<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   ----------

                                    FORM 10-Q

                                   ----------

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

                For the quarterly period ended September 30, 2003

                                       OR

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

                   For the transition period from ____ to ____

                           Commission File No. 1-6908

                       AMERICAN EXPRESS CREDIT CORPORATION
             (Exact name of Registrant as specified in its charter)

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

    ONE CHRISTINA CENTRE, 301 NORTH WALNUT STREET          19801-2919
           SUITE 1002, WILMINGTON, DELAWARE                (Zip Code)
       (Address of principal executive offices)

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

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

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

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

Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). YES [_] NO [X]

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

Class                                           Outstanding at November 14, 2003
----------------------------                    --------------------------------
Common Stock, $.10 par value                    1,504,938 shares





<PAGE>

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

                                    FORM 10-Q

                                      INDEX

<TABLE>
<CAPTION>
                                                                        PAGE NO.
                                                                        --------
<S>                                                                       <C>
PART I.  FINANCIAL INFORMATION

         ITEM 1. FINANCIAL STATEMENTS

                 Condensed consolidated statements
                 of income and retained earnings - three and nine
                 months ended September 30, 2003 and 2002                   3

                 Condensed consolidated balance
                 sheets - September 30, 2003 and
                 December 31, 2002                                          4

                 Condensed consolidated statements of
                 cash flows - nine months ended
                 September 30, 2003 and 2002                                5

                 Notes to condensed consolidated
                 financial statements                                       6

         ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS                        8

         ITEM 4. CONTROLS AND PROCEDURES                                   12

PART II. OTHER INFORMATION

         ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                          13

                 SIGNATURES                                                14

                 EXHIBIT INDEX                                            E-1
</TABLE>


                                      -2-





<PAGE>

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

                                     PART I

ITEM 1. FINANCIAL STATEMENTS

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

<TABLE>
<CAPTION>
                                                 THREE MONTHS      NINE MONTHS
                                                    ENDED             ENDED
                                                SEPTEMBER 30,     SEPTEMBER 30,
                                                2003     2002     2003     2002
--------------------------------------------------------------------------------
<S>                                            <C>      <C>      <C>      <C>
REVENUES

Revenue earned from purchased
   accounts receivable                         $  465   $  479   $1,389   $1,486
Interest income from investments                   16       23       54       62
Interest income from affiliates                     7       12       24       35
Other                                              --        2       10        4
--------------------------------------------------------------------------------
   Total                                          488      516    1,477    1,587
--------------------------------------------------------------------------------

EXPENSES

Interest expense - other                          197      201      593      615
Provision for losses, net
   of recoveries                                  187      211      521      632
Interest expense - affiliates                      13       28       46       76
Other                                               9       11       29       37
--------------------------------------------------------------------------------
   Total                                          406      451    1,189    1,360
--------------------------------------------------------------------------------

Pretax income                                      82       65      288      227
Income tax provision                               28       22       99       77
--------------------------------------------------------------------------------
Net income                                         54       43      189      150

Retained earnings at beginning of period        2,631    2,375    2,496    2,268
--------------------------------------------------------------------------------
Retained earnings at end of period             $2,685   $2,418   $2,685   $2,418
--------------------------------------------------------------------------------
</TABLE>

See notes to condensed consolidated financial statements.


                                      -3-





<PAGE>

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

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                          (Millions, except share data)

<TABLE>
<CAPTION>
                                                        (Unaudited)
                                                       SEPTEMBER 30,   DECEMBER 31,
                                                           2003            2002
-----------------------------------------------------------------------------------
<S>                                                       <C>             <C>
ASSETS

Cash and cash equivalents                                 $   710         $ 1,924
Investments                                                 1,776           1,901
Charge cardmember receivables, less credit reserves:
   2003, $547; 2002, $498                                  18,512          16,671
Lending receivables, less credit reserves:
   2003, $225; 2002, $243                                   4,970           4,615
Loans and deposits with affiliates                          1,659           2,047
Deferred charges and other assets                             425             507
-----------------------------------------------------------------------------------
Total assets                                              $28,052         $27,665
-----------------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDER'S EQUITY

