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 March 31, 2001

                                       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)

             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)

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 May 15, 2001
----------------------------               ---------------------------
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 months
                     ended March 31, 2001 and 2000                          3

                     Condensed consolidated balance
                     sheets - March 31, 2001 and
                     December 31, 2000                                      4

                     Condensed consolidated statements
                     of cash flows - three months ended
                     March 31, 2001 and 2000                                5

                     Notes to condensed consolidated
                     financial statements                                   6

         Item 2.     Management's Discussion and Analysis
                     of Financial Condition and Results
                     of Operations                                          9


PART II. OTHER INFORMATION

         Item 6.     Exhibits and Reports on Form 8-K                      13




                                       2
<PAGE>
                       AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)


<TABLE>
                                     PART I

Item 1.   Financial Statements

                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                              AND RETAINED EARNINGS
                                   (millions)
                                   (Unaudited)
<CAPTION>

                                                                           Three Months
                                                                              Ended
                                                                            March 31,
                                                                    -----------------------
                                                                      2001            2000
                                                                      ----            ----
<S>                                                                 <C>             <C>
Revenues
Revenue earned from purchased
  accounts receivable                                               $  642          $  551
Interest income from affiliates                                         27              21
Interest income from investments                                        40              34
Other income                                                             4               3
                                                                    ------          ------
Total                                                                  713             609
                                                                    ------          ------

Expenses
Interest expense - affiliates                                           62              46
Interest expense - other                                               339             275
Provision for doubtful accounts,
  net of recoveries                                                    192             175
Other expenses                                                           4               6
                                                                    ------          ------
Total                                                                  597             502
                                                                    ------          ------

Income before taxes                                                    116             107
Income tax provision                                                    39              37
                                                                    ------          ------
Net income                                                              77              70

Retained earnings at beginning of period                             1,991           1,905
                                                                    ------          ------
Retained earnings at end of period                                  $2,068          $1,975
                                                                    ======          ======
</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.)

<TABLE>
<CAPTION>

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (millions)


                                                                   (Unaudited)
                                                                     March 31,             December 31,
                                                                        2001                   2000
                                                                        ----                   ----
<S>                                                                 <C>                     <C>
  Assets
  Cash and cash equivalents                                          $  1,529                $  1,008
  Investments                                                           1,314                   1,266

  Accounts receivable                                                  22,958                  24,710
      Less: reserve for doubtful accounts                                 776                     739
                                                                    ---------               ---------
                                                                       22,182                  23,971

  Loans and deposits with affiliates                                    1,703                   1,742
  Deferred charges and other assets                                       598                     339
                                                                    ---------               ---------
  Total assets                                                       $ 27,326                $ 28,326
                                                                    =========               =========

  Liabilities and shareholder's equity
  Short-term debt with affiliates                                    $  3,404                $  2,285
  Short-term debt - other                                              18,875                  20,687
  Current portion of long-term debt - other                               550                     550
  Long-term debt with affiliate                                           910                     910
  Long-term debt - other                                                  917                     901
                                                                    ---------               ---------
  Total debt                                                           24,656                  25,333

  Due to affiliates                                                        67                     726
  Accrued interest and other liabilities                                  438                     115
                                                                    ---------               ---------
  Total liabilities                                                    25,161                  26,174
                                                                    ---------               ---------

  Shareholder's equity:
  Common stock                                                              1                       1
  Capital surplus                                                         161                     161
  Retained earnings                                                     2,068                   1,991
  Other comprehensive loss, net of tax:
      Net unrealized securities gains (losses)                             21                      (1)
      Net unrealized derivatives losses                                   (86)                      -
                                                                    ---------                ---------
  Accumulated other comprehensive loss                                    (65)                     (1)
                                                                    ---------                ---------
  Total shareholder's equity                                            2,165                   2,152
                                                                    ---------               ---------
  Total liabilities and shareholder's equity                         $ 27,326                $ 28,326
                                                                    =========               =========
</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.)

<TABLE>
<CAPTION>

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

                                                                                                  Three Months
                                                                                                     Ended
                                                                                                    March 31,
                                                                                        ---------------------------------
                                                                                                2001              2000
                                                                                                ----              ----
<S>                                                                                          <C>               <C>
Cash Flows from Operating Activities:
Net income                                                                                   $    77           $    70
Adjustments to reconcile net income to net cash and cash equivalents provided by
     operating activities:
     Provision for doubtful accounts, net of recoveries                                          192               175
     Amortization of deferred underwriting fees and other                                         (1)                -
     Changes in operating assets and liabilities:
         Increase in deferred tax assets                                                         (43)              (10)
         (Increase) decrease in interest receivable and other operating assets                   (16)               90
         (Decrease) increase in due to affiliates                                                (42)               23
         Increase (decrease) in accrued interest and other liabilities                            69               (20)
                                                                                             -------           -------
Net cash and cash equivalents provided by operating activities                                   236               328
                                                                                             -------           -------

