UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-Q(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the quarterly period ended June 30, 2007OR( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period from ____ to ____Commission File No. 1-6908AMERICAN 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                          |  |                                             
|Suite 1002, Wilmington,
          Delaware                                       |  | 19801-2919                                  
|(Address of principal executive
        offices)                                 |  | (Zip Code)                                  
|Registrants
        telephone number including area code:(302)
        594-3350

None


---

(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.YesX  No ___

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the
Exchange Act. (Check one):Large accelerated filer ___                    	 Accelerated
filer___                    Non-accelerated filerX

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ___ NoX

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 6, 2007 | 
|--------------------------------------- |  | ----------------------------- | 
|Common Stock (par value $.10 per share) |  | 1,054,938 Shares             

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AMERICAN EXPRESS CREDIT CORPORATIONFORM 10-QINDEX

|         |  |                       |  |                                                             |  | Page No.
|-------- |  | --------------------- |  | ----------------------------------------------------------- |  | --------
|PART I.  |  | FINANCIAL INFORMATION |  |                                                            
|         |  |                       |  |                                                            
|         |  | Item 1.               |  | Financial Statements                                        |  |         
|         |  |                       |  |                                                             |  |         
|         |  |                       |  | Consolidated Statements of Income
        and Retained      |  |         
|         |  |                       |  | Earnings  Three and six months
        ended June 30, 2007 |  |         
|         |  |                       |  | and 2006                                                    |  | 3       
|         |  |                       |  |                                                             |  |         
|         |  |                       |  | Consolidated Balance Sheets                                |  |         
|         |  |                       |  | June 30, 2007 and December 31, 2006                         |  | 4       
|         |  |                       |  |                                                             |  |         
|         |  |                       |  | Consolidated Statements of Cash
        Flows              |  |         
|         |  |                       |  | Six months ended June 30, 2007 and
        2006             |  | 5       
|         |  |                       |  |                                                             |  |         
|         |  |                       |  | Notes to Consolidated Financial
        Statements          |  | 6       
|         |  |                       |  |                                                             |  |         
|         |  | Item 2.               |  | Managements Discussion
          and Analysis              |  |         
|         |  |                       |  | of Financial Condition and Results                          |  |         
|         |  |                       |  | of Operations                                               |  | 9       
|         |  |                       |  |                                                             |  |         
|         |  | Item 4.               |  | Controls and Procedures                                     |  | 15      
|         |  |                       |  |                                                            
|PART II. |  | OTHER INFORMATION     |  |                                                            
|         |  |                       |  |                                                             |  |         
|         |  | Item 6.               |  | Exhibits                                                    |  | 16      
|         |  |                       |  |                                                             |  |         
|         |  |                       |  | Signatures                                                  |  | 17      
|         |  |                       |  |                                                             |  |         
|         |  |                       |  | Exhibit Index                                               |  | E-1     

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AMERICAN EXPRESS CREDIT CORPORATION

PART I.   FINANCIAL INFORMATIONItem 1.FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF INCOMEAND RETAINED EARNINGS(Millions)(Unaudited)

| |                                                    |  | Three Months
          Ended |       | Six Months
          Ended
| | -------------------------------------------------- |  | ---------------------------- | ----- | --------------------------
| |                                                    |  | June 30,                     |       | June 30,                  
| |                                                    |  |                              | 2007  |                           
|
| | Revenues                                           |  |                              |       |                           
|
| | Discount revenue earned from
        purchased     |  |                              |       |                           
| | cardmember receivables
        and loans           |  | $                            | 691   |                           
| | Interest income from affiliates                    |  |                              | 155   |                           
| | Interest income from investments                   |  |                              | 63    |                           
| | Finance charge revenue                             |  |                              | 13    |                           
| | Other                                              |  |                              | 1     |                           
| | Total
        revenues                             |  |                              | 923   |                           
|
| | Expenses                                           |  |                              |       |                           
|
| | Provision for losses, net
        of recoveries(1) |  |                              | 154   |                           
| | Interest expense                                   |  |                              | 392   |                           
| | Interest expense to affiliates                     |  |                              | 102   |                           
| | Service fees to affiliates                         |  |                              | 47    |                           
| | Other                                              |  |                              | 1     |                           
| | Total
        expenses                             |  |                              | 696   |                           
|
| | Pretax income                                      |  |                              | 227   |                           
| | Income
        tax provision                       |  |                              | 26    |                           
| | Net income                                         |  |                              | 201   |                           
| | Dividends                                          |  |                              | (150  | )                         
| | Adoption of FIN 48                                 |  |                              | -     |                           
| | Retained
        earnings at beginning of period   |  |                              | 3,209 |                           
|
| | Retained
        earnings at end of period         |  | $                            | 3,260 |                           

See Notes to Consolidated Financial Statements.

|(1) | Provision for losses are shown net of recoveries of $43 million and $37 million for the three months ended June 30, 2007 and 2006, respectively, and $89 million and $87 million for the six months ended June
30, 2007 and 2006, respectively.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

