<PAGE>



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                              --------------------

                                    FORM 10-Q

                              --------------------

     (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2002

                                       OR

     ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                   For the transition period from ____ to ____

                           Commission File No. 1-6908

                       AMERICAN EXPRESS CREDIT CORPORATION
             (Exact name of registrant as specified in its charter)
<TABLE>
<S>                                                <C>
                   Delaware                                     11-1988350
       (State or other jurisdiction of             (I.R.S. Employer Identification No.)
        incorporation or organization)

One Christina Centre, 301 North Walnut Street                   19801-2919
        Suite 1002, Wilmington, Delaware                        (Zip Code)
  (Address of principal executive offices)
</TABLE>


Registrant's telephone number, including area code: (302) 594-3350.


--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report.)

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND
(b) OF FORM 10-Q AND HAS THEREFORE OMITTED CERTAIN ITEMS FROM THIS REPORT IN
ACCORDANCE WITH THE REDUCED DISCLOSURE FORMAT PERMITTED UNDER GENERAL
INSTRUCTIONS H(2).

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO ___

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

Class                                   Outstanding at November 14, 2002
----------------------------            --------------------------------
Common Stock, $.10 par value            1,504,938 shares





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)


                                    FORM 10-Q

                                      INDEX

<TABLE>
<CAPTION>

PART I.   FINANCIAL INFORMATION                                                        Page No.
                                                                                       -------

          <S>         <C>                                                                <C>
          Item 1.     Financial Statements

                      Condensed consolidated statements
                      of income and retained earnings - three and nine
                      months ended September 30, 2002 and 2001                              3

                      Condensed consolidated balance
                      sheets - September 30, 2002 and
                      December 31, 2001                                                     4

                      Condensed consolidated statements
                      of cash flows - nine months ended
                      September 30, 2002 and 2001                                           5

                      Notes to condensed consolidated
                      financial statements                                                  6

          Item 2.     Management's Discussion and Analysis
                      of Financial Condition and Results
                      of Operations                                                         8

          Item 4.     Controls and Procedures                                              12

PART II.  OTHER INFORMATION

          Item 6.     Exhibits and Reports on Form 8-K                                     13
</TABLE>

                                      -2-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)


                                     PART I

ITEM 1. FINANCIAL STATEMENTS

                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                              AND RETAINED EARNINGS
                                   (Millions)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                             THREE MONTHS             NINE MONTHS
                                                                ENDED                    ENDED
                                                            SEPTEMBER 30,             SEPTEMBER 30,
                                                          2002        2001         2002           2001
--------------------------------------------------------------------------------------------------------
<S>                                                     <C>         <C>            <C>            <C>
REVENUES

Revenue earned from purchased
    accounts receivable                                 $  479      $  646         $1,486         $1,953
Interest income from investments                            23          34             62            116
Interest income from affiliates                             12          19             35             69
Other                                                        2           4              4              8

--------------------------------------------------------------------------------------------------------
             Total                                         516         703          1,587          2,146
--------------------------------------------------------------------------------------------------------

EXPENSES

Interest expense - other                                   201         328            615          1,007
Provision for losses, net
    of recoveries                                          211         220            632            632
Interest expense - affiliates                               28          35             76            139
Other                                                       11           6             37             14

--------------------------------------------------------------------------------------------------------
             Total                                         451         589          1,360          1,792
--------------------------------------------------------------------------------------------------------

Pretax income                                               65         114            227            354
Income tax provision                                        22          39             77            119

--------------------------------------------------------------------------------------------------------
Net income                                                  43          75            150            235

Retained earnings at beginning of period                 2,375       2,151          2,268          1,991

--------------------------------------------------------------------------------------------------------
Retained earnings at end of period                      $2,418      $2,226         $2,418         $2,226
--------------------------------------------------------------------------------------------------------
</TABLE>


See notes to condensed consolidated financial statements.

