<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 June 30, 1998

 ( ) 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)

            Delaware                              11-1988350
(State or other jurisdiction of       (I.R.S. Employer Identification No.)
incorporation or organization)

One Christina Centre, Wilmington, Delaware         19801-2919
(Address of principal executive offices)           (Zip Code)

    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 August 13, 1998
----------------------------      ---------------------------------------
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

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

         Item 1.  Financial Statements

                  Condensed consolidated statements
                  of income and retained earnings -
                  three and six months ended June 30,
                  1998 and 1997                                  3

                  Condensed consolidated balance
                  sheets - June 30, 1998 and
                  December 31, 1997                              4

                  Condensed consolidated statements
                  of cash flows - six months ended
                  June 30, 1998 and 1997                         5

                  Notes to condensed consolidated
                  financial statements                           6

         Item 2.  Management's Discussion and Analysis
                  of Financial Condition and Results
                  of Operations                                  7


PART II. OTHER INFORMATION

         Item 6.  Exhibits and Reports on Form 8-K               10


                                  2
<PAGE>
<TABLE>
<CAPTION>

                  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)

                                            Three Months    Six Months
                                                Ended          Ended
                                               June 30,       June 30,
                                          ------------------------------
                                            1998    1997    1998   1997
                                            ----    ----    ----   ----
<S>                                      <C>      <C>     <C>    <C>
Revenues
Revenue earned from purchased
    accounts receivable                    $ 497   $ 441   $ 964  $ 844
Interest income from affiliates               45      41      90     81
Interest income from investments              37      33      64     59
Other income                                   2       1       3      3
                                           -----   -----   -----  -----
Total                                        581     516   1,121    987
                                           -----   -----   -----  -----

Expenses
Interest expense - affiliates                 40      39      94     81
Interest expense - other                     262     233     501    445
Provision for doubtful accounts,
    net of recoveries                        178     150     332    274
Other expenses                                 7      13      14     15
                                           -----   -----   -----  -----
Total                                        487     435     941    815
                                           -----   -----   -----  -----

Income before taxes                           94      81     180    172
Income tax provision                          33      28      63     60
                                           -----   -----   -----  -----
Net income                                    61      53     117    112

Retained earnings at beginning of period   1,801   1,742   1,745  1,683
                                          ------  ------  ------ ------
Retained earnings at end of period        $1,862  $1,795  $1,862 $1,795
                                          ======  ======  ====== ======
</TABLE>

        See notes to condensed consolidated financial statements.

                                   3
<PAGE>
<TABLE>
<CAPTION>

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


                   CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (millions)


                                            (Unaudited)
                                              June 30,    December 31,
                                                1998          1997
                                                ----          ----
<S>                                       <C>            <C>
   
Assets
Cash and cash equivalents                    $   510       $   374
Investments                                      371           218

Accounts receivable                           17,730        19,609
 Less:  reserve for doubtful accounts            605           633
                                             -------       -------
                                              17,125        18,976

Loans and deposits with affiliates             3,245         3,150
Deferred charges and other assets                386           335
                                             -------       -------
Total assets                                 $21,637       $23,053
                                             =======       =======

Liabilities and shareholder's equity
Short-term debt with affiliates              $ 1,810       $ 1,770
Short-term debt - other                       13,993        14,812
Current portion of long-term debt - other        353             4
Long-term debt with affiliate                    910           910
Long-term debt - other                         2,142         2,354
                                             -------       -------
Total debt                                    19,208        19,850

Due to affiliates                                119         1,027
Accrued interest and other liabilities           183           152
                                             -------       -------
Total liabilities                             19,510        21,029
                                             -------       -------

Deferred discount revenue                        103           117
                                             -------       -------

Shareholder's equity:
     Common stock                                  1             1
     Capital surplus                             161           161
     Retained earnings                         1,862         1,745
                                             -------       -------
Total shareholder's equity                     2,024         1,907
                                             -------       -------
Total liabilities and shareholder's equity   $21,637       $23,053
                                             =======       =======
</TABLE>

       See notes to condensed consolidated financial statements.