Short-term debt - other                                   $ 8,770         $11,366
Short-term debt with affiliates                             3,129           3,779
Current portion of long-term debt                           2,920           5,751
Current portion of long-term debt with affiliates             918              --
Long-term debt with affiliates                                456             943
Long-term debt - other                                      7,900           1,174
                                                          -------         -------
Total debt                                                 24,093          23,013
Due to affiliates                                             455           1,418
Accrued interest and other liabilities                        867             919
-----------------------------------------------------------------------------------
      Total liabilities                                    25,415          25,350
-----------------------------------------------------------------------------------

SHAREHOLDER'S EQUITY

Common stock-authorized 3 million shares of $.10
   par value; issued and outstanding 1.5 million
   shares                                                       1               1
Capital surplus                                               161             161
Retained earnings                                           2,685           2,496
Other comprehensive loss, net of tax:
   Net unrealized securities gains/(losses)                     1             (11)
   Net unrealized derivatives losses                         (211)           (332)
-----------------------------------------------------------------------------------
Accumulated other comprehensive loss                         (210)           (343)
-----------------------------------------------------------------------------------
      Total shareholder's equity                            2,637           2,315
-----------------------------------------------------------------------------------
Total liabilities and shareholder's equity                $28,052         $27,665
-----------------------------------------------------------------------------------
</TABLE>

See notes to condensed consolidated financial statements.


                                      -4-





<PAGE>

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

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

<TABLE>
<CAPTION>
                                                                  NINE MONTHS ENDED
                                                                    SEPTEMBER 30,
                                                                    2003      2002
-----------------------------------------------------------------------------------
<S>                                                               <C>       <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income                                                        $   189   $   150
Adjustments to reconcile net income to net cash provided by
   (used in) operating activities:
   Provision for losses                                               521       632
   Changes in operating assets and liabilities:
      Deferred tax assets                                             (24)       93
      Interest receivable and other operating assets                   89       104
      Due to affiliates                                               291        49
      Other                                                            79       209
-----------------------------------------------------------------------------------
Net cash provided by operating activities                           1,145     1,237
-----------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
(Increase) decrease in accounts receivable                           (596)      560
Recoveries of accounts receivable previously written off              150       179
Purchase of participation interest in seller's interest in
   accounts receivable from affiliate                              (2,051)   (1,518)
Sale of participation interest in seller's interest in accounts
   receivable to affiliate                                            106     1,866
Sale of net accounts receivable to affiliate                          137     1,543
Purchase of net accounts receivable from affiliate                   (462)     (563)
Purchase of investments                                               (87)     (579)
Maturity of investments                                               230        95
Loans and deposits due from affiliates                                388         6
Due to affiliates                                                  (1,256)   (1,668)
-----------------------------------------------------------------------------------
Net cash used in investing activities                              (3,441)      (79)
-----------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) increase in short-term debt with affiliates
   with maturities of ninety days or less                            (650)    1,918
Net decrease in short-term debt - other with
   maturities of ninety days or less                               (1,787)   (5,601)
Issuance of debt                                                    9,710     9,237
Redemption of debt                                                 (6,191)   (6,315)
-----------------------------------------------------------------------------------
Net cash provided by (used in) financing activities                 1,082      (761)
-----------------------------------------------------------------------------------
Net (decrease) increase in cash and cash equivalents               (1,214)      397
-----------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period                    1,924       408
-----------------------------------------------------------------------------------
Cash and cash equivalents at end of period                        $   710   $   805
-----------------------------------------------------------------------------------
</TABLE>

See notes to condensed consolidated financial statements.


