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 loans are generally recorded at the time a Card Member enters into a point-of-sale transaction with a merchant and represent revolve-eligible balances on our card products, as well as any finance charges and associated card-related fees. Card Members with outstanding revolving loans are required to make a minimum monthly payment, and the balances that Card Members choose to revolve are subject to finance charges. These loans have varying terms such as credit limits, interest rates, fees and payment structures, which can be revised over time based on new information about Card Members and in accordance with applicable regulations and the respective product’s terms and conditions.

Card Member loans are presented on the Consolidated Balance Sheets net of reserves for credit losses (refer to Note 3), and include principal and any related accrued interest and fees. Our policy generally is to cease accruing interest on a Card Member loan at the time the account is written off, and establish reserves for interest that we believe will not be collected.

Other loans are recorded at the time any extension of credit is provided to consumer and commercial customers for financing products not associated with a Card Member agreement, such as consumer installment loans and lines of credit offered to small business customers. These loans have a range of fixed and variable terms such as interest rates, fees and repayment periods. Borrowers are typically required to make pre-established monthly payments over the term of the loan. Other loans are presented on the Consolidated Balance Sheets net of reserves for credit losses and include principal and any related accrued interest and fees.

TABLE 2.1: CARD MEMBER AND OTHER LOANS


(Millions)	2025		2024
Consumer (a)	$	117,719	$	107,646
Small Business	34,074		31,991
Corporate	39		37
Card Member loans	151,832		139,674
Less: Reserves for credit losses	5,909		5,679
Card Member loans, net	$	145,923	$	133,995
Other loans, net (b)	$	10,605	$	9,038

Card Member receivables are recorded at the time a Card Member enters into a point-of-sale transaction with a merchant and represent balances due on our card products and card-related fees that need to be paid in full on or before the Card Member’s payment due date.

Charge Card Members generally must pay the full amount billed each month. Card Member receivable balances are presented on the Consolidated Balance Sheets net of reserves for credit losses (refer to Note 3), and include principal and any related accrued fees.

TABLE 2.2: CARD MEMBER RECEIVABLES


(Millions)	2025		2024
Consumer	$	26,605	$	25,431
Small Business	19,558		18,619
Corporate(a)	15,868		15,361
Card Member receivables	62,031		59,411
Less: Reserves for credit losses	180		171
Card Member receivables, net	$	61,851	$	59,240

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 December 31, 2025 and 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 (a)		Non-Accruals(b)
Card Member Loans:
Consumer	$	116,148	$	473	$	350	$	748	$	117,719	$	434	$	471
Small Business	33,528		173		121		252		34,074		130		177
Corporate (c)	(d)		(d)		(d)		—		39		—		—
Card Member Receivables:
Consumer	$	26,404	$	56	$	42	$	103	$	26,605	$	—	$	—
Small Business	19,342		82		47		88		19,558		—		—
Corporate (c)	(d)		(d)		(d)		75		15,868		—		—


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(a)		Non-Accruals(b)
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 (c)	(d)		(d)		(d)		—		37		—		—
Card Member Receivables:
Consumer	$	25,255	$	58	$	39	$	79	$	25,431	$	—	$	—
Small Business	18,400		77		54		88		18,619		—		—
Corporate (c)	(d)		(d)		(d)		65		15,361		—		—

(c)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 (d).

(d)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.

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 years ended December 31:

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	$	5,532	$	2,172	$	494	$	45	$	6	$	54	$	2,564	$	10,867
30-59 Days Past Due	6		7		2		—		—		1		8		25
60-89 Days Past Due	4		5		2		—		—		—		8		19
90+ Days Past Due (b)	3		5		2		—		—		1		6		17
Total (c)	$	5,545	$	2,188	$	500	$	46	$	6	$	56	$	2,587	$	10,928
Gross Write-Offs	$	15	$	77	$	47	$	13	$	1	$	—	$	88	$	242

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

(b)Over 90 days past due includes $7 million and $6 million as of December 31, 2025 and 2024, respectively, 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 $16 million and $19 million as of December 31, 2025 and 2024, respectively. Non-accruals for consumer installment loans primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest.