                                      -3-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                          (Millions, except share data)


<TABLE>
<CAPTION>
                                                                        (Unaudited)
                                                                       SEPTEMBER 30,        DECEMBER 31,
                                                                            2002                 2001
--------------------------------------------------------------------------------------------------------
<S>                                                                       <C>                  <C>
ASSETS

Cash and cash equivalents                                                 $   805              $   408
Investments                                                                 1,891                1,428
Accounts receivable, less credit reserves:
       2002, $722; 2001, $847                                              19,502               22,201
Loans and deposits with affiliates                                          1,901                1,907
Deferred charges and other assets                                             483                  598
--------------------------------------------------------------------------------------------------------
Total assets                                                              $24,582              $26,542
--------------------------------------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDER'S EQUITY

Short-term debt - other                                                   $10,494              $18,370
Short-term debt with affiliates                                             4,132                2,214
Current portion of long-term debt                                           3,091                  800
Long-term debt with affiliate                                                 943                  910
Long-term debt - other                                                      3,033                  120
                                                                          -------              -------
Total debt                                                                 21,693               22,414
Due (from) to affiliates                                                     (194)               1,425
Accrued interest and other liabilities                                        820                  503
--------------------------------------------------------------------------------------------------------
      Total liabilities                                                    22,319               24,342
--------------------------------------------------------------------------------------------------------

SHAREHOLDER'S EQUITY

Common stock-authorized 3 million
    shares of $.10 par value; issued
    and outstanding 1.5 million shares                                          1                    1
Capital surplus                                                               161                  161
Retained earnings                                                           2,418                2,268
Accumulated other comprehensive loss, net of tax:
    Net unrealized securities losses                                          (18)                  (4)
    Net unrealized derivatives losses                                        (299)                (226)
--------------------------------------------------------------------------------------------------------
Accumulated other comprehensive loss                                         (317)                (230)
--------------------------------------------------------------------------------------------------------
      Total shareholder's equity                                            2,263                2,200
--------------------------------------------------------------------------------------------------------
Total liabilities and shareholder's equity                                $24,582              $26,542
--------------------------------------------------------------------------------------------------------
</TABLE>

See notes to condensed consolidated financial statements.


                                      -4-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Millions)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                    NINE MONTHS ENDED
                                                                                       SEPTEMBER 30,
                                                                                  2002              2001
---------------------------------------------------------------------------------------------------------
<S>                                                                             <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                                      $   150          $   235
Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
      Provision for losses                                                          632              632
      Amortization and other                                                       --                 (1)
      Changes in operating assets and liabilities:
         Deferred tax assets                                                         93             (196)
         Interest receivable and other operating assets                             104               67
         Due to affiliates                                                           49              145
         Accrued interest and other liabilities                                     209              386
---------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                         1,237            1,268
---------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Accounts receivable                                                                 560            2,649
Recoveries of accounts receivable previously written off                            179              141
Purchase of participation interest in seller's interest in
     accounts receivable from an affiliate                                       (1,518)            (624)
Sale of participation interest in seller's interest in accounts
     receivable to an affiliate                                                   1,866               32
Sale of net accounts receivable to an affiliate                                   1,543             --
Purchase of net accounts receivable from an affiliate                              (563)            (655)
Purchase of investments                                                            (579)            (406)
Maturity of investments                                                              95               54
Sale of investments                                                                --                249
Loans and deposits due from affiliates                                                6               17
Due to affiliates                                                                (1,668)          (1,343)
---------------------------------------------------------------------------------------------------------
Net cash (used in) provided by investing activities                                 (79)             114
---------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in short-term debt with affiliates
      with maturities of ninety days or less                                      1,918            1,163
Net decrease in short-term debt - other with
      maturities of ninety days or less                                          (5,601)          (1,630)
Issuance of debt                                                                  9,237            4,647
Redemption of debt                                                               (6,315)          (4,848)
---------------------------------------------------------------------------------------------------------
Net cash used in financing activities                                              (761)            (668)
---------------------------------------------------------------------------------------------------------
Net increase in cash and cash equivalents                                           397              714
---------------------------------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period                                    408            1,008
---------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                                       $  805          $ 1,722
---------------------------------------------------------------------------------------------------------
</TABLE>

See notes to condensed consolidated financial statements.