                                      -5-





<PAGE>

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

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.   BASIS OF PRESENTATION

     The condensed consolidated financial statements should be read in
     conjunction with the Annual Report on Form 10-K of American Express Credit
     Corporation, including its subsidiaries where appropriate (the "Company" or
     "Credco"), for the year ended December 31, 2002. Significant accounting
     policies disclosed therein have not changed. Credco is a wholly-owned
     subsidiary of American Express Travel Related Services Company, Inc.
     ("TRS"), which is a wholly-owned subsidiary of American Express Company
     ("American Express").

     The condensed consolidated financial statements are unaudited; however, in
     the opinion of management, they include all adjustments (consisting of
     normal recurring adjustments) necessary for a fair presentation of the
     consolidated financial position of Credco at September 30, 2003 and the
     consolidated results of its operations and changes in its retained earnings
     for the three- and nine-month periods ended September 30, 2003 and 2002 and
     cash flows for the nine-month periods ended September 30, 2003 and 2002.
     Results of operations reported for interim periods are not necessarily
     indicative of results for the entire year. Certain prior year amounts have
     been reclassified to conform to the current year presentation.

     Recently Issued Accounting Standards

     In November 2002, the Financial Accounting Standards Board (FASB) issued
     Interpretation No. 45 "Guarantor's Accounting and Disclosure Requirements
     for Guarantees, Including Indirect Guarantees of Indebtedness of Others"
     (FIN 45) which provides accounting and disclosure requirements for certain
     guarantees. As a result of the adoption of this pronouncement, there was no
     material impact to Credco's financial statements.

     In April 2003, the FASB issued Statement of Financial Accounting Standards
     (SFAS) No. 149, "Amendment of Statement 133 on Derivative Instruments and
     Hedging Activities." This Statement amends and clarifies accounting for
     derivative instruments embedded in other contracts, and for hedging
     activities under SFAS No. 133. The Statement is effective for contracts
     entered into or modified and hedging relationships designated after June
     30, 2003, and to certain preexisting contracts. The adoption of this
     Statement did not have a material impact on Credco's financial statements.

2.   INVESTMENT SECURITIES

     The following is a summary of investments at September 30, 2003 and
     December 31, 2002:

<TABLE>
<CAPTION>
                                                                          September 30,   December 31,
     (Millions)                                                                2003           2002
                                                                          -------------   ------------
<S>                                                                           <C>            <C>
     Available for Sale, at fair value (cost September 30, 2003-$1,775;
        December 31, 2002-$1,918)                                             $1,776         $1,901
                                                                              ------         ------
</TABLE>

3.   COMPREHENSIVE INCOME (LOSS)

     Comprehensive income (loss) is defined as the aggregate change in
     shareholder's equity, excluding changes in ownership interests. For Credco,
     it is the sum of net income and changes in 1) unrealized gains or losses


                                      -6-





<PAGE>

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

     on available for sale securities and 2) unrealized gains or losses on
     derivatives. The components of comprehensive income (loss), net of related
     tax, for the three and nine months ended September 30, 2003 and 2002 were
     as follows:

<TABLE>
<CAPTION>
                                                    Three Months     Nine Months
                                                        Ended           Ended
     (Millions)                                     September 30,   September 30,
                                                    -------------   -------------
                                                     2003   2002     2003   2002
                                                     ----   ----     ----   ----
<S>                                                  <C>    <C>      <C>    <C>
     Net income                                      $ 54   $ 43     $189   $150
     Change in:
        Net unrealized securities gains (losses)       --    (17)      12    (14)
        Net unrealized derivatives gains (losses)      97    (47)     121    (73)
                                                     ----   ----     ----   ----
     Total                                           $151   $(21)    $322   $ 63
                                                     ----   ----     ----   ----
</TABLE>

4.   ASSET SECURITIZATIONS

     In the first nine months of 2003, the American Express Credit Account
     Master Trust (the "Master Trust") securitized $3.5 billion of lending
     receivables through the public issuances of two classes of investor
     certificates and privately placed collateral interests in the assets of the
     Master Trust. At the time of these issuances, Credco Receivables Corp.
     ("CRC"), a wholly-owned subsidiary of Credco, sold an aggregate of $110
     million of gross seller's interest in lending receivables ($106 million,
     net of reserves) to American Express Receivables Financing Corporation II
     ("RFCII"), a wholly-owned subsidiary of TRS. In addition, at the time of
     the issuances, CRC purchased from the Master Trust, as an investment, an
     aggregate of $87 million of Class C Certificates issued by the Master
     Trust, collateralized by the revolving credit receivables held by the
     Master Trust.

