While charge-off rates for credit card master trusts remain at recent historical lows, recent numbers indicate that levels have begun rising as the economy slows down.

For the month of September, Capital One Master Trust had the lowest charge off rate at 2.63%, according to a report issued by Credit Suisse First Boston, with the highest excess spread rate among all the trusts CSFB tracked. However, Citibank Credit Card Master Trust saw loss rates jump 26 basis points to 3.60% from last month's 3.34%, but still remains below the industry average.

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