                                      -5-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.   BASIS OF PRESENTATION

     The condensed consolidated financial statements should be read in
     conjunction with the Annual Report on Form 10-K of American Express Credit
     Corporation, including its subsidiaries where appropriate ("Credco"), for
     the year ended December 31, 2001. Significant accounting policies disclosed
     therein have not changed. Credco is a wholly-owned subsidiary of American
     Express Travel Related Services Company, Inc. ("TRS"), which is a
     wholly-owned subsidiary of American Express Company ("American Express").

     The condensed consolidated financial statements are unaudited; however, in
     the opinion of management, they include all adjustments (consisting of
     normal recurring adjustments) necessary for a fair presentation of the
     consolidated financial position of Credco at September 30, 2002 and the
     consolidated results of its operations and changes in its retained earnings
     for the three and nine-month periods ended September 30, 2002 and 2001 and
     cash flows for the nine-month periods ended September 30, 2002 and 2001.
     Results of operations reported for interim periods are not necessarily
     indicative of results for the entire year. Certain prior year amounts have
     been reclassified to conform to the current year presentation.

2.   INVESTMENT SECURITIES

     The following is a summary of investments at September 30, 2002 and
     December 31, 2001:

<TABLE>
<CAPTION>

        (Millions)                                                     September 30,         December 31,
                                                                           2002                  2001
                                                                       -------------         -----------
        <S>                                                               <C>                   <C>
        Available for Sale, at fair value (cost: September 30,
              2002-$1,918; December 31, 2001-$1,434)                      $1,891                $1,428
                                                                          ------                ------
</TABLE>

3.   COMPREHENSIVE INCOME (LOSS)

     Comprehensive income (loss) is defined as the aggregate change in
     shareholder's equity, excluding changes in ownership interests. For Credco,
     it is the sum of net income and changes in 1) unrealized gains or losses on
     available for sale securities and 2) unrealized gains or losses on
     derivatives. The components of comprehensive income (loss), net of related
     tax, for the three and nine months ended September 30, 2002 and 2001 were
     as follows:

<TABLE>
<CAPTION>
                                                                    Three Months                  Nine Months
          (Millions)                                                    Ended                        Ended
                                                                    September 30,                September 30,
                                                               ------------------------    --------------------------
                                                                  2002          2001          2002           2001
                                                                  ----          ----          ----           ----
          <S>                                                     <C>          <C>            <C>           <C>
          Net income                                              $ 43         $  75          $150          $ 235
          Change in:
               Net unrealized securities losses                    (17)           --           (14)            (8)
               Net unrealized derivatives  losses                  (47)         (133)          (73)          (320)*
                                                                  ----         -----          ----          -----
          Total                                                   $(21)        $ (58)         $ 63          $ (93)
                                                                  ----         -----          ----          -----
</TABLE>

* The change in net unrealized losses on derivatives for the nine months ended
September 30, 2001 includes the January 1, 2001 SFAS No. 133 transition effect
of $59 million in net unrealized losses.

                                      -6-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

4.   ASSET SECURITIZATIONS

     In the first nine months of 2002, the American Express Master Trust (the
     "Trust") securitized $1.75 billion of Charge Card receivables through the
     public issuance of one class of investor certificates and privately placed
     collateral interests in the assets of the Trust. At the time of these
     issuances, Credco Receivables Corp. ("CRC"), a wholly-owned subsidiary of
     Credco, sold $1.93 billion of gross seller's interest in Charge Card
     receivables ($1.86 billion, net of reserves) to American Express
     Receivables Financing Corporation ("RFC"), a wholly-owned subsidiary of
     TRS, which is a wholly-owned subsidiary of American Express.
     In addition, at the time of the issuances, CRC purchased from the Trust, as
     an investment, $141.89 million of Class B Certificates collateralized by
     the receivables held by the Trust.