Cash Flows from Investing Activities:
Decrease in accounts receivable                                                                1,542               322
Recoveries of accounts receivable previously written off                                          44                48
Sale of participation interest in seller's interest in accounts receivable to an
     affiliate                                                                                    11                65
Purchase of investments                                                                          (90)              (85)
Maturity of investments                                                                            6                 3
Sale of investments                                                                               71                 -
Decrease in loans and deposits due from affiliates                                                39               210
(Decrease) increase in due to affiliates                                                        (617)              188
                                                                                             -------           -------
Net cash and cash equivalents provided by investing activities                                 1,006               751
                                                                                             -------           -------

Cash Flows from Financing Activities:
Net increase (decrease) in short-term debt with affiliates with maturities less
     than ninety days                                                                          1,119              (221)
Net (decrease) increase in short-term debt - other with maturities less than
     ninety days                                                                              (1,527)            3,817
Proceeds from issuance of debt                                                                 1,065               402
Redemption of debt                                                                            (1,378)           (4,502)
                                                                                             -------           -------
Net cash and cash equivalents used in financing activities                                      (721)             (504)
                                                                                             -------           -------

Net increase in cash and cash equivalents                                                        521               575
Cash and cash equivalents at beginning of period                                               1,008             1,102
                                                                                             -------           -------
Cash and cash equivalents at end of period                                                   $ 1,529           $ 1,677
                                                                                             =======           =======
</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, 2000. Significant accounting policies disclosed
     therein have not changed, except as disclosed in Note 5.

     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 March 31, 2001 and the
     consolidated results of its operations and changes in its retained earnings
     for the three-month periods ended March 31, 2001 and 2000 and cash flows
     for the three-month periods ended March 31, 2001 and 2000. 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 March 31, 2001 and December
     31, 2000. Pursuant to the adoption of Statement of Financial Accounting
     Standards No. 133, "Accounting for Derivative Instruments and Hedging
     Activities," as amended ("SFAS No. 133"), Credco elected to reclassify its
     held to maturity investments to available for sale as of January 1, 2001.

<TABLE>
<CAPTION>

   ($ in millions)                                                  March 31,         December 31,
                                                                      2001               2000
                                                                      ----               ----
   <S>                                                             <C>                <C>
   Held to Maturity, at amortized cost (fair value:
         2001-$0; 2000-$196)                                       $     -            $   194

   Available for Sale, at fair value (cost: 2001-$1,281;
         2000-$1,073)                                                1,314              1,072
                                                                   -------           --------
   Total                                                           $ 1,314            $ 1,266
                                                                   =======            =======
</TABLE>

3.   COMPREHENSIVE INCOME

     Comprehensive income 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 (pursuant
     to SFAS No. 133). The components of comprehensive income, net of related
     tax, for the three months ended March 31, 2001 and 2000 were as follows:



                                       6
<PAGE>
                       AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)

<TABLE>
<CAPTION>
3.    COMPREHENSIVE INCOME (CONTINUED)

                                                                              Three Months Ended
          ($ in millions)                                                          March 31,
                                                                           ------------------------
                                                                           2001                2000
                                                                           ----                ----
         <S>                                                               <C>                 <C>
          Net income                                                       $  77               $  70
          Change in:
               Net unrealized securities gains (losses)                       22                  (1)
               Net unrealized derivatives (losses)                           (86)*                 -
                                                                           -----               -----
          Total                                                            $  13               $  69
                                                                           =====               =====
</TABLE>

     * Includes transition effect of ($59 million) in net unrealized losses,
     ($21 million) of which was reclassified to earnings during the three months
     ended March 31, 2001.

4.   ASSET SECURITIZATIONS

     In the first quarter of 2001, the American Express Credit Account Master
     Trust (the "Master Trust") securitized $1.0 billion of 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, Credco Receivables Corp. ("CRC"), a wholly-owned
     subsidiary of Credco, sold $11.9 million of gross seller's interest ($11.6
     million, net of reserves) to American Express Receivables Financing
     Corporation II ("RFCII"), a wholly-owned subsidiary of American Express
     Travel Related Services Company, Inc., which is a wholly-owned subsidiary
     of American Express Company. In addition, CRC purchased $90 million of
     Class C Certificates issued by the Master Trust.

     In addition, in April and May 2001, the Master Trust securitized an
     additional $1.98 billion of loans. At the time of these issuances, CRC sold
     $15.0 million of gross seller's interest ($14.7 million, net of reserves)
     to RFCII. In addition, at the time of these issuances, CRC purchased $188
     million of Class C Certificates issued by the Master Trust.

     On May 15, 2001, $1.0 billion of investor certificates previously issued by
     the Master Trust matured.