                                 4
<PAGE>
<TABLE>
<CAPTION>

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

               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (millions)
                                  (Unaudited)
                                                       Six Months Ended
                                                           June 30,
                                                      -------------------
                                                         1998      1997
                                                         ----      ----
<S>                                                 <C>      <C>
Cash Flows from Operating Activities:
Net income                                             $  117    $  112
Adjustments to reconcile net income to net cash
  and cash equivalents provided by operating
  activities:
  Provision for doubtful accounts, net of recoveries      332       274
  Amortization of deferred underwriting fees and
    bond discount/premium                                   2         _
  Changes in operating assets and liabilities:
    Decrease (increase) in deferred tax assets              7       (26)
    (Increase) decrease in interest receivable
      and other operating assets                          (53)      119
    Increase (decrease) in accrued interest and
      other liabilities                                    37        (1)
    Decrease in deferred discount revenue                 (14)       (2)
                                                        ------    ------
Net cash provided by operating activities                 428       476
                                                        ------    ------


Cash Flows from Investing Activities:
Decrease (increase) in accounts receivable                294      (334)
Recoveries of accounts receivable previously
  written off                                              84        92
Purchase of investments                                  (153)     (247)
Net increase in loans and deposits due from affiliates    (95)        -
Sale of participation interest in seller's interest
  in accounts receivable from an affiliate              1,120         -
Decrease in due to affiliates                            (911)     (580)
                                                        ------   -------
Net cash provided by (used in) investing activities       339    (1,069)
                                                        ------   -------

Cash Flows from Financing Activities:
Net increase in short-term debt with affiliates with
  maturity less than ninety days                           40     1,175
Net (decrease) increase in short-term debt -
  other with maturity less than ninety days            (1,120)    2,340
Proceeds from issuance of debt                          2,522     2,020
Repayment of debt                                      (2,073)   (4,481)
                                                       -------   -------
Net cash (used in) provided by financing activities      (631)    1,054
                                                       -------   -------

Net increase in cash and cash equivalents                 136       461
Cash and cash equivalents at beginning of period          374       267
                                                       -------   -------
Cash and cash equivalents at end of period             $  510    $  728
                                                       =======   =======
</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. 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, 1997. Significant accounting policies disclosed therein have not
   changed.

   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 June 30, 1998 and the consolidated results of
   its operations and changes in its retained earnings for the six-month periods
   ended June 30, 1998 and 1997 and cash flows for the  six-month  periods ended
   June 30, 1998 and 1997.  Results of operations  reported for interim  periods
   are not necessarily indicative of results for the entire year.

2. For the  six-month  periods  ended June 30,  1998 and 1997,  Credco paid $589
   million and $533  million of  interest,  respectively.  Income taxes paid for
   each of the  six-month  periods ended June 30, 1998 and 1997 were $47 million
   and $2 million, respectively.

3. Management  determines the appropriate  classification  of debt securities at
   the time of purchase. Debt securities are classified as held to maturity when
   Credco  has the  positive  intent  and  ability  to hold  the  securities  to
   maturity.  Held to maturity  securities are stated at amortized cost. At June
   30, 1998,  Credco held $276 million of American  Express Master Trust Class B
   Certificates which were classified as held to maturity. The fair value of the
   held to maturity securities at June 30, 1998 were $283 million.

   Available for sale  securities are stated at fair value,  with the unrealized
   gains and losses included in shareholder's  equity.  At June 30, 1998, Credco
   held American Express Credit Account Master Trust Class C Certificates  which
   were  classified  as  available  for sale.  The cost and fair  value of these
   available for sale securities at June 30, 1998 were 95 million. The available
   for sale classification does not mean that Credco necessarily expects to sell
   these securities.  They are available to meet possible liquidity needs should
   there be significant  changes in market  interest  rates,  customer demand or
   funding source and terms.

4. In early  1998,  Credco  purchased  interest  rate caps to limit the  adverse
   effect of an interest rate increase on  substantially  all charge  Cardmember
   receivables funding costs. The majority of the caps will mature by the end of
   1998.