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AMERICAN EXPRESS CREDIT CORPORATIONCONSOLIDATED BALANCE SHEETS(Millions, except share data)(Unaudited)

| |                                                                       |  | June 30, |        | December
          31,
| | --------------------------------------------------------------------- |  | -------- | ------ | ----------------------
| |                                                                       |  | 2007     |        | 2006                  
|
| | Assets                                                                |  |          |        |                       
|
| | Cash and cash equivalents                                             |  | $        | 1,922  |                       
| | Investment securities                                                 |  |          | 1,789  |                       
| | Investment securities restricted                                      |  |          | 1,211  |                       
| | Cardmember receivables, less
        reserves: 2007, $752; 2006, $739 |  |          | 26,827 |                       
| | Cardmember loans, less reserves:
        2007, $9; 2006, $10          |  |          | 357    |                       
| | Loans with affiliates                                                 |  |          | 10,178 |                       
| | Deferred charges and other
        assets                             |  |          | 343    |                       
| | Due
        from affiliates                                           |  |          | 103    |                       
| | Total
        assets                                                  |  | $        | 42,730 |                       
|
| | Liabilities and Shareholders
          Equity                        |  |          |        |                       
|
| | Short-term debt                                                       |  | $        | 8,001  |                       
| | Short-term debt with affiliates                                       |  |          | 7,941  |                       
| | Long-term debt                                                        |  |          | 22,819 |                       
| | Total
        debt                                                    |  |          | 38,761 |                       
| | Accrued
        interest and other liabilities                        |  |          | 427    |                       
| | Total
        liabilities                                             |  |          | 39,188 |                       
|
| | Shareholders Equity                                                  |  |          |        |                       
|
| | Common stock, $.10 par
        value, authorized 3 million shares;    |  |          |        |                       
| | issued
        and outstanding 1.5 million shares                     |  |          | 1      |                       
| | Capital surplus                                                       |  |          | 161    |                       
| | Retained earnings                                                     |  |          | 3,260  |                       
| | Accumulated other comprehensive
        income (loss), net of tax:    |  |          |        |                       
| | Net
        unrealized securities (losses) gains                      |  |          | (3     | )                     
| | Net
        unrealized derivatives gains                              |  |          | 22     |                       
| | Foreign
        currency translation adjustments                      |  |          | 101    |                       
| | Other                                                                 |  |          | -      |                       
| | Total
        accumulated other comprehensive income                  |  |          | 120    |                       
| | Total
        shareholders equity                                    |  |          | 3,542  |                       
| | Total
        liabilities and shareholders equity                    |  | $        | 42,730 |                       

See Notes to Consolidated Financial Statements.

- 4 -

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AMERICAN EXPRESS CREDIT CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(Millions)(Unaudited)

| |                                                                         |  | Six Months
          Ended
| | ----------------------------------------------------------------------- |  | --------------------------
| |                                                                         |  | June 30,                  
| |                                                                         |  |                           
| | Cash Flows from Operating
          Activities                          |  |                           
| | Net income                                                              |  | $                         
| | Adjustments to reconcile
        net income to net cash                 |  |                           
| | provided
        by operating activities:                               |  |                           
| | Provision
        for losses                                            |  |                           
| | Amortization
        and other                                          |  |                           
| | Deferred
        tax asset                                              |  |                           
| | Changes in operating assets
        and liabilities:                    |  |                           
| | Due
        to affiliates                                               |  |                           
| | Other
        operating assets and liabilities                          |  |                           
| | Net
        cash provided by operating activities                       |  |                           
| | Cash Flows from Investing
          Activities                          |  |                           
| | Net increase in cardmember
        receivables and loans                |  |                           
| | Purchase of investments                                                 |  |                           
| | Maturities of investments                                               |  |                           
| | Net decrease (increase) in
        loans with affiliates                |  |                           
| | Net
        decrease in due to affiliates                               |  |                           
| | Net
        cash used in investing activities                           |  |                           
| | Cash Flows from Financing
          Activities                          |  |                           
| | Net decrease in short-term
        debt with affiliates with maturities |  |                           
| | of ninety
        days or less                                          |  |                           
| | Net increase (decrease) in
        short-term debt with maturities of   |  |                           
| | ninety
        days or less                                             |  |                           
| | Issuance of debt                                                        |  |                           
| | Redemption of debt                                                      |  |                           
| | Dividends
        paid                                                  |  |                           
| | Net
        cash provided by financing activities                       |  |                           
| | Effect of exchange rate changes
        on cash and cash equivalents    |  |                           
| | Net increase in cash and
        cash equivalents                       |  |                           
| | Cash
        and cash equivalents at beginning of period                |  |                           
| | Cash
        and cash equivalents at end of period                      |  | $                         

See Notes to Consolidated Financial Statements.

- 5 -

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AMERICAN EXPRESS CREDIT CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

1.Basis
of Presentation

The accompanying Consolidated
      Financial Statements should be read in conjunction with the financial statements
      in the Annual Report on Form 10-K of American Express Credit Corporation
      including its subsidiaries (Credco), where appropriate for the year ended
      December 31, 2006. Certain prior year amounts have been reclassified to
      conform to the current year presentation of the Consolidated Balance Sheets
      and Consolidated Cash Flows, including disclosures related to foreign currency
      translation adjustment and net cardmember receivables and loans. Significant
      accounting policies disclosed therein have not changed. Credco is a wholly-owned
      subsidiary of American Express Travel Related Services Company, Inc. (TRS),
      which is a wholly-owned subsidiary of American Express Company (American
      Express). American Express Overseas Credit Corporation Limited, together
      with its subsidiaries (AEOCC), Credco Receivables Corporation (CRC), Credco
      Finance, Inc., together with its subsidiaries (CFI), American Express Canada
      Credit Corporation (AECCC), American Express Canada Finance Limited (AECFL),
      American Express Capital Australia (AECA), American Express Sterling Funding
      Limited Partnership together with its subsidiary (AESLP), American Express
      Euro Funding Limited Partnership (AEELP) and American Express Credit Mexico
      LLC, together with its subsidiaries, are wholly-owned subsidiaries of Credco.
 The interim financial information
          in this report has not been audited. In the opinion of management,
          all adjustments necessary for a fair statement of the consolidated
          financial position and the consolidated results of operations for the
          interim periods have been made. All adjustments made were of a normal,
          recurring nature. Results of operations reported for interim periods
          are not necessarily indicative of results for the entire year. Accounting estimates are an
          integral part of the Consolidated Financial Statements. These estimates
          are based, in part, on managements assumptions concerning future
          events. Among the more significant assumptions are those that relate
          to reserves for cardmember losses and investment securities valuation.
          These accounting estimates reflect the best judgment of management,
          but actual results could differ. Recently Issued Accounting
            Standards The Financial Accounting Standards
          Board (FASB) has recently issued the following accounting standards,
          which are effective beginning January 1, 2008. Credco is currently
          evaluating the impact of these accounting standards. Statement
                of Financial Accounting Standard (SFAS) No. 157, Fair Value
                Measurements (SFAS No. 157), establishes
                a framework for measuring fair value and applies broadly to financial
                and non-financial assets and liabilities
                measured at fair value under existing authoritative accounting
                pronouncements. SFAS No. 157 establishes
                a fair value hierarchy that prioritizes inputs to valuation techniques
                used for financial instruments without
                active markets and for non-financial assets and liabilities. SFAS
                No. 157 also expands disclosure requirements
                regarding methods used to measure fair value and the effects on
                earnings.
        SFAS No. 159, The
              Fair Value Option for Financial Assets and Financial Liabilities
              - Including an amendment
              of FASB Statement No. 115 (SFAS No. 159), provides companies
              with an option to report selected
              financial assets and liabilities at fair value.
        