     In connection with the June 2003 maturity of $1.0 billion of investor
     certificates previously issued by the Master Trust, $95 million of Class C
     Certificates, previously issued by the Master Trust, which were held by CRC
     as investments, matured.

     In the first nine months of 2003, $2.1 billion of investor certificates
     previously issued by the American Express Master Trust (the "Trust") to
     securitize charge cardmember receivables matured. In connection with these
     maturities, $135 million of Class B Certificates, previously issued by the
     Trust, which were held by CRC as investments, matured. At the time of these
     maturities, CRC purchased $2.13 billion gross seller's interest in charge
     cardmember receivables ($2.05 billion, net of reserves) from American
     Express Receivables Financing Corporation ("RFC"), a wholly-owned
     subsidiary of TRS.

5.   TAXES AND INTEREST

     For the nine-month periods ended September 30, 2003 and 2002, Credco paid
     $146 million and $16 million, respectively, of income taxes. Interest paid
     was $650 million and $573 million for the nine-month periods ended
     September 30, 2003 and 2002, respectively.


                                      -7-





<PAGE>

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

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

LIQUIDITY AND CAPITAL RESOURCES

As part of the Company's ongoing funding activities, during the nine months
ended September 30, 2003, American Express Credit Corporation, including its
subsidiaries where appropriate (the "Company" or "Credco"), issued approximately
$4.5 billion of floating rate medium-term notes with maturities of one to three
years, a portion of which can be extended by the holders up to an additional
four years. In May 2003, Credco issued $1.0 billion of fixed rate notes due 2008
and $500 million of floating rate notes due 2006. Additionally, in June 2003,
Credco issued, through a private placement, $1.0 billion of floating rate
extendible notes with an initial maturity of one year, subject to extension by
the holders up to an additional four years. These issuances reflect the
continued change in the Company's approach toward managing liquidity by placing
a higher reliance on medium-term notes and a lesser reliance on commercial
paper. Proceeds from the sale of these securities have contributed toward an
overall reduction in commercial paper outstanding from $11.2 billion at December
31, 2002 to $8.6 billion at September 30, 2003. Committed bank line coverage of
net short-term debt was 106% at December 31, 2002 and September 30, 2003.

In October 2003, Credco issued $600 million of floating rate medium-term notes
with maturities of two years.

Credco had the ability to issue approximately $12.2 billion of debt securities
and warrants to purchase debt securities available for issuance under a shelf
registration statement filed with the Securities and Exchange Commission as of
September 30, 2003.

At September 30, 2003, Credco had the ability to issue $5.5 billion of debt
under a Euro Medium-Term Note program for the issuance of debt outside the
United States to non-U.S. persons. This program was established by Credco;
American Express Travel Related Services Company, Inc. ("TRS"), a wholly-owned
subsidiary of American Express Company ("American Express"); American Express
Centurion Bank ("Centurion Bank"), a wholly-owned subsidiary of TRS; American
Express Overseas Credit Corporation Limited ("AEOCC"), a wholly-owned subsidiary
of Credco; and American Express Bank Ltd., a wholly-owned indirect subsidiary of
American Express. The maximum aggregate principal amount of debt instruments
outstanding at any one time under the program will not exceed $6.0 billion.

