Credit conditions are improving for some of the top card issuers but the effects of new regulations and long-term unemployment will continue to challenge their portfolios' performance.

The three major credit card issuers that have reported second-quarter results — JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. — saw 30-day-plus delinquencies fall year over year and quarter over quarter. Two — B of A and JPMorgan Chase — also experienced sequential declines in chargeoffs, allowing them to release loan-loss reserves. Citi's chargeoffs in its North America self-branded credit card business edged up slightly.

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