     In the first nine months of 2002, the American Express Credit Account
     Master Trust (the "Master Trust") securitized $4.60 billion of revolving
     credit loans through the public issuances of two classes of investor
     certificates and privately placed collateral interests in the assets of the
     Master Trust. At the time of these issuances, CRC sold $9.50 million of
     gross seller's interest in revolving credit loans ($9.23 million, net of
     reserves) to American Express Receivables Financing Corporation II
     ("RFCII"), a wholly-owned subsidiary of TRS. In addition, at the time of
     the issuances, CRC purchased from the Master Trust, as an investment,
     $437.00 million of Class C Certificates collateralized by the revolving
     credit receivables held by the Master Trust.

     During the three months ended September 30, 2002, $95 million of Class C
     Certificates owned by CRC matured.

5.   TAXES AND INTEREST

     For the nine-month periods ended September 30, 2002 and 2001, Credco paid
     $16 million and $103 million of income taxes, respectively. Interest paid
     was $573 million and $877 million for the nine-month periods ended
     September 30, 2002 and 2001, respectively.

                                      -7-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

In light of the current market environment, and as part of the company's ongoing
funding activities, during the nine months ended September 30, 2002, American
Express Credit Corporation, including its subsidiaries where appropriate
("Credco"), issued an aggregate of $6.0 billion of medium-term notes at fixed
and floating rates with maturities of one to three years which reflects a change
in the company's approach toward managing liquidity by placing a higher reliance
on medium-term notes and a lesser reliance on commercial paper. Proceeds from
the sale of these securities have contributed toward an overall reduction in
total commercial paper outstanding from $18 billion at December 31, 2001 to $10
billion at September 30, 2002 and an increase in committed bank line coverage of
net short-term debt from 58% to 103%.

As of September 30, 2002, Credco had the ability to issue approximately $4.0
billion of debt securities and warrants to purchase debt securities available
for issuance under a shelf registration statement filed with the Securities and
Exchange Commission.

At September 30, 2002, Credco had the ability to issue $5.5 billion of debt
under a Euro Medium-Term Note program for the issuance of debt outside the
United States to non-U.S. persons. This program was established by Credco;
American Express Travel Related Services Company, Inc. ("TRS"), the parent
company of Credco and a wholly-owned subsidiary of American Express Company
("American Express"); American Express Centurion Bank ("Centurion Bank"), a
wholly-owned subsidiary of TRS; American Express Overseas Credit Corporation
Limited ("AEOCC"), a wholly-owned subsidiary of Credco and American Express
Bank Ltd., a wholly-owned indirect subsidiary of American Express. The maximum
aggregate principal amount of debt instruments outstanding at any one time under
the program will not exceed $6.0 billion.

Committed credit line facilities at September 30, 2002 and 2001 totaled $10.02
billion and $10.42 billion, respectively. In April 2002, Credco, American
Express and Centurion Bank renegotiated their committed credit line facilities.
As of September 30, 2002, total available credit lines were $11.45 billion. As a
result of an internal change in allocations during the third quarter, credit
lines were reallocated to include $1.60 billion allocated to American Express
and $9.42 billion allocated to Credco. In addition, Credco and American Express
agreed to increase Credco's available committed credit lines by $600 million
with a corresponding reduction in the committed credit lines available to
American Express. This agreement is in effect until January 15, 2003. Credco has
the right to borrow up to a maximum amount of $11.02 billion, with a
commensurate reduction in the amount available to American Express. Based on
this maximum amount of available borrowing, Credco's committed bank line
coverage of its net short-term debt would have been 114% as of September 30,
2002. These facilities expire in increments from 2003 through 2007.