        FASB Staff Position
              No. FIN 39-1, Amendment
              of FASB Interpretation No. 39 (FIN 39-1), permits a reporting
              entity to offset fair value amounts recognized for the right to
              reclaim cash collateral (a receivable) or the
              obligation to return cash collateral (a payable) against fair value
              amounts recognized for derivative instruments
              executed with the same counterparty under the same master netting
              arrangement. Credco does not expect
              FIN 39-1 to have a material impact on its Consolidated Financial
              Statements.


- 6 -

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AMERICAN EXPRESS CREDIT CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

Emerging Issues Task Force Issue
      No. 06-11, Accounting for Income Tax Benefits of Dividends on Share-Based
      Payment Awards (EITF 06-11), clarifies when income tax benefits from
      dividends paid on share-based payment awards should be recognized in equity
      or the income statement. Credco does not expect EITF 06-11 to have a material
      impact on its Consolidated  Financial Statements.


2.Investment Securities

The following is a summary of investment securities at June 30, 2007 and December 31, 2006: Available-for-Sale
      
      2007
      
      2006Gross
      
      
      Gross
      
      
      
      
      
      
      
      Gross
      
      
      GrossUnrealized
      
      Unrealized
      
      Fair
      
      
      
      
      Unrealized
      
      Unrealized
      Fair(Millions)
      
      Cost
      
      Gains
      
      
      Losses
      
      Value
      
      Cost
      
      Gains
      
      Losses
      ValueU.S. Treasury and governmentagency
          securities
      
      $
      1,789
      
      $
      4
      
      $
      (4
      )
      
      $
      1,789
      
      $
      2,294
      
      $
      7
      
      $
      (2
      )
      $
      2,299U.S. Treasury and governmentagency
          securities - restricted
      
      
      1,215
      
      
      -
      
      
      (4
      )
      
      
      1,211
      
      
      714
      
      
      2
      
      
      -
      
      
      716Total
      
      $
      3,004
      
      $
      4
      
      $
      (8
      )
      
      $
      3,000
      
      $
      3,008
      
      $
      9
      
      $
      (2
      )
      $
      3,015 During the six months ended June 30, 2007, there were no purchases or maturities of U.S. Treasury and government agency securities. All of Credcos investment securities are Available-for-Sale. There were no realized
gains or losses for the six months ended June 30, 2007. In conjunction with its liquidity investment portfolio, Credco entered into securities lending agreements in June 2006 with other financial institutions. Under these agreements, certain investment securities are loaned on
an overnight basis to financial institutions, and are secured by collateral equal to at least 102 percent of the fair market value of the investment securities lent. Collateral received by Credco can be in the form of cash or marketable U.S.
Treasury or government agency securities. Credco may only retain or sell these securities in the event of a borrower default. Credcos loaned investment securities are considered restricted and pledged assets and, therefore, have been
reclassified as investment securities restricted on the Consolidated Balance Sheet. The marketable securities received as collateral are not recorded on its Consolidated Balance Sheet, as Credco is not permitted to sell or repledge these securities
absent a borrower default. Fees received from the securities lending transactions are recorded as interest income from investments. At June 30, 2007, $1.2 billion of investment securities were loaned under these agreements.


3.Comprehensive Income

The components of comprehensive income, net of related tax, were as follows: Three Months
            Ended
      
      
      Six Months
            Ended(Millions)
      
      June
            30,
      
      
      June
            30,2007
      
      
      
      2006
      
      
      
      2007
      
      2006Net income
      
      $
      201
      
      
      $
      167
      
      
      $
      373
      
      $
      293Other comprehensive income
          (loss):Net unrealized
          securities losses
      
      
      (9
      )
      
      
      (7
      )
      
      
      (8
      )
      
      (4
      )Net unrealized
          derivatives gains
      
      
      16
      
      
      
      14
      
      
      
      12
      
      
      20Foreign
          currency translation adjustments
      
      
      47
      
      
      
      19
      
      
      
      59
      
      
      13Total
      
      $
      255
      
      
      $
      193
      
      
      $
      436
      
      $
      322


- 7 -

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AMERICAN EXPRESS CREDIT CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

