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New
York
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1-7657
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13-4922250
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-----------------------------
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------------------------
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-------------------
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(State
or other jurisdiction
of
incorporation or organization)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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200
Vesey Street, World Financial Center
New
York, New York
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10285
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---------------------------------------------------
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----------
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(Address
of principal executive offices)
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(Zip
Code)
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
7.01
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Regulation
FD Disclosure
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(Preliminary)
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||||||||||||||||
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Three
months
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||||||||||||||||
| (Preliminary) |
ended
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|||||||||||||||
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Oct.
31,
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Nov.
30,
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Dec.
31,
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Dec.
31,
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|||||||||||||
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2009
|
2009
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2009
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2009
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|||||||||||||
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Cardmember
lending – owned basis (A):
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||||||||||||||||
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Total
Loans
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$ | 22.1 | $ | 22.4 | $ | 23.5 | $ | 23.5 | ||||||||
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30
days past due loans as a % of total
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4.1 | % | 3.9 | % | 3.7 | % | 3.7 | % | ||||||||
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Average
loans
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$ | 22.4 | $ | 22.3 | $ | 23.0 | $ | 22.7 | ||||||||
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Net
write-off rate
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8.6 | % | 8.1 | % | 7.4 | % | 8.0 | % | ||||||||
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Cardmember
lending – managed basis (B):
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||||||||||||||||
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Total
Loans
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$ | 51.2 | $ | 51.5 | $ | 52.6 | $ | 52.6 | ||||||||
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30
days past due loans as a % of total
|
4.1 | % | 3.9 | % | 3.7 | % | 3.7 | % | ||||||||
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Average
loans
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$ | 51.6 | $ | 51.4 | $ | 52.0 | $ | 51.8 | ||||||||
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Net
write-off rate
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7.8 | % | 7.6 | % | 7.1 | % | 7.5 | % | ||||||||
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(A)
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"Owned,"
a GAAP basis measurement, reflects only cardmember loans included in the
Company's consolidated balance
sheets.
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(B)
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The
managed basis presentation assumes that there have been no off-balance
sheet securitization transactions, i.e., all
securitized cardmember loans and related income effects are reflected as
if they were in the Company's balance sheets and income statements,
respectively. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects
of securitization activities. The Company presents U.S. Card
Services information on a managed basis because that is the way the
Company's management views and manages the business. Management
believes that a full picture of trends in the Company's cardmember lending
business can only be derived by evaluating the performance of both
securitized and non-securitized cardmember loans and that use of a managed
basis presentation presents a more comprehensive portrayal of the key
dynamics of the cardmember lending business over
time.
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Sept.
25, 2009
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Oct.
26, 2009
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Nov.
25, 2009
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||||||||||
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through
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through
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through
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||||||||||
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Oct. 25, 2009
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Nov. 24, 2009
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Dec. 24, 2009
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Ending
total principal balance
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$ | 34.6 | $ | 34.3 | $ | 35.5 | ||||||
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Defaulted
amount, net of recoveries
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$ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||
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Annualized
default rate, net of recoveries
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7.4 | % | 7.5 | % | 6.9 | % | ||||||
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Total
30+ days delinquent
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$ | 1.5 | $ | 1.4 | $ | 1.4 | ||||||
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AMERICAN
EXPRESS COMPANY
(REGISTRANT)
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By: /s/ Carol V.
Schwartz
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Name: Carol
V. Schwartz
Title:
Secretary
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