In the first nine months of 2002, Credco recorded $9 million pretax ($6 million
after tax) of foreign exchange losses related to its exposure to receivables
denominated in Argentine pesos, which devalued by 133% during the first nine
months of 2002. This exposure, totaling approximately $14 million U.S. Dollars
at September 30, 2002, was a result of the action taken by the Argentine
government at year end 2001 at which time the conversion of dollar denominated
assets into pesos was mandated and the peso simultaneously devalued. These
actions are likely to continue to impact Credco's results of operations
throughout 2002. Credco continues to evaluate economical ways to manage its
Argentine exposure.


                                      -8-





<PAGE>

                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

RESULTS OF OPERATIONS

Credco purchases Cardmember receivables without recourse from TRS.
Non-interest-bearing charge Cardmember receivables are purchased at face amount
less a specified discount agreed upon from time to time, and interest-bearing
revolving credit Cardmember receivables are generally purchased at face amount.
Non-interest-bearing receivables are purchased under Receivables Agreements that
generally provide that the discount rate shall not be lower than a rate that
yields earnings of at least 1.25 times fixed charges on an annual basis. The
ratio of earnings to fixed charges for the nine-month periods ended September
30, 2002 and 2001 was 1.33 and 1.31, respectively. The ratio of earnings to
fixed charges for American Express, the parent of TRS, for the nine-month
periods ended September 30, 2002 and 2001 was 2.87 and 1.51, respectively. The
Receivables Agreements also provide that consideration will be given from time
to time to revising the discount rate applicable to purchases of new receivables
to reflect changes in money market interest rates or significant changes in the
collectibility of the receivables. Pretax income depends primarily on the volume
of Cardmember receivables purchased, the discount rates applicable thereto, the
relationship of total discount to Credco's interest expense and the
collectibility of receivables purchased.

Credco purchased $137 billion and $154 billion of Cardmember receivables during
the nine-month periods ended September 30, 2002 and 2001, respectively. At
September 30, 2002 and December 31, 2001, Credco owned $15.6 billion and $19.1
billion, respectively, of charge Cardmember receivables, representing 77.0
percent and 83.0 percent, respectively, of the total receivables owned. The
charge card receivables owned at September 30, 2002 and December 31, 2001
include $1.8 billion and $3.8 billion, respectively, of participation interests
owned by Credco Receivables Corp. ("CRC"), a wholly-owned subsidiary of Credco.
CRC owns a participation in the seller's interest in charge Cardmember
receivables that have been conveyed to the American Express Master Trust (the
"Trust").

In addition, at September 30, 2002 and December 31, 2001, Credco owned extended
payment plan receivables totaling $4.7 billion and $3.9 billion, representing
23.0 percent and 17.0 percent, respectively, of all interests in receivables
owned by Credco. These receivables consist of certain interest-bearing and
discounted extended payment plan receivables comprised principally of American
Express credit card, Sign & Travel and Extended Payment Option receivables,
lines of credit to American Express Bank customers and interest-bearing
equipment financing installment loans and leases. The extended payment plan
receivables owned at September 30, 2002 and December 31, 2001 include $191
million and $212 million, respectively, of participation interest owned by
CRC. This represents a participation interest in the seller's interest in
revolving credit receivables that have been conveyed to the American Express
Credit Account Master Trust (the "Master Trust"), formed in 1996 to securitize
revolving credit loans.

For the nine-month periods ended September 30, 2002 and 2001, the average life
of all receivables owned by Credco was 42 days and 41 days, respectively.

Credco's write-offs, net of recoveries, as a percentage of the volume of
all receivables purchased for the nine-month periods ended September 30,
2002 and 2001 was .51 percent and .39 percent, respectively. The increase in the
write-off rate is largely due to an increase in the percentage of extended
payment plan receivables and reflects increased losses in American Express
Bank Hong Kong lines of credit and in TRS U.S. equipment financing portfolios.