5.   DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

     Effective January 1, 2001, Credco adopted SFAS No. 133, which establishes
     the accounting and reporting standards for derivative instruments and
     hedging activities. It requires that an entity recognize all derivatives as
     either assets or liabilities on the balance sheet and measure those
     instruments at fair value. Changes in the fair value of a derivative are
     recorded in income or directly to equity, depending on the instrument's
     designated use. Those derivative instruments that are designated and
     qualify as hedging instruments are further classified as either a cash flow
     hedge, a fair value hedge, or a hedge of a net investment in a foreign
     operation based upon the exposure being hedged. The cumulative effect of
     adopting SFAS No. 133 was not significant to Credco's results of operations
     or equity.


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

5.   DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (CONTINUED)

     For derivative instruments that are designated and qualify as a cash
     flow hedge, the effective portion of the gain or loss on the derivative
     instrument is reported as a component of other comprehensive income (loss)
     and reclassified into income when the hedged transaction affects income.
     The ineffective portion of the gain or loss on the derivative instrument
     is recognized currently in earnings. For derivative instruments that are
     designated and qualify as a fair value hedge, the gain or loss on the
     derivative instrument as well as the offsetting loss or gain on the hedge
     item attributable to the hedged risk are recognized in current income
     during the period of the change in fair values. For derivative instruments
     that are designated and qualify as a hedge of a net investment in a
     foreign currency, the effective portion of the gain or loss on the
     derivative is reported in other comprehensive income (loss) as part of the
     cumulative translation adjustment. For derivative instruments not
     designated as hedging instruments, the gain or loss is recognized
     currently in earnings.

     CASH FLOW HEDGES
     Credco uses interest rate products, primarily swaps, to manage funding
     costs related to its Charge Card business. For its Charge Card products,
     Credco uses interest rate swaps to achieve a targeted mix of fixed and
     floating rate funding. These interest rate swaps are used to protect
     Credco from the interest rate risk that arises from short-term funding.

     Credco estimates that the results of operations for the remaining nine
     months of 2001 will be affected by derivatives representing $145 million
     of the net pretax losses recorded in other comprehensive loss as of March
     31, 2001. This effect will occur at the same time as Credco realizes the
     benefits of lower market rates of interest on its funding activities.
     Similarly, as of January 1, 2001, the amount of net pretax losses that
     were estimated to affect earnings during 2001 was $89 million.

     Currently, the longest period of time over which Credco is hedging exposure
     to the variability in future cash flows is five years and relates to
     funding of foreign currency denominated receivables.

     FAIR VALUE HEDGES
     Credco uses interest rate swaps to hedge its firm commitments to transfer,
     at a fixed rate, receivables to trusts established in connection with the
     asset securitizations.

     During the three months ended March 31, 2001, the amount that Credco
     recognized in income related to the ineffective portion of its hedging
     instruments was immaterial. This amount is included in Other expenses in
     the Consolidated Statements of Income.

     DERIVATIVES NOT DESIGNATED AS HEDGES
     Credco has economic hedges that either do not qualify or are not
     designated for hedge accounting treatment under SFAS No. 133. Foreign
     currency transaction exposures are economically hedged, where practical
     and economical, through foreign currency contracts. Foreign currency
     contracts involve the purchase and sale of a designated currency at an
     agreed upon rate for settlement on a specified date. These foreign
     currency forward contracts entered into by Credco generally mature within
     one year. For the period ended March 31, 2001, the net effect on earnings
     for the ineffective portion of these hedges was immaterial.



                                       8
<PAGE>
                       AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)




6.   TAXES AND INTEREST

     For the three-month periods ended March 31, 2001 and 2000, Credco paid $332
     million and $307 million of interest, respectively. Income taxes paid for
     each of the three-month periods ended March 31, 2001 and 2000 were $3
     million and $22 million, respectively.


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

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2001, American Express Credit Corporation, including its
subsidiaries where appropriate ("Credco"), had the ability to issue $4.4 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"), 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.

At March 31, 2001, Credco had the ability to issue approximately $2.4 billion of
medium- and long-term debt and warrants under shelf registrations filed with the
Securities and Exchange Commission.

Committed credit line facilities at March 31, 2001 and 2000 totaled $9.2 billion
and $8.5 billion, respectively. In April 2001, Credco renegotiated its credit
facilities, increasing available credit lines by $1.2 billion.

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 three-month periods ended March 31,
2001 and 2000 was 1.29 and 1.33, respectively. The ratio of earnings to fixed
charges for American Express, the parent of TRS, for the three-month periods
ended March 31, 2001 and 2000 was 1.91 and 2.30, 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.




                                       9
<PAGE>
                       AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)



Credco purchased $52 billion and $47 billion of Cardmember receivables during
the three-month periods ended March 31, 2001 and 2000, respectively. At March
31, 2001 and December 31, 2000, Credco owned $20.4 billion and $22.6 billion,
respectively, of Charge Card receivables of which $2.8 billion and $4.3 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").

