Capital One Financial Corp. reported a spike in credit card defaults in March.
The $156 billion-asset McLean, Va., company said in a regulatory filing Wednesday that the net chargeoff rate for its U.S. credit cards hit 9.33% last month, compared to 8.06% in February. The increase was more pronounced because February has fewer days, the company said.
Loans delinquent at least 30 days were stable, at 5.08% compared to 5.1% a month earlier. The chargeoff rate for auto loans was 4.08% in March compared to 4.44% in February. The delinquency rate was stable at 7.52%.