Card delinquencies have remained steady at Bank of America, which reported June credit card delinquencies of 1.56 percent. The figure registered at the same rate as the prior month, SeekingAlpha reported.
Net charge-off rate, by comparison, dropped slightly: In June, it registered at 2.71 percent compared to 2.83 percent in May. At the same time, it was reported that the delinquency rate was 1.58 percent for a three-month average. In addition, the net charge-off rate was 2.79 percent for a three-month average.
According to news earlier in the month, large credit card issuers in the United States reported lower delinquencies in May. Among the master trust portfolios of the six biggest card issuers, the average delinquency ratio fell to 1.43 percent in May, a month-over-month decline of 4 basis points. And the average net charge-off fell to 2.35 percent, by 10 basis points month over month.
In separate card news from Bank of America, the bank announced in late June that it is rolling out a digital debit card, per a release from the company. In addition, it is making other additions to its banking app to help on-the-go customers handle their finances. The company said in the release, “This digital debit card has the same protections and benefits of a physical debit card, and is immediately available to use in the mobile app. Through the mobile app, eligible clients can request a digital debit card for a new or replacement debit card.”
Clients can use the card to pay in stores or online using a mobile wallet, can get cash and make deposits at Bank of America ATMs, and can shop online with all of the card details already in the app. David Tyrie, head of advanced solutions and digital banking at Bank of America, said, “Our goal is to bring never-before-possible convenience to clients. With our new digital debit card, clients can transact immediately and avoid waiting for their permanent card. This feature is one of several new digital offerings that reinforce our commitment to making clients’ financial lives easier.”