In addition, at March 31, 2001 and December 31, 2000, Credco owned extended
payment plan receivables totaling $2.6 billion and $2.1 billion, respectively,
including revolving credit loans purchased directly from Centurion Bank. The
extended payment plan receivables owned at March 31, 2001 and December 31, 2000
include $259 million and $277 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 three-month periods ended March 31, 2001 and 2000, the average life of
Cardmember receivables owned by Credco was 40 days and 42 days, respectively.

Credco's write-offs, net of recoveries, as a percentage of the volume of
Cardmember receivables purchased for the three-month periods ended March 31,
2001 and 2000 was .33 percent and .29 percent, respectively.

Credco's increase in revenues for the three-month period ended March 31, 2001,
is attributable to an increase in the volume of receivables purchased as well
as higher discount and interest rates. Interest income increased for the
three-month period ended March 31, 2001 as a result of a higher volume of
average investments outstanding. Interest expense increased for the three
months ended March 31, 2001 due to an increase in average debt outstanding and
interest rates. Provision for doubtful accounts for the three-month period
increased reflecting a higher 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 three-month period ended March 31, 2001, compared with
the three-month period ended March 31, 2000 ($ in millions):

<TABLE>
<CAPTION>
                                                                                           Three-
                                                                                           Month
                                                                                           Period
                                                                                           ------
<S>                                                                                          <C>
  Revenue earned from purchased accounts receivable - changes attributable to:
       Volume of receivables purchased                                                         43
       Discount and interest rates                                                             48
                                                                                             ----
           Total                                                                               91
                                                                                             ====

  Interest income from affiliates - changes attributable to:
       Volume of average investments outstanding                                                6
       Interest rates                                                                           -
                                                                                             ----
           Total                                                                                6
                                                                                             ====

  Interest income from investments - changes attributable to:
       Volume of average investments outstanding                                                7
       Interest rates                                                                          (1)
                                                                                             ----
           Total                                                                                6
                                                                                             ====

  Interest expense affiliates - changes attributable to:
       Volume of average debt outstanding                                                      19
       Interest rates                                                                          (3)
                                                                                             ----
           Total                                                                               16
                                                                                             ====

  Interest expense other - changes attributable to:
       Volume of average debt outstanding                                                      13
       Interest rates                                                                          51
                                                                                             ----
           Total                                                                               64
                                                                                             ====

  Provision for doubtful accounts - changes attributable to:
       Volume of receivables purchased                                                         20
       Provision rates and volume of recoveries                                                (3)
                                                                                             ----
           Total                                                                               17
                                                                                             ====
</TABLE>

                                       11
<PAGE>
                       AMERICAN EXPRESS CREDIT CORPORATION
                 (a wholly-owned subsidiary of American Express
                     Travel Related Services Company, Inc.)


<TABLE>
<CAPTION>
The following is an analysis of Cardmember reserve for doubtful accounts ($ in
millions):

                                                        2001            2000
                                                        ----            ----
                 <S>                                    <C>             <C>
                 Balance, January 1                     $739            $684
                 Provision for losses                    236             223
                 Accounts written off                   (215)           (188)
                 Other                                    16              (3)
                                                        ----            ----
                 Balance, March 31                      $776            $716
                                                        ====            ====
</TABLE>


<TABLE>
<CAPTION>
The following table shows the aging of Charge Card receivables:

                                                             March 31,
                                                     ---------------------------
                                                       2001            2000
                                                       ----            ----
                 <S>                                   <C>             <C>
                 Current                               85.2%           84.4%
                 30 to 59 days                          9.9            10.6
                 60 to 89 days                          1.7             1.9
                 90 days and over                       3.2             3.1

</TABLE>


This report contains forward-looking statements, which are subject to risks and
uncertainties. The words "believe", "expect", "anticipate", "estimate",
"optimistic", "intend", "aim", "will", "should" and similar expressions are
intended to identify such forward-looking statements. Factors that could cause
actual results to differ materially from these forward-looking statements
include, but are not limited to, the following: fluctuations in interest rates,
which impacts Credco's borrowing costs; and foreign currency exchange rates.


                                       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.



          (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: May 15, 2001                   By   /s/Walker C. Tompkins, Jr.
                                          --------------------------
                                          Walker C. Tompkins, Jr.
                                          President and Chief Executive Officer


                                          /s/Erich Komdat
                                          --------------------------
                                          Erich Komdat
                                          Vice President and Chief Accounting
                                          Officer


<TABLE>
<CAPTION>

                                  EXHIBIT INDEX

                     Pursuant to Item 601 of Regulation S-K

                       Description                              How Filed
                       -----------                              ---------
<S>                                                        <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.

</TABLE>



                                       14