4.Income Taxes

Credco adopted FASB Financial Interpretation No.48, Accounting for Uncertainty in Income Taxes  an interpretation of FASB Statement No. 109 (FIN 48) as of January 1, 2007. The initial adoption of FIN 48
resulted in a charge of approximately $15 million to the January 1, 2007 balance of retained earnings. As of January 1, 2007, and including the impact of the initial adoption charge to retained earnings, Credcos total gross benefits for tax positions that have not been recognized through the financial statements were
approximately $44 million, exclusive of interest and penalties described below. Included in the $44 million are approximately $38 million of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in
a future period. There have not been any significant changes in Credcos unrecognized tax benefits as of June 30, 2007. Credcos continuing practice is to recognize interest and penalties relating to unrecognized tax benefits in the income tax provision, which therefore has an impact on the effective tax rate. As of January 1, 2007,
Credco had $8 million ($5 million after-tax) accrued for the payment of interest and penalties. There have not been any significant changes in Credcos accrual for the payment of interest and penalties as of June 30, 2007. The taxable income of Credco is included in the consolidated U.S. federal income tax return of American Express. Under an agreement with TRS, taxes are recognized on a separate company basis.If benefits for all future tax deductions, foreign tax credits and net operating losses cannot be recognized on a separate company basis, such benefits are then recognized based upon a share, derived by formula, of those
deductions and credits that are recognizable on a TRS consolidated reporting basis. American Express is under continuous examination by the Internal Revenue Service (IRS) and tax authorities in other countries and states in which American Express has significant business operations. The tax
years under examination and open for examination vary by jurisdiction. American Express is currently under examination by the IRS for the years 1997- 2004. Credco routinely assesses the likelihood of additional assessments in each of the taxing jurisdictions and has established a liability for unrecognized tax benefits that Credcos management believes to
be adequate. Once established, unrecognized tax benefits are adjusted if more accurate information is available, or a change in circumstance, or an event occurs necessitating a change to the liability. It is reasonably possible that the unrecognized
tax benefits will significantly increase or decrease within the next twelve months. Due to the inherent complexities and the number of tax years currently under examination, it is not possible to quantify the impact such changes may have on the
effective tax rate.


- 8 -

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AMERICAN EXPRESS CREDIT CORPORATION

Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

American Express Credit Corporation (Credco) was incorporated in Delaware in 1962 and was acquired by American Express Company (American Express) in December 1965. On January 1, 1983, Credco became a wholly-owned subsidiary
of American Express Travel Related Services Company, Inc. (TRS), a wholly-owned subsidiary of American Express. Credco is primarily engaged in the business of financing non-interest-bearing cardmember receivables arising from the use of the American
Express® card, the American Express® Gold card, Platinum
card®, Corporate card and other American Express cards issued in the United States, and in designated currencies outside the United States. Credco also
purchases certain interest-bearing and discounted revolving loans and extended payment plan receivables comprised of American Express credit cards, Sign & Travel®and Extended Payment Option receivables and lines of credit and loans to American Express Bank Ltd. (AEB) customers, although cardmember loans are primarily funded by subsidiaries of TRS other than Credco. American Express cards and
American Express credit cards are collectively referred to herein as the card.

Results of Operations for the Six Months Ended June 30, 2007 and 2006

Credcos consolidated net income rose 27 percent to $373 million for the six months ended June 30, 2007, as compared to the six months ended June 30, 2006. The year-over-year increase was primarily due to the
increase of discount revenue earned on purchased cardmember receivables and loans and the interest income on loans to affiliates and investments, offset by the increase of interest expense to affiliates and others and provision for losses, net of
recoveries.

The following is an analysis of the changes attributable to the increase (decrease) in key revenue and expense accounts for the six month period ended June 30, 2007, compared with the six month period ended June 30, 2006,
(millions):

|Discount revenue earned on
        purchased cardmember receivables and loans: |  |   |     | 
|------------------------------------------------------------------------------ |  | - | --- | 
|Volume
        of receivables purchased                                        |  | $ | 15  | 
|Discount
        rates                                                         |  |   | 370 | 
|Total                                                                          |  | $ | 385 | 
|Interest income from affiliates:                                               |  |   |     | 
|Average
        loans and deposits with affiliates                             |  | $ | 34  | 
|Interest
        rates                                                         |  |   | 29  | 
|Total                                                                          |  | $ | 63  | 
|Interest income from investments:                                              |  |   |     | 
|Average
        investments outstanding                                        |  | $ | -   | 
|Interest
        rates                                                         |  |   | 33  | 
|Total                                                                          |  | $ | 33  | 
|Finance charge revenue:                                                        |  |   |     | 
|Volume
        of loans purchased                                              |  | $ | -   | 
|Interest
        rates                                                         |  |   | 1   | 
|Total                                                                          |  | $ | 1   | 
|Provision for losses, net
        of recoveries:                               |  |   |     | 
|Volume
        of receivables purchased                                        |  | $ | 8   | 
|Provision
        rates and volume of recoveries                               |  |   | 91  | 
|Total                                                                          |  | $ | 99  | 

- 9 -

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AMERICAN EXPRESS CREDIT CORPORATION

|Interest expense:                 |  |   |     | 
|--------------------------------- |  | - | --- | 
|Average
        debt outstanding  |  | $ | 64  | 
|Interest
        rates            |  |   | 105 | 
|Total                             |  | $ | 169 | 
|Interest expense with affiliates: |  |   |     | 
|Average
        debt outstanding  |  | $ | 15  | 
|Interest
        rates            |  |   | 53  | 
|Total                             |  | $ | 68  | 

Discount Revenue Earned on Purchased Cardmember Receivables and Loans

Discount revenue increased 40 percent or $385 million to $1.4 billion for the six months ended June 30, 2007, as compared to the six months ended June 30, 2006. The year-over-year increase was primarily due to an
increase in both discount rates and to a lesser extent volume of receivables purchased. Volume of receivables and loans purchased for the six months ended June 30, 2007, was three percent higher than the same period a year ago; purchased volume does
not include those cardmember receivables transferred with recourse to Credco and cardmember receivables and loans funded by loans to affiliates. Discount rates, which vary over time due to changes in market interest rates or changes in the
collectibility of cardmember receivables, increased an average of approximately 26 basis points compared to the six months ended June 30, 2006.

