<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 March 31, 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 May 15, 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 months ended March 31, 1998
                  and 1997                                   3
                                                        
                  Condensed consolidated balance
                  sheets - March 31, 1998 and
                  December 31, 1997                          4
                                                        
                  Condensed consolidated statements
                  of cash flows - three months ended
                  March 31, 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
                                                        Ended
                                                      March 31,
                                                    -------------
                                                    1998     1997
                                                    ---      ----
<S>                                              <C>      <C>
Revenues                                                
Revenue earned from purchased accounts receivable  $ 467    $ 403
Interest income from affiliates                       45       40
Interest income from investments                      27       26
Other income                                           1        2
                                                   -----    -----
Total                                                540      471
                                                   -----    -----
                                                        
Expenses                                                
Interest expense - affiliates                         54       42
Interest expense - other                             239      212
Provision for doubtful accounts,                        
    net of recoveries                                154      124
Other expenses                                         7        2
                                                   -----    -----
Total                                                454      380
                                                   -----    -----
                                                        
Income before taxes                                   86       91
Income tax provision                                  30       32
                                                   -----    -----
Net income                                            56       59

                                                        
Retained earnings at beginning of period           1,745    1,683
                                                  ------   ------
Retained earnings at end of period                $1,801   $1,742
                                                  ======   ======
</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)
                                        March 31,    December 31,
                                          1998           1997
                                          ----           ----
<S>                                   <C>            <C>
Assets                                        
Cash and cash equivalents               $ 1,486        $   374
Investments                                 218            218
                                              
Accounts receivable                      18,053         19,609
 Less:  reserve for doubtful accounts       626            633
                                        -------        -------
                                         17,427         18,976

                                              
Loans and deposits with affiliates        3,150          3,150
Deferred charges and other assets           351            335
                                        -------        -------
Total assets                            $22,632        $23,053
                                        =======        =======
                                              
Liabilities and shareholder's equity
Short-term debt with affiliates         $ 1,909        $ 1,770
Short-term debt - other                  14,476         14,812
Current portion of long-term
   debt - other                               4              4
Long-term debt with affiliate               910            910
Long-term debt - other                    2,496          2,354
                                        -------        -------
Total debt                               19,795         19,850
                                              
Due to affiliates                           523          1,027
Accrued interest and other liabilities      242            152
                                        -------        -------
Total liabilities                        20,560         21,029
                                        -------        -------
                                              
Deferred discount revenue                   109            117
                                        -------        -------
Shareholder's equity:                         
     Common stock                             1              1
     Capital surplus                        161            161
     Retained earnings                    1,801          1,745
                                        -------        -------
Total shareholder's equity                1,963          1,907
                                        -------        -------
Total liabilities and
    shareholder's equity                $22,632        $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)
                                                Three Months Ended
                                                      March 31,
                                                ------------------
                                                    1998    1997
                                                    ----    ----
<S>                                              <C>      <C>
Cash Flows from Operating Activities:                           
Net income                                          $ 56    $ 59
Adjustments to reconcile net income to net cash          
 and cash equivalents provided by operating
 activities:
 Provision for doubtful accounts, net of recoveries  154     124
 Amortization of deferred underwriting fees and
   bond discount/premium                               1       1
 Changes in operating assets and liabilities:
  Decrease (increase) in deferred tax assets           4     (13)
  (Increase) decrease in interest receivable
      and other operating assets                     (14)     34
  Increase in accrued interest and other liabilities  66      12
  Increase in due to affiliates                       22      30
  Decrease in deferred discount revenue               (8)    (13)
                                                    -----   -----
Net cash provided by operating activities            281     234
                                                    -----   -----
                                                        
Cash Flows from Investing Activities:                   
Decrease in accounts receivable                    1,340     706
Recoveries of accounts receivable previously            
   written off                                        43      44
Decrease in due to affiliates from purchased            
   receivables                                      (498)   (328)
                                                   ------  ------
Net cash provided by investing activities            885     422
                                                   ------  ------
Cash Flows from Financing Activities:                   
Net increase (decrease) in short-term debt with          
  affiliates with maturity less than ninety days     139    (124)
Net (decrease) increase in short-term debt -             
  other with maturity less than ninety days         (415)  1,089
Proceeds from issuance of debt                     1,018   1,052
Repayment of debt                                   (796) (2,549)
                                                   ------  ------
Net cash used in financing activities                (54)   (532)
                                                   ------  ------
                                                        
Net increase in cash and cash equivalents          1,112     124
Cash and cash equivalents at beginning of period     374     267
                                                  -------  ------
Cash and cash equivalents at end of period        $1,486    $391
                                                  ======   ======
</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 March 31, 1998
   and the consolidated results of its operations and changes
   in its retained earnings for the three-month periods ended
   March 31, 1998 and 1997 and cash flows for the three-month
   periods ended March 31, 1998 and 1997.  Results of
   operations reported for interim periods are not necessarily
   indicative of results for the entire year.

