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Capital One Financial Corp. this week reported that its U.S. card segment's net charge-off rate increased to 7.71% of card receivables in December, up 73 basis points from 6.98% in November. Cap One's 30-day delinquency rate rose to 4.78% in December from 4.7% a month earlier, according to a company filing with the U.S. Securities and Exchange Commission. The company in October said it expected a spike in charge-offs early this year when it said it was notifying thousands of credit card customers of new minimum-payment terms on their accounts (CardLine, 10/29/08). In the letters, Cap One announced that the new minimum payment due is 1% of the principal plus new interest and late fees. The previous minimum was a flat 3% of the principal.

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