Interest Income from Affiliates

Interest income from affiliates increased 26 percent or $63 million to $303 million for the six months ended June 30, 2007, as compared to the six months ended June 30, 2006. The year-over-year increase is primarily
due to an increase in both the volume of loans with affiliates and the interest rates charged to affiliates. The average rate charged to affiliates during the six months ended June 30, 2007, was 30 basis points higher than the average rate charged
to affiliates in the same six month period a year ago, primarily due to the floating rate interest-bearing borrowings with affiliates.

Interest Income from Investments

Interest income from investments increased 34 percent or $33 million to $130 million for the six months ended June 30, 2007, as compared to the six months ended June 30, 2006. The year-over-year increase is due to a
higher interest rate environment as well as the replacement of matured U.S. Treasury securities in 2006 primarily with higher yielding government agency securities. The average interest rate on the total investment portfolio increased approximately
65 basis points for the six months ended June 30, 2007, as compared to the same six month period a year ago.

Provision for Losses, Net of Recoveries

The provision for losses, net of recoveries increased 46 percent or $99 million to $314 million for the six months ended June 30, 2007, as compared to the six months ended June
30, 2006. The year-over-year increase reflects a higher loss rate offset by results from collection activities. The loss rate which rose from the unusually low rates that followed the October 2005 change in the U.S. bankruptcy
legislation.

Interest Expense and Interest Expense to Affiliates

Interest expense and interest expense to affiliates
increased 28 percent and 46 percent, respectively, for the six months ended June
30, 2007, as compared to the same period a year ago, due to an increase in both
the levels of debt funding and higher effective cost of funds. The average interest
rate on debt outstanding during the six months ended June 30, 2007, was 36 basis
points higher than the same period a year ago. The average rate due to affiliates
during the six

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AMERICAN EXPRESS CREDIT CORPORATION

months ended June 30, 2007, was 66
    basis points higher than the same period a year ago, primarily due to the
    fact that a high proportion of the interest-bearing borrowings due to affiliates
were at floating rate.

Service Fees to Affiliates

Credco pays fees to affiliates for the related servicing of the receivables purchased. Service fees to affiliates increased $69 million for the six months ended June 30, 2007, as compared to the six months ended June
30, 2006, due to an increase in volume of usage of the service level agreements with affiliates.

Income Taxes

Credco's effective tax rate for the six months ended June 30, 2007 was 12 percent compared with 15 percent for the six month period ended June 30, 2006.

Cardmember Receivables

At both June 30, 2007 and December 31, 2006, Credco owned $27.6 billion of cardmember receivables and participation interests in cardmember receivables.

Credco generally purchases, without recourse, cardmember receivables and cardmember loans arising from the use of the card throughout the world pursuant to agreements with TRS and certain of its subsidiaries that issue the
card. During the six months ended June 30, 2007 and December 31, 2006, Credco purchased $141.7 billion and $141.9 billion of cardmember receivables, respectively.

Participation interests in cardmember receivables represent undivided interests in the cash flows of the non-interest-bearing cardmember receivables and are purchased without recourse by Credco Receivables Corporation
(CRC), from American Express Receivables Corporation V LLC (RFC V). During May 2005, TRS established the American Express Issuance Trust (AEIT), which is used to securitize cardmember receivables originated by TRS and its subsidiaries. AEIT is a
non-qualifying special purpose entity that is consolidated by RFC V. RFC V, in turn, is consolidated by TRS. Beginning in May 2005, CRC purchased participation interests without recourse held by AEIT from RFC V. At June 30, 2007 and December 31,
2006, CRC owned approximately $7.1 billion and $8.2 billion, respectively, of participation interests purchased from RFC V.

The following table summarizes selected information related to the cardmember receivables portfolio:

| |                                                                       |  |      | June 30, |      | December
          31, |      | June 30,
| | --------------------------------------------------------------------- |  | ---- | -------- | ---- | ---------------------- | ---- | --------
| | As
        of and for six months ended (Millions, except percentages) |  | 2007 |          | 2006 |                        | 2006
| | Total cardmember receivables                                          |  | $    | 27,579   |      |                        | $    | 27,593  
| | 90 days past due as a % of
        total                              |  |      | 3.3      | %    |                        |      | 3.3     
| | Loss reserves                                                         |  | $    | 752      |      |                        | $    | 739     
| | as a %
        of receivables                                         |  |      | 2.7      | %    |                        |      | 2.7     
| | as a %
        of 90 days past due                                    |  |      | 82       | %    |                        |      | 80      
| | Write-offs, net of recoveries                                         |  | $    | 299      |      |                        | $    | 301     
| | Net write-off rate (1)                                                |  |      | 0.21     | %    |                        |      | 0.21    
| | Average
        life of cardmember receivables (in days) (2)          |  |      | 34       |      |                        |      | 33      

|(1) | Credcos write-offs,
          net of recoveries, expressed as a percentage of the volume of cardmember
    receivables purchased by Credco in each of the periods indicated.                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) | Represents the average life of cardmember receivables owned by Credco, based upon the ratio of the average amount of both billed and unbilled receivables owned by Credco at the end of each month, during the periods
  indicated, to the volume of cardmember receivables purchased by Credco.