2. For the three-month periods ended March 31, 1998 and 1997,
   Credco paid $275 million and $243 million of interest,
   respectively.  Income taxes paid for each of the three-month
   periods ended March 31, 1998 and 1997 were $2 million and $1
   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 March
   31, 1998, Credco held $218 million of American Express Master
   Trust Class B Certificates.  These securities are classified
   as held to maturity and are stated at amortized cost.  The
   fair value of these securities at March 31, 1998 was $223
   million.

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 March 31, 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 March 31, 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.

Committed credit line facilities at March 31, 1998 and
1997 totaled $6.8 billion and $6.6 billion, respectively.


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

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


the three month periods ended March 31, 1998 and 1997 was 1.29
and 1.36, respectively.  The ratio of earnings to fixed charges
for American Express, the parent of TRS, for the three-month periods 
ended March 31, 1998 and 1997 was 2.09 and 2.26, 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.

Credco purchased $37 billion and $32 billion of Cardmember
receivables during the three-month periods ended March 31,
1998 and 1997, respectively.  At March 31, 1998 and December
31, 1997, Credco owned $16.2 billion and $17.8 billion,
respectively, of charge card receivables of which $2.5 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 March 31, 1998 and December 31, 1997, Credco
owned extended payment plan receivables totaling $ 1.9 billion
and $1.8 billion respectively, including revolving credit
loans purchased directly from Centurion Bank.  The extended
payment plan receivables owned at March 31, 1998 and December
31, 1997, include $212 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 three-month periods ended March 31, 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 three-month
periods ended March 31, 1998 and 1997 was .44 percent and .41
percent, respectively.

Credco's increase in revenue for the three-month period ended
March 31, 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 three-month period ended March 31, 1998 is attributable to 
both increased interest rates and volume of average investments 
outstanding.  Interest expense increased for the three-month 
period ended March 31, 1998 due to an increase in volume and 
interest rates. Provision for doubtful accounts for the three-month 
period also increased reflecting volume growth as well as, to a 
lesser extent, higher provision rates.


                                 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 (decrease) in
key revenue and expense accounts for the three-month period
ended March 31, 1998, compared with the three-month  period
ended March 31, 1997 ($ in millions):

                                                         Three
                                                         Month
                                                        Period
                                                        ------
<S>                                                    <C>
Revenue earned from purchased accounts receivable-
 changes attributable to:
   Volume of receivables purchased                         57
   Discount and interest rates                              7
                                                           --
      Total                                                64
                                                           ==
Interest income from affiliates - changes
 attributable to:
   Volume of average investments outstanding                4
   Interest rates                                           1
                                                           --
      Total                                                 5
                                                           ==
Interest income from investments - changes
 attributable to:
   Volume of average investments outstanding               (1)
   Interest rates                                           2
                                                           --
      Total                                                 1
                                                           ==
Interest expense (affiliates) - changes
 attributable to:
   Volume of average debt outstanding                      10
   Interest rates                                           2
                                                           --
      Total                                                12
                                                           ==
Interest expense (other) - changes attributable to:
   Volume of average debt outstanding                      16
   Interest rates                                          11
                                                           --
      Total                                                27
                                                           ==
Provision for doubtful accounts - changes
 attributable to:
   Volume of receivables purchased                         24
   Provision rates and volume of recoveries                 6
                                                           --
      Total                                                30
                                                           ==
</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                     197       168
          Accounts written off                    (206)     (178)
          Other                                      2        (6)
                                                 -----     -----
          Balance, March 31                      $ 626     $ 622
                                                 =====     =====

                                                            
The following table shows the aging of charge card receivables:

                                                      March 31,
                                                  ---------------
                                                  1998       1997
                                                  ----       ----
          Current                                81.3%      79.3%
          30 to 59 days                          13.0       14.6
          60 to 89 days                           2.1        2.4
          90 days and over                        3.6        3.7

</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

                1.  Form 8-K, dated February 10, 1998, Item 5, filed
                    in connection with the incorporation by reference
                    of certain financial information of American
                    Express Company into registration statements of the
                    Registrant; Exhibits 15 and 23, respectively, a
                    letter regarding unaudited financial information
                    and consent of independent auditors.

                                   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     May 15, 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          filed herewith.
              charges of American Express
              Credit Corporation.
                                         
Exhibit 12.2  Computation in support of           Electronically
              ratio of earnings to fixed          filed herewith.
              charges of American Express
              Company.
                                         
Exhibit 27    Financial data schedule.            Electronically
                                                  filed herewith.
                               


                                     11
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