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JPMorgan Card Spending Hits $539 Billion as Credit Improves

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JPMorgan Card Spending Hits $539 Billion as Credit Improves

JPMorgan’s debit and credit card sales volume rose 10% year over year, while its Card Services net charge-off rate declined to 2.91%.

CEO Jamie Dimon said JPMorgan uses AI agents internally but will not allow unvetted outside agents into its systems.

Active mobile customers rose 7% to 64.9 million, while Card Services average loans reached $250.1 billion.

JPMorganChase’s third quarter results showed consumers kept spending and borrowing during the quarter, while credit quality remains strong. Management also detailed Tuesday (Oct. 13) that inside the bank, artificial intelligence was being put to work in software development, operations and tasks performed by AI agents.

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For CEO Jamie Dimon and his management team, both developments came with qualifications. Consumer trends’ health rests on the underpinnings of the labor market. JPMorgan is using AI agents internally, but Dimon said it will not give unvetted outside agents access to its systems.

Debit and credit card sales volume rose 10% from a year earlier to $539.5 billion, from $492.3 billion, as earnings materials showed. Chief Financial Officer Jeremy Barnum said spending continued to grow across categories including gas and travel.

Card borrowing also rose. Average Card Services loans were $250.1 billion in the third quarter, compared with $234.4 billion a year earlier and $243.5 billion in the second quarter.

Credit performance did not deteriorate alongside that growth. 34% in the second quarter. 2%, according to management commentary on the Tuesday call after earnings were released.


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