Cardmember receivables decreased slightly from December 31, 2006, as a result of lower cardmember receivables purchased during the six months ended June 30, 2007, compared to the six months ended December 31, 2006 due to
seasonality. The cardmember receivables purchased for the six months ended June 30, 2007, increased approximately three percent from the cardmember receivables purchased during the six months ended June 30, 2006, due to overall business
growth.

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AMERICAN EXPRESS CREDIT CORPORATION

Cardmember Loans

At June 30, 2007 and December 31, 2006, Credco owned cardmember loans totaling $0.4 billion and $0.3 billion, respectively. These loans consist of certain interest-bearing and discounted extended payment plan
receivables comprised principally of American Express credit card, Sign & Travel®and Extended Payment Option receivables. During the six months ended June
30, 2007 and December 31, 2006, Credco purchased $772 million and $464 million of cardmember loans, respectively.

The following table summarizes selected information related to the cardmember loans portfolio:

| |                                                    | As of and for six months
        ended |   |      | June 30, |  |      | December 31, |   |      | June 30,
| | -------------------------------------------------- | -------------------------------------- | - | ---- | -------- |  | ---- | ------------ | - | ---- | --------
| | (Millions,
        except percentages)             |                                        |   | 2007 |          |  | 2006 |              |   | 2006
| | Total cardmember loans                             |                                        | $ | 366  |          |  | $    | 356          |   |      | $       
| | Past due cardmember loans
        as a % of total: |                                        |   |      |          |  |      |              |   |      |         
| | 30-89 days                                         |                                        |   | 5.9  | %        |  |      | 5.9          | % |      |         
| | 90+ days                                           |                                        |   | 1.8  | %        |  |      | 2.1          | % |      |         
| | Loss reserves                                      |                                        | $ | 9    |          |  | $    | 10           |   |      | $       
| | as a %
        of cardmember loans                 |                                        |   | 2.5  | %        |  |      | 2.8          | % |      |         
| | as a %
        of past due                         |                                        |   | 33   | %        |  |      | 35           | % |      |         
| | Write-offs, net of recoveries                      |                                        | $ | 4    |          |  | $    | 3            |   |      | $       
| | Net
        write-off rate (1)                     |                                        |   | 2.44 | %        |  |      | 1.96         | % |      |         

|(1) | Credcos write-offs,
          net of recoveries, expressed as a percentage of the average amount
          of cardmember loans owned by Credco at the beginning of the year and
    at the end of each month in each of the periods indicated.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cardmember loans increased $10 million from December 31, 2006, primarily due to higher cardmember loans purchased, and increased $45 million from June 30, 2006, due primarily to increased volumes purchased from
Singapore.

Reserves for Cardmember Receivables and Cardmember LoansThe following is an analysis of the reserves for cardmember receivables and cardmember loans:

| |                                     |  |   |      | June 30, |  |   |      | June 30, | 
| | ----------------------------------- |  | - | ---- | -------- |  | - | ---- | -------- | 
| | Six
        months ended (Millions) |  |   | 2007 |          |  |   | 2006 |         
| | Balance, beginning of period        |  | $ | 749  |          |  | $ | 686  |         
| | Provision for losses                |  |   | 403  |          |  |   | 302  |         
| | Accounts written-off                |  |   | (394 | )        |  |   | (316 | )       
| | Other                               |  |   | 3    |          |  |   | 2    |         
| | Balance,
        end of period      |  | $ | 761  |          |  | $ | 674  |         

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AMERICAN EXPRESS CREDIT CORPORATION

Loans with AffiliatesComponents of loans with affiliates were as follows:

|                                                   |  |   |        | June
          30, |   | December
          31, |  | June
          30, |      
|-------------------------------------------------- |  | - | ------ | ------------------ | - | ---------------------- |  | ------------------ | -----
|(Millions)                                         |  |   | 2007   |                    |   | 2006                   |  |                    | 2006 
|TRS Parent                                         |  | $ | -      |                    | $ | 531                    |  | $                  | 531  
|TRS Subsidiaries:                                  |  |   |        |                    |   |                        |  |                    |      
|American
        Express Australia Limited         |  |   | 3,898  |                    |   | 3,529                  |  |                    | 3,168
|American
        Express Services Europe Limited   |  |   | 3,518  |                    |   | 3,360                  |  |                    | 3,040
|Amex Bank
        of Canada                        |  |   | 2,393  |                    |   | 2,166                  |  |                    | 1,907
|American
        Express Co. (Mexico) S.A. De C.V. |  |   | 366    |                    |   | -                      |  |                    | -    
|American
        Express International, Inc.       |  |   | 3      |                    |   | 105                    |  |                    | 155  
|Total                                              |  | $ | 10,178 |                    | $ | 9,691                  |  | $                  | 8,801

Credcos loans with affiliates represent fixed and floating rate interest-bearing intercompany borrowings by other wholly-owned TRS subsidiaries and American Express. Of the $10.2 billion outstanding as of June 30,
2007, $7.8 billion is due to the transfer of cardmember receivables and cardmember loans with recourse and is collateralized by third-party assets owned by American Express or TRS and its subsidiaries. Revenue earned from cardmember receivables
with recourse and cardmember receivables and loans funded by loans to affiliates is recorded as interest income from affiliates in the Consolidated Statement of Income. The average yield earned on loans with affiliates is approximately 6.2 percent
and 5.8 percent for the period ended June 30, 2007 and December 31, 2006, respectively. Loss reserves are determined for each of these intercompany borrowing arrangements on a specific identification basis. As of June 30, 2007, no loss reserves have
been recorded and no amount of loans is 30 days or greater past due. On February 9, 2007, the loan with TRS Parent of $531 million was repaid.

