	%	2.6	%	1.3	%
Card Member Receivables:
Consumer	0.9	%	1.0	%	0.8	%	1.3	%	1.4	%	0.8	%
Small Business	1.9	%	2.0	%	1.1	%	2.0	%	2.2	%	1.1	%
Corporate	(b)		0.5	%	(c)		(b)		0.6	%	(c)
Other Loans	2.1	%	2.2	%	0.6	%	2.2	%	2.3	%	0.6	%

(a)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(b)Net write-off rate based on principal losses only is not available due to system constraints.

(c)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Delinquency data for periods other than 90+ days past billing is not available due to system constraints. 90+ days past billing as a % of total was 0.4% as of both June 30, 2025 and 2024.

Refer to Note 3 for additional indicators, including external qualitative factors, management considers in its evaluation process for reserves for credit losses.

Loans and Receivables Restructurings for Borrowers Experiencing Financial Difficulty

We evaluate all loans and receivables restructurings according to the accounting guidance for loan refinancing and restructuring to determine whether such loan modification should be accounted for as a new loan or a continuation of the existing loan. Our loans and receivables restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan, which reflects the ongoing effort to support our customer and recover our investment in the existing loan.

We offer several types of loans and receivables modification programs to customers experiencing financial difficulty. In such instances, we may modify loans and receivables with the intention to minimize losses and improve collectability, while providing customers with temporary or permanent financial relief.

Such modifications to the loans and receivables primarily include (i) temporary interest rate reductions (reducing interest rates to as low as zero percent, in which case the loan is characterized as non-accrual), and/or (ii) placing the customer on a fixed payment plan not to exceed 60 months. Upon entering the modification program, the customer’s ability to make future purchases is limited, canceled or, in certain cases, suspended until the customer successfully exits from the modification program. As of June 30, 2025 and 2024, we had $38 million and $50 million, respectively, of unused credit available to customers with loans and receivables modified during each of the respective six month periods. In accordance with the modification agreement with the customer, loans and/or receivables may revert to the original contractual terms (including the contractual interest rate where applicable) when the customer exits the modification program, which is either (i) when all payments have been made in accordance with the modification agreement or (ii) when the customer defaults out of the modification program.

The following tables provide information relating to loans and receivables modifications for borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024:

Table 2.6: Loans and Receivables Modifications for Borrowers experiencing Financial Difficulty


	Three Months Ended June 30,
	2025							2024
	Account Balances (Millions) (a)		% of Total Class of Financing Receivables		Weighted Average Interest Rate Reduction (% points)		Weighted Average Payment Term Extensions (# of months)	Account Balances (Millions) (a)		% of Total Class of Financing Receivables		Weighted Average Interest Rate Reduction (% points)		Weighted Average Payment Term Extensions (# of months)
Interest Rate Reduction
Card Member Loans
Consumer	$	520	0.5	%	18.3	%	(b)	$	513	0.5	%	18.2	%	(b)
Small Business	205		0.6	%	17.7	%	(b)	185		0.6	%	17.5	%	(b)
Corporate	—		—		—		(b)	—		—		—		(b)
Term Extension
Card Member Receivables
Consumer	69		0.3	%	(c)		31	92		0.4	%	(c)		30
Small Business	114		0.6	%	(c)		30	142		0.7	%	(c)		29
Corporate	12		0.1	%	(c)		10	9		0.1	%	(c)		9
Other Loans	9		0.1	%	—		17	12		0.1	%	—		18
Interest Rate Reduction and Term Extension
Other Loans	17		0.2	%	3.3	%	21	18		0.2	%	2.5	%	19
Total	$	946						$	971

	Six Months Ended June 30,
	2025							2024
	Account Balances (Millions) (a)		% of Total Class of Financing Receivables		Weighted Average Interest Rate Reduction (% points)		Weighted Average Payment Term Extensions (# of months)	Account Balances (Millions) (a)		% of Total Class of Financing Receivables		Weighted Average Interest Rate Reduction (% points)		Weighted Average Payment Term Extensions (# of months)
Interest Rate Reduction
Card Member Loans
Consumer	$	1,005	0.9	%	18.3	%	(b)	$	1,039	1.0	%	18.1	%	(b)
Small Business	409		1.2	%	17.7	%	(b)	370		1.2	%	17.5	%	(b)
Corporate	—		—		—		(b)	—		—		—		(b)
Term Extension
Card Member Receivables
Consumer	130		0.5	%	(c)		31	184		0.8	%	(c)		29
Small Business	225		1.2	%	(c)		30	283		1.5	%	(c)		29
Corporate	16		0.1	%	(c)		10	12		0.1	%	(c)		9
Other Loans	20		0.2	%	—		17	22		0.3	%	—		19
Interest Rate Reduction and Term Extension
Other Loans	32		0.3	%	3.2	%	21	34		0.4	%	2.4	%	19
Total	$	1,837						$	1,944