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	2.1	%	2.6	%	1.3	%	2.2	%	2.7	%	1.4	%
Small Business	2.5	%	2.9	%	1.6	%	2.3	%	2.6	%	1.5	%
Card Member Receivables:
Consumer	1.1	%	1.2	%	0.8	%	1.2	%	1.3	%	0.7	%
Small Business	1.8	%	1.9	%	1.1	%	1.9	%	2.0	%	1.2	%
Corporate	(b)		0.5	%	(c)		(b)		0.6	%	(c)
Other Loans	2.0	%	2.0	%	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.

(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 0.5 percent and 0.4 percent as of December 31, 2025 and 2024, respectively.

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 December 31, 2025, we had $75 million of unused credit available to customers with loans and receivables modified during the year ended December 31, 2025. 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.

TABLE 2.6: LOANS AND RECEIVABLES MODIFICATIONS FOR BORROWERS EXPERIENCING FINANCIAL DIFFICULTY


	Year Ended December 31, 2025

2025 (Millions)	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	$	1,868	1.6	%	18.3	%	(b)
Small Business	738		2.2	%	17.8	%	(b)
Corporate	—		—		—		(b)
Term Extension
Card Member Receivables
Consumer	203		0.8	%	(c)		32
Small Business	340		1.7	%	(c)		30
Corporate	16		0.1	%	(c)		10
Other Loans	30		0.3	%	—		17
Interest Rate Reduction and Term Extension
Other Loans	59		0.5	%	3.4	%	21
Total	$	3,255



	Year Ended December 31, 2024
2024 (Millions)	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	$	1,770	1.6	%	18.3	%	(b)
Small Business	646		2.0	%	17.5	%	(b)
Corporate	—		—		—		(b)
Term Extension
Card Member Receivables
Consumer	256		1.0	%	(c)		30
Small Business	401		2.2	%	(c)		30
Corporate	13		0.1	%	(c)		9
Other Loans	30		0.3	%	—		18
Interest Rate Reduction and Term Extension
Other Loans	56		0.6	%	2.6	%	20
Total	$	3,172

(a)Represents the outstanding balances as of December 31, 2025 and 2024, respectively, of all modifications undertaken in the current and preceding year for loans and receivables that remain in modification programs as of, or that defaulted on or before, December 31, 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.

The following tables provide information with respect to modified loans and receivables that defaulted in the periods presented 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.


	Year Ended December 31, 2025
Account Balance (Millions) (a)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total
Card Member Loans
Consumer	$	74	(b)		$	—	$	74
Small Business	37		(b)		—		37
Corporate	—		(b)		—		—
Card Member Receivables
Consumer	(c)		$	6	—		6
Small Business	(c)		13		—		13
Corporate	(c)		1		—		1
Other Loans	—		—		2		2
Total	$	112	$	20	$	2	$	133


	Year Ended December 31, 2024
Account Balance (Millions) (a)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total
Card Member Loans
Consumer	$	88	(b)		$	—	$	88
Small Business	40		(b)		—		40
Corporate	—		(b)		—		—
Card Member Receivables
Consumer	(c)		$	10	—		10
Small Business	(c)		17		—		17
Corporate	(c)		—		—		—
Other Loans	—		—		2		2
Total	$	128	$	27	$	2	$	157

(a)Represents the outstanding balances as of December 31, 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.

The following tables provide information relating to the performance of loans and receivables that were modified during the years ended December 31, 2025 and 2024 and that remain in modification programs as of, or that defaulted on or before, December 31, 2025 and 2024, respectively:


	As of December 31, 2025
Account Balances (Millions) (a)	Current		30-89 Days Past Due		90+ Days Past Due
Card Member Loans
Consumer	$	1,709	$	116	$	43
Small Business	656		60		22
Corporate	—		—		—
Card Member Receivables:
Consumer	186		12		5
Small Business	303		27		9
Corporate	11		3		2
Other Loans	83		5		2
Total	$	2,950	$	223	$	82


	As of December 31, 2024
Account Balances (Millions) (a)	Current		30-89 Days Past Due		90+ Days Past Due
Card Member Loans
Consumer	$	1,615	$	110	$	45
Small Business	568		56		22
Corporate	—		—		—
Card Member Receivables:
Consumer	234		16		6
Small Business	357		31		13
Corporate	10		2		1
Other Loans	79		5		2
Total	$	2,863	$	220	$	89