Credco's decrease in revenues for the nine-month period ended September 30, 2002
is attributable to a decrease in the volume of receivables purchased as well as
lower discount and interest rates. Interest income decreased for the same period
primarily as a result of lower interest rates. Interest expense decreased for
the same period primarily as a result of lower interest rates. Interest expense


                                      -9-






<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

decreased for the nine-month period ended September 30, 2002 due to lower
interest rates and a decrease in the volume of average debt outstanding.
Provision for doubtful accounts was flat compared with the prior year as the
increase in the provision rates and volume of recoveries was offset by a
decrease in the volume of receivables purchased.


                                      -10-







<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

The following is an analysis of the increase (decrease) in key revenue and
expense accounts for the nine-month period ended September 30, 2002, compared
with the nine-month period ended September 30, 2001 (Millions):

<TABLE>
<CAPTION>
                                                                      Nine-
                                                                      Month
                                                                      Period
                                                                      ------
<S>                                                                    <C>
Revenue earned from purchased accounts receivable -
changes attributable to:
     Volume of receivables purchased                                   (238)
     Discount and interest rates                                       (229)
                                                                       ----
         Total                                                         (467)
                                                                       ====

Interest income from investments - changes attributable to:
     Volume of average investments outstanding                           14
     Interest rates                                                     (68)
                                                                       ----
         Total                                                          (54)
                                                                       ====

Interest income from affiliates - changes attributable to:
     Volume of average investments outstanding                            8
     Interest rates                                                     (42)
                                                                       ----
         Total                                                          (34)
                                                                       ====

Interest expense other - changes attributable to:
     Volume of average debt outstanding                                (160)
     Interest rates                                                    (232)
                                                                       ----
         Total                                                         (392)
                                                                       ====

Provision for doubtful accounts - changes attributable to:
     Volume of receivables purchased                                    (85)
     Provision rates and volume of recoveries                            85
                                                                       ----
         Total                                                          --
                                                                       ====

Interest expense affiliates - changes attributable to:
     Volume of average debt outstanding                                  95
     Interest rates                                                    (158)
                                                                       ----
         Total                                                          (63)
                                                                       ====
</TABLE>

                                      -11-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

The following is an analysis of the reserve for credit losses (Millions):

<TABLE>
<CAPTION>

                                                      2002               2001
                                                      ----               ----
                 <S>                                 <C>                 <C>
                 Balance, January 1                   $ 847             $ 739
                 Provision for losses                   811               773
                 Accounts written off                  (872)             (743)
                 Other                                  (64)               62
                                                      -----             -----
                 Balance, September 30                $ 722             $ 831
                                                      =====             =====
</TABLE>

The following table shows the aging of Charge Card receivables:

<TABLE>
<CAPTION>
                                                            September 30,
                                                       ----------------------
                                                       2002              2001
                                                       ----              ----
<S>                                                    <C>               <C>
                 Current                               88.2%             84.2%
                 30 to 59 days                          7.5              10.2
                 60 to 89 days                          1.6               2.1
                 90 days and over                       2.7               3.5
</TABLE>

This report contains forward-looking statements, which are subject to risks and
uncertainties, including those identified below, which could cause actual
results to differ materially from such statements. The words "believe",
"expect", "anticipate", "optimistic", "intend", "evaluate", "plan", "aim",
"will", "should", "could" and similar expressions are intended to identify
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date on which they
are made. Credco undertakes no obligation to update or revise any
forward-looking statements. Factors that could cause actual results to differ
materially from Credco's forward-looking statements include, but are not limited
to:

     o    credit trends and the rate of bankruptcies, which can affect spending
          on card products and debt payments by individual and corporate
          customers;

     o    fluctuations in foreign currency exchange rates;

     o    negative changes in Credco's credit ratings, which could result in
          decreased liquidity and higher borrowing costs; and

     o    the effect of fluctuating interest rates, which could affect Credco's
          borrowing costs.