Committed credit line facilities at September 30, 2003 and 2002 totaled $8.5
billion and $10.0 billion, respectively. In April 2003, Credco and American
Express renegotiated their committed credit line facilities. Total available
credit lines are $10.85 billion, including $2.0 billion allocated to American
Express and $8.5 billion allocated to Credco. Credco has the right to borrow up
to a maximum amount of $10.5 billion, with a commensurate reduction in the
amount available to American Express. The remainder of these credit lines is
allocated to Centurion Bank. These facilities expire in increments from 2004
through 2007. Based upon the maximum amount of available borrowing, Credco's
committed bank line coverage of its net short-term debt was 131% at September
30, 2003.

On October 20, 2003, Standard & Poor's rating services affirmed American
Express' A+ and its subsidiaries' (including Credco's) credit ratings and
revised its ratings outlook to stable from negative citing American Express'
diversified businesses and geographic markets, strong brand recognition, solid
capitalization and strong capital generation.


                                      -8-





<PAGE>

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

RESULTS OF OPERATIONS

Credco's decrease in revenues for the nine-month period ended September 30,
2003, is primarily attributable to lower discount and interest rates, partially
offset by an increase in the volume of receivables purchased. Interest income
decreased for the nine-month period ended September 30, 2003 as lower interest
rates were partially offset by an increase in the volume of average investments
outstanding. Interest expense decreased for the nine-month period ended
September 30, 2003 primarily as a result of a decline in interest rates.
Provision for losses decreased from the prior year due primarily to a decrease
in provision rates and volume of recoveries.

The following is an analysis of the decrease in key revenue and expense accounts
for the nine-month period ended September 30, 2003, compared with the nine-month
period ended September 30, 2002 (Millions):

<TABLE>
<CAPTION>
                                                                                   Nine-
                                                                                   Month
                                                                                   Period
                                                                                   ------
<S>                                                                             <C>
    Revenue earned from purchased accounts receivable - changes attributable to:
       Volume of receivables purchased                                               163
       Discount and interest rates                                                  (260)
                                                                                    ----
          Total                                                                      (97)
                                                                                    ====

    Interest income from investments - changes attributable to:
       Volume of average investments outstanding                                      11
       Interest rates                                                                (19)
                                                                                    ----
          Total                                                                       (8)
                                                                                    ====

    Interest income from affiliates - changes attributable to:
       Volume of average investments outstanding                                      (1)
       Interest rates                                                                (10)
                                                                                    ----
          Total                                                                      (11)
                                                                                    ====

    Interest expense other - changes attributable to:
       Volume of average debt outstanding                                             49
       Interest rates                                                                (71)
                                                                                    ----
          Total                                                                      (22)
                                                                                    ====

    Provision for losses - changes attributable to:
       Volume of receivables purchased                                                67
       Provision rates and volume of recoveries                                     (178)
                                                                                    ----
          Total                                                                     (111)
                                                                                    ====

    Interest expense affiliates - changes attributable to:
       Volume of average debt outstanding                                            (20)
       Interest rates                                                                (10)
                                                                                    ----
          Total                                                                      (30)
                                                                                    ====
</TABLE>


                                      -9-





<PAGE>

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

Credco purchases cardmember receivables without recourse from TRS. During the
nine-month periods ended September 30, 2003 and 2002, Credco purchased $148
billion and $137 billion, respectively, of charge cardmember and lending
receivables. Non-interest-bearing charge cardmember receivables are purchased at
face amount less a specified discount agreed upon from time to time, and
interest-bearing lending receivables are generally purchased at face amount.
Non-interest-bearing receivables are purchased under Receivables Agreements that
generally provide that the discount rate shall not be lower than a rate that
yields earnings of at least 1.25 times fixed charges on an annual basis. The
ratio of earnings to fixed charges for the nine-month periods ended September
30, 2003 and 2002 was 1.45 and 1.33, respectively. The ratio of earnings to
fixed charges for American Express, the parent of TRS, for the nine-month
periods ended September 30, 2003 and 2002 was 3.37 and 2.87, respectively. The
Receivables Agreements