Overall loan delinquency rates have fallen, but analysts say its due to seasonal trends and they expect delinquencies to go up again in coming months.
Bank of America credit card default rate soared to 12.5% in May from 10.47% in April.
American Express credit card default rate rose slightly from 9.90% to 10.4%.
Capital One default rate rose to 9.41% from 8.56%.
Discover said its credit card charge off rate increased to 8.91% from 8.26%.
JP Morgan Chase & Co. credit card default rate was the best performer in the industry with a rate of 8.36% up from 8.07% in April.
Credit card losses are expected to surpass 10% this year and could top $70 billion.
Disclosure: No position.