Item 4.  Controls and Procedures

Within the 90-day period prior to the filing of this report, Credco carried out
an evaluation under the supervision and with the participation of Credco's
management, including the Chief Executive Officer ("CEO") and Chief Financial
Officer ("CFO"), of the effectiveness of its disclosure controls and procedures.
Based on that evaluation, the CEO and CFO have concluded that Credco's
disclosure controls and procedures are effective to ensure that information
required to be disclosed by Credco in reports that it files or submits under the
Securities Exchange Act of 1934, as amended, is recorded, processed, summarized
and reported within the time periods specified in Securities and Exchange
Commission rules and forms. The CEO and CFO also note that subsequent to the
date of their evaluation, there were no significant changes in Credco's
internal controls or in other factors that could significantly affect
controls, including any corrective actions with regard to significant
deficiencies and material weaknesses.

                                      -12-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

                           PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

            (a)      Exhibits:

                     12.1     Computation in support of ratio of earnings
                              to fixed charges of American Express Credit
                              Corporation.

                     12.2     Computation in support of ratio of earnings
                              to fixed charges of American Express
                              Company.

                     99.1     Certification of Walker C. Tompkins, Jr.
                              Pursuant to 18 U.S.C. Section 1350, as Adopted
                              Pursuant to Section 906 of the Sarbanes-Oxley
                              Act of 2002.

                     99.2     Certification of Walter S. Berman Pursuant
                              to 18 U.S.C. Section 1350, as Adopted
                              Pursuant to Section 906 of the
                              Sarbanes-Oxley Act of 2002.

            (b)      Reports on Form 8-K

                     None.

                                      -13-





<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

                                   SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                       AMERICAN EXPRESS CREDIT CORPORATION
                                       (Registrant)

Date:   November 14, 2002              By /s/ Walker C. Tompkins, Jr.
                                          --------------------------------------
                                          Walker C. Tompkins, Jr.
                                          President and Chief Executive Officer



Date:   November 14, 2002                 /s/ Erich Komdat
                                          --------------------------------------
                                          Erich Komdat
                                          Vice President and Chief Accounting
                                          Officer

                                      -14-






<PAGE>


                                CERTIFICATION

I, Walker C. Tompkins, Jr., certify that:

1.   I have reviewed this quarterly report on Form 10-Q of American Express
     Credit Corporation;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date:   November 14, 2002              /s/ Walker C. Tompkins, Jr.
                                       -------------------------------------
                                       Walker C. Tompkins, Jr.
                                       President and Chief Executive Officer





<PAGE>


                                CERTIFICATION

I, Walter S. Berman, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of American Express
     Credit Corporation;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date:  November 14, 2002                      /s/ Walter S. Berman
                                              ---------------------------
                                              Walter S. Berman
                                              Chief Financial Officer







<PAGE>


                      AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

                                  EXHIBIT INDEX

                     Pursuant to Item 601 of Regulation S-K

<TABLE>
<CAPTION>
                                 Description                                         How Filed
                                 -----------                                         ---------

<S>                 <C>                                                    <C>
Exhibit 12.1        Computation in Support of Ratio of                     Electronically filed herewith.
                    Earnings to Fixed Charges of American
                    Express Credit Corporation.

Exhibit 12.2        Computation in Support of Ratio of                     Electronically filed herewith.
                    Earnings to Fixed Charges of American Express
                    Company.

Exhibit 99.1        Certification of Walker C. Tompkins, Jr.               Electronically filed herewith.
                    Pursuant to 18 U.S.C. Section 1350, as
                    Adopted Pursuant to Section 906 of the
                    Sarbanes-Oxley Act of 2002.

Exhibit 99.2        Certification of Walter S. Berman Pursuant             Electronically filed herewith.
                    to 18 U.S.C. Section 1350, as Adopted
                    Pursuant to Section 906 of the Sarbanes-Oxley
                    Act of 2002.
</TABLE>

                                      E-1