Wells Fargo Securities Releases Positive Credit Card Report

A report from Wells Fargo Securities (NYSE: WFC) shows an improving environment for credit card issuers.

Credit card trends suggest there will be improved card performance by mid 2010, with Bank of America Corporation (NYSE: BAC) benefiting more than JPMorgan Chase and Co. (NYSE: JPM).

Delinquency trends point to a drop in credit card losses by the 2nd quarter of 2010. Another positive note was that monthly payment rates surged 182 bps in December.

Portfolio yields continue to rise as well. The current Trust Portfolio exceeds 21% and is at the highest level of the past decade.

Although credit card issuers as a group have reduced losses in December compared to November, not all of the issuers were able to do so.