Monthly portfolio reports from American Express Co. and Discover Financial Services, the two major stand-alone credit card issuers, showed continued deterioration in credit quality.

The chargeoff rate in Amex's securitization trust rose 102 basis points in February from the previous month, to 9.31%, and delinquencies grew 11 basis points, to 5.4%. The chargeoff rate for Discover went up 59 basis points, to 7.15%, and delinquencies increased 23 basis points, to 5.52%.

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