(a)Represents the outstanding balances as of June 30, 2025 and 2024, respectively, of all modifications undertaken in the current and preceding three and six months for loans and receivables that remain in modification programs as of, or that defaulted on or before, June 30, 2025 and 2024, respectively. The outstanding balances include principal, fees, and accrued interest on loans and principal and fees on receivables. Modifications did not reduce the principal balance.

(b)For Card Member loans, we generally do not offer payment term extensions.

(c)We do not offer interest rate reduction programs for Card Member receivables as the receivables are non-interest bearing.

The following tables provide information with respect to modified loans and receivables that defaulted during the three and six months ended June 30, 2025 and 2024, and were modified in the twelve months prior to the payment default. A customer can miss up to three payments before being considered in default, depending on the terms of the modification program.

Table 2.7: Modified Loans and Receivables that Defaulted within Twelve Months of Modification


	Three Months Ended June 30,
	2025								2024
Account Balance (Millions) (a)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total		Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total
Card Member Loans
Consumer	$	45	(b)		$	—	$	45	$	40	(b)		$	—	$	40
Small Business	21		(b)		—		21		17		(b)		—		17
Corporate	—		(b)		—		—		—		(b)		—		—
Card Member Receivables
Consumer	(c)		$	5	—		5		(c)		$	5	—		5
Small Business	(c)		9		—		9		(c)		11		—		11
Corporate	(c)		1		—		1		(c)		—		—		—
Other Loans	—		—		2		2		—		—		1		1
Total	$	66	$	15	$	2	$	83	$	57	$	16	$	1	$	74

	Six Months Ended June 30,
	2025								2024
Account Balance (Millions) (a)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total		Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total
Card Member Loans
Consumer	$	62	(b)		$	—	$	62	$	56	(b)		—		$	56
Small Business	29		(b)		—		29		24		(b)		—		24
Corporate	—		(b)		—		—		—		(b)		—		—
Card Member Receivables
Consumer	(c)		$	6	—		6		(c)		$	6	—		6
Small Business	(c)		14		—		14		(c)		15		—		15
Corporate	(c)		1		—		1		(c)		—		—		—
Other Loans	—		—		2		2		—		—		2		2
Total	$	91	$	21	$	2	$	114	$	80	$	21	$	2	$	103

(a)Represents the outstanding balances as of June 30, 2025 and 2024, respectively, of all modifications that defaulted in the periods presented and were modified in the twelve months prior to payment default. The outstanding balances include principal, fees and accrued interest on loans and principal and fees on receivables.

(b)For Card Member loans, we generally do not offer payment term extensions.

(c)We do not offer interest rate reduction programs for Card Member receivables as the receivables are non-interest bearing.

The following tables provide information relating to the performance of loans and receivables that were modified during the prior twelve months and that remain in modification programs as of, or that defaulted on or before, June 30, 2025 and 2024:

Table 2.8: Performance of Modified Loans and Receivables


	As of June 30, 2025
Account Balances (Millions) (a)	Current		30-89 Days Past Due		90+ Days Past Due
Card Member Loans
Consumer	$	1,608	$	102	$	40
Small Business	611		54		22
Corporate	—		—		—
Card Member Receivables:
Consumer	202		11		5
Small Business	328		30		10
Corporate	12		3		3
Other Loans	78		5		2
Total	$	2,839	$	205	$	82


	As of June 30, 2024
Account Balances (Millions) (a)	Current		30-89 Days Past Due		90+ Days Past Due
Card Member Loans
Consumer	$	1,725	$	103	$	44
Small Business	557		51		20
Corporate	—		—		—
Card Member Receivables:
Consumer	293		17		6
Small Business	427		42		13
Corporate	9		3		3
Other Loans	80		5		2
Total	$	3,091	$	221	$	88

(a)The outstanding balances include principal, fees and accrued interest on loans and principal and fees on receivables.