Liquidity and Capital Resources

Financing Activities

Credcos funding requirements are met primarily by the sale of commercial paper, the issuance of medium- and long-term notes, borrowings under long-term bank credit facilities in certain international markets and
equity capital. Credco has readily sold the volume of commercial paper necessary to meet its funding needs as well as to cover the daily maturities of commercial paper issued. During the six months ended June 30, 2007, Credco had uninterrupted
access to the commercial paper and capital markets to fund its business operations.

The commercial paper market represents the primary source of short-term funding for Credco. At June 30, 2007 and December 31, 2006, Credco had $7.8 billion and $5.8 billion of commercial paper outstanding,
respectively. Average commercial paper outstanding was $7.1 billion and $6.8 billion for the six months ended June 30, 2007 and December 31, 2006, respectively. Credco currently manages the level of short-term debt outstanding such that its
total back-up liquidity, including available bank credit facilities and term liquidity portfolio investment securities, is not less than 100 percent of net short-term debt. Net short-term debt, which consists of commercial paper and certain other
short-term borrowings less cash and cash equivalents, was $6.1 billion at June 30, 2007. Based on the maximum available borrowings under bank credit facilities and term liquidity portfolio investment securities, Credcos total back-up
liquidity coverage of net short-term debt was 181 percent at June 30, 2007.

Credco raises term funding primarily through the issuance of medium- and long-term debt securities in the U.S. and international capital markets. Medium-term debt is generally defined as any debt with an original maturity greater than 12 months but less than 36 months. Long-term debt is generally defined as any
debt with an original maturity greater than 36 months. At June 30, 2007 and December 31, 2006, Credco had an aggregate of $11.7 billion and $12.4 billion, respectively, of medium-term debt outstanding at fixed and floating rates, a portion
of which can be extended by the holders up to an additional four years. Credcos outstanding long-term debt at June 30, 2007 and December 31, 2006 was $11.1 billion and $9.4 billion, respectively.

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AMERICAN EXPRESS CREDIT CORPORATION

Credco also has the ability to issue debt securities under shelf registrations filed with the Securities and Exchange Commission (SEC). During the second quarter of 2006, Credco filed a shelf registration statement with the
SEC for an unspecified amount of debt securities to be issued from time to time. During the six months ended June 30, 2007, Credco issued $1.6 billion of floating medium-term notes. At June 30, 2007, Credco had $13.6 billion of debt
securities outstanding, issued under SEC registration statements.

Credco, TRS, American Express Overseas Credit Corporation Limited (AEOCC), a wholly-owned subsidiary of Credco, American Express Centurion Bank, a wholly-owned subsidiary of TRS, American Express Bank, FSB, a wholly-owned
subsidiary of TRS, and American Express Bank Ltd., a wholly-owned subsidiary of American Express, have established a program for the issuance, outside the U.S., of debt instruments to be listed on the Luxembourg Stock Exchange. As of June 30, 2007,
the maximum aggregate principal amount of debt instruments outstanding at any one time under the program may not exceed $10 billion. At June 30, 2007, $4.6 billion was outstanding under this program, of which $3.3 billion were issued by
Credco. On July 30, 2007, Credco issued approximately $101 million of fixed rate notes due in 2012.

American Express Canada Credit Corporation (AECCC), a wholly-owned subsidiary of Credco, had approximately $2.2 billion of total debt securities outstanding under the Canadian shelf registration program. At June 30,
2007, approximately $1.1 billion was available for issuance. All notes issued under this shelf registration are guaranteed by Credco. The financial results of AECCC are included in the consolidated financial results of Credco.

During the fourth quarter of 2006, Credco established a program for the issuance from time to time, in Australia, of up to approximately $5.1 billion. During the second quarter of 2007, Credco issued approximately
$169 million of fixed rate notes due in 2010 and approximately $212 million of floating rate notes due in 2010. At June 30, 2007, approximately $4.3 billion was available for issuance under this program.

Credco paid cash dividends of $300 million to TRS during the six months ended June 30, 2007. On August 10, 2007, Credco paid a cash dividend of $150 million to TRS.

The most restrictive limitation on dividends imposed by the debt instruments issued by Credco is the requirement that Credco maintain a minimum consolidated net worth of $50 million. There are no significant
restrictions on the ability of Credco to obtain funds from its subsidiaries by dividend or loan. Additionally, there are no limitations on the amount of debt that can be issued by Credco.

Liquidity InvestmentPortfolio

During the normal course of business, funding activities may raise more proceeds than are necessary for immediate funding needs. These amounts are invested principally in short-term overnight, highly liquid securities.

Credco also maintains a term liquidity portfolio comprised of high credit quality, highly liquid securities. At June 30, 2007, Credco held $3.0 billion in U.S. Treasury and government agency securities in this
portfolio. The invested amounts of the term liquidity portfolio provide back-up liquidity, primarily for Credcos commercial paper program.

In conjunction with its liquidity portfolio, Credco entered into securities lending agreements in June 2006 with financial institutions to enhance investment income. At June 30, 2007, approximately $1.2 billion of
investment securities were loaned under these agreements.

Committed Bank Credit Facilities

At June 30, 2007, Credco has the right to borrow a maximum amount of $11.1 billion (including amounts outstanding) under committed bank credit facilities, with a commensurate maximum $1.2 billion reduction in the
amount available to American Express. These facilities expire as follows (billions): 2009, $3.6; 2010, $4.8; and 2011, $2.7. As of June 30, 2007, Credco had outstanding borrowings of $3.0
billion under these bank credit facilities related to the Australian credit facility. On August 1, 2007, the $5.0 billion U.S. credit facility was replaced by $2.0 billion that expire in 2010 and $3.0 billion that expire in 2012. On August 7, 2007, the Australian credit facility was renewed and extended until 2012.