5. In February 1998, Credco issued $150 million 1 1/8% Cash  Exchangeable  Notes
   due February 19, 2003. Holders of these notes may exchange them for an amount
   in cash which is linked to the price of the common shares of American Express
   Company.  Credco has entered into hedging agreements  designed to fully hedge
   its obligations under these notes.

                                  6
<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

At  June  30,  1998,   American  Express  Credit   Corporation,   including  its
subsidiaries where appropriate, ("Credco") had the ability to issue $1.9 billion
of debt under the Euro Medium Term Note program for the issuance of debt outside
the United States to non-U.S.  persons. This program was established during 1996
by Credco,  American Express Travel Related Services Company,  Inc.  ("TRS"),  a
wholly-owned  subsidiary  of  American  Express  Company  ("American  Express"),
American Express Overseas Credit Corporation  Limited ("AEOCC"),  a wholly-owned
subsidiary of Credco, and American Express Bank Ltd. (a wholly-owned  subsidiary
of American  Express).  In 1997,  American  Express  Centurion Bank  ("Centurion
Bank") a wholly-owned  subsidiary of TRS, was added to this program. The maximum
aggregate principal amount of debt instruments outstanding at any one time under
the program will not exceed $3 billion.

In early 1998,  Credco purchased  interest rate caps to limit the adverse effect
of an interest rate increase on substantially all charge Cardmember  receivables
funding costs. The majority of the caps will mature by the end of 1998.

In February 1998, Credco issued $150 million 1 1/8% Cash Exchangeable  Notes due
February  19, 2003.  Holders of these notes may  exchange  them for an amount in
cash  which is linked to the price of the  common  shares of  American  Express.
Credco  has  entered  into  hedging  agreements  designed  to  fully  hedge  its
obligations under these notes.

At June 30,  1998,  Credco had the ability to issue $2.4  billion of medium- and
long-term debt securities  under shelf  registrations  filed with the Securities
and Exchange Commission.

In May 1998, Credco  renegotiated its credit  facilities,  increasing  available
credit lines by $350 million to $7.2 billion.

Results of Operations

Credco  purchases  Cardmember  receivables  without  recourse  from  TRS  or its
subsidiaries.  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  six-month  periods ended
June 30, 1998 and 1997 was 1.30 and 1.33, respectively. The ratio of earnings to
fixed charges for American Express, the parent of TRS, for the six-month periods
ended June 30, 1998 and 1997 was 2.23 and 2.24,  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 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 the receivables purchased.

                                  7
<PAGE>
                  AMERICAN EXPRESS CREDIT CORPORATION
            (a wholly-owned subsidiary of American Express
                 Travel Related Services Company, Inc.)

Credco  purchased $75 billion and $68 billion of Cardmember  receivables  during
the six-month  periods ended June 30, 1998 and 1997,  respectively.  At June 30,
1998 and  December  31,  1997,  Credco  owned $15.7  billion and $17.8  billion,
respectively, of charge card receivables of which $1.5 billion and $3.8 billion,
respectively,  were  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").  This Trust was formed in 1992
by TRS to securitize U.S. consumer charge Cardmember receivables.

In  addition,  at June 30, 1998 and December  31,  1997,  Credco owned  extended
payment plan  receivables  totaling $2.0 billion and $1.8 billion  respectively,
including  revolving  credit loans  purchased  directly from Centurion Bank. The
extended payment plan  receivables  owned at June 30, 1998 and December 31, 1997
include $137 million and $229 million,  respectively,  of participation interest
owned by CRC.  This  represents  a  participation  in the  seller's  interest in
revolving  credit  receivables  that have been conveyed to the American  Express
Credit Account Master Trust (the "Master  Trust").  This Master Trust was formed
by Centurion Bank in 1996 to securitize revolving credit loans.

For the  six-month  periods  ended June 30, 1998 and 1997,  the average  life of
Cardmember receivables owned by Credco was 43 and 44 days, respectively.

Credco's  write-offs,  net of  recoveries,  as a  percentage  of the  volume  of
Cardmember  receivables  purchased for the six-month periods ended June 30, 1998
and 1997 was .43 percent and .40 percent, respectively.

Credco's  increase in revenue for the  six-month  period ended June 30, 1998, is
due to an increase  in the volume of  receivables  purchased  and an increase in
discount and interest rates earned on purchased accounts  receivable.  Increased
interest income for the six-month  period ended June 30, 1998 is attributable to
higher volume of average investments outstanding. Interest expense increased for
the  six-month  period  ended  June 30,  1998 due to an  increase  in volume and
interest rates.  Provision for doubtful  accounts for the six-month  period also
increased  reflecting  volume  growth, as well as  higher  provision rates and a
lower volume of recoveries.

                                 8
<PAGE>
<TABLE>
<CAPTION>

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


The following is an analysis of the increase in key revenue and expense accounts
for the six-month period ended June 30, 1998, compared with the six-month period
ended June 30, 1997 ($ in millions):

                                                                 Six
                                                                Month
                                                                Period
                                                                ------
<S>                                                            <C>
Revenue earned from purchased accounts receivable-
changes attributable to:
    Volume of receivables purchased                               80
    Discount and interest rates                                   40
                                                                ----
      Total                                                      120
                                                                ====

Interest income from affiliates - changes attributable to:
    Volume of average investments outstanding                      9
    Interest rates                                                 -
                                                                ----
      Total                                                        9
                                                                ====

Interest income from investments - changes attributable to:
    Volume of average investments outstanding                      4
    Interest rates                                                 1
                                                                ----
      Total                                                        5
                                                                ====

Interest expense (affiliates) - changes attributable to:
    Volume of average debt outstanding                            11
    Interest rates                                                 2
                                                                ----
      Total                                                       13
                                                                ====

Interest expense (other) - changes attributable to:
    Volume of average debt outstanding                            40
    Interest rates                                                16
                                                                ----
      Total                                                       56
                                                                ====

Provision for doubtful accounts - changes attributable to:
    Volume of receivables purchased                               40
    Provision rates and volume of recoveries                      18
                                                                ----
      Total                                                       58
                                                                ====
</TABLE>
                                   9
<PAGE>
<TABLE>
<CAPTION>

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


The following is an analysis of Cardmember reserve for doubtful accounts:

                                                 1998      1997
                                                 ----      ----
<S>                                           <C>        <C>
          Balance, January 1                    $ 633     $ 638
          Provision for losses                    416       366
          Accounts written off                   (409)     (366)
          Other                                   (35)       (5)
                                                ------    ------
          Balance, June 30                      $ 605     $ 633
                                                ======    ======


The following table shows the aging of charge card receivables:

                                                     June 30,
                                                ----------------
                                                  1998     1997
                                                  ----     ----
                 Current                          79.0%    78.5%
                 30 to 59 days                    15.6     15.7
                 60 to 89 days                     2.2      2.3
                 90 days and over                  3.2      3.5
</TABLE>


                    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.

               27.    Financial data schedule.

          (b)  Reports on Form 8-K

                 None.

                                      10
<PAGE>

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


                                SIGNATURES

Pursuant  to the  requirements  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      August 14, 1998   /s/Vincent P. Lisanke
                            --------------------------------------------
                            Vincent P.  Lisanke
                            (President, Chief Executive Officer
                             and Chief Accounting Officer)



                               EXHIBIT INDEX

                  Pursuant to Item 601 of Regulation S-K

                     Description                        How Filed
                     -----------                        ---------

Exhibit 12.1    Computation in support of             Electronically
                ratio of earnings to fixed charges    filed herewith.
                of American Express Credit
                Corporation.

Exhibit 12.2    Computation in support of             Electronically
                ratio of earnings to fixed charges    filed herewith.
                of American Express Company.

Exhibit 27      Financial data schedule.              Electronically
                                                      filed herewith.

                                    11