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AMERICAN EXPRESS CREDIT CORPORATION

The availability of the credit lines is subject to compliance with certain financial covenants by Credco, including the maintenance of a 1.25 ratio of earnings to fixed charges. The ratio of earnings to fixed charges for
Credco was 1.43 for the six months ended June 30, 2007. The ratio of earnings to fixed charges for American Express for the six months ended June 30, 2007 was 2.47.

Forward-Looking Statements

Various statements have been made in this Quarterly Report on Form 10-Q that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements may also be made in Credcos other reports filed with the SEC and in other documents. In addition, from time to time, Credco through its management may make oral forward-looking statements. Forward-looking statements are subject to
risks and uncertainties, including those identified below, which could cause actual results to differ materially from such statements.  The words believe, expect, anticipate, optimistic,
intend, plan, aim, will, may, should, could, would, likely and similar expressions are intended to identify forward-looking statements. The
factors described below are not exclusive. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Credco undertakes no obligation to update or revise any
forward-looking statements.  Factors that could cause actual results to differ materially from Credcos forward-looking statements include, but are not limited to:

- credit trends and the rate of bankruptcies, which can affect spending on card products and debt payments by individual and corporate customers;
- Credcos ability to accurately estimate the provision for losses in Credcos outstanding portfolio of cardmember receivables and loans;
- fluctuations in foreign currency exchange rates;
- negative changes in Credcos credit ratings, which could result in decreased liquidity and higher borrowing costs;
- the effect of fluctuating interest rates, which could affect Credcos borrowing costs; and
- the impact on American Express Companys business resulting from continuing geopolitical uncertainty.

OTHER REPORTING MATTERSAccounting DevelopmentsSee Recently Issued Accounting Standards section of Note 1 to the Consolidated Financial Statements.Item 4. CONTROLS AND PROCEDURES

Credcos management, with the participation of Credcos Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of Credcos disclosure controls and procedures (as such term is
defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this report. Based on such evaluation, Credcos Chief Executive Officer and
Chief Financial Officer have concluded that, as of the end of such period, Credcos disclosure controls and procedures are effective. There have not been any changes in Credcos internal control over financial reporting (as such term is
defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, Credcos internal control over financial
reporting.

- 15 -

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AMERICAN EXPRESS CREDIT CORPORATION

PART II. OTHER INFORMATION

Item 6. EXHIBITS

The list of exhibits required to be filed as exhibits to this report are listed on page E-1 hereof, under Exhibit Index, which is incorporated herein by reference.

- 16 -

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AMERICAN EXPRESS CREDIT CORPORATION

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, 2007 |  | By |  | /s/
        Christopher S. Forno                    | 
|----- |  | --------------- |  | -- |  | --------------------------------------------------- | 
|      |  |                 |  |    |  | Christopher
        S. Forno                       
|      |  |                 |  |    |  | President
        and Chief Executive Officer      
|     
|     
|DATE: |  | August 14, 2007 |  | By |  | /s/
        Kevin M. Gould                          | 
|      |  |                 |  |    |  | Kevin
        M. Gould                             
|      |  |                 |  |    |  | Vice
        President and Chief Accounting Officer

- 17 -

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AMERICAN EXPRESS CREDIT CORPORATIONEXHIBIT INDEXPursuant to Item 601 of Regulation S-K

|             |  | Description                                              |  | How
            Filed                 
|------------ |  | -------------------------------------------------------- |  | --------------------------------------
|            
|Exhibit 12.1 |  | Computation in Support of
        Ratio of               |  | Electronically
        filed herewith.
|             |  | Earnings to Fixed Charges
        of American            |  |                                       
|             |  | Express Credit Corporation.                              |  |                                       
|            
|Exhibit 12.2 |  | Computation in Support of
        Ratio of               |  | Electronically
        filed herewith.
|             |  | Earnings to Fixed Charges
        of American Express    |  |                                       
|             |  | Company.                                                 |  |                                       
|            
|Exhibit 31.1 |  | Certification of Christopher
        S. Forno, Chief     |  | Electronically
        filed herewith.
|             |  | Executive Officer, pursuant
        to Rule 13a-14(a)    |  |                                       
|             |  | promulgated under the Securities
        Exchange Act    |  |                                       
|             |  | of 1934, as amended.                                     |  |                                       
|            
|Exhibit 31.2 |  | Certification of David L.
        Yowan, Chief           |  | Electronically
        filed herewith.
|             |  | Financial Officer, pursuant
        to Rule 13a-14(a)    |  |                                       
|             |  | promulgated under the Securities
        Exchange Act    |  |                                       
|             |  | of 1934, as amended.                                     |  |                                       
|            
|Exhibit 32.1 |  | Certification of Christopher
        S. Forno, Chief     |  | Electronically
        filed herewith.
|             |  | Executive Officer, pursuant
        to 18 U.S.C.         |  |                                       
|             |  | Section 1350, as adopted
        pursuant to Section     |  |                                       
|             |  | 906 of the Sarbanes-Oxley
        Act of 2002.           |  |                                       
|            
|Exhibit 32.2 |  | Certification of David L.
        Yowan, Chief           |  | Electronically
        filed herewith.
|             |  | Financial Officer, pursuant
        to 18 U.S.C. Section |  |                                       
|             |  | 1350, as adopted pursuant
        to Section 906 of the  |  |                                       
|             |  | Sarbanes-Oxley Act of 2002.                              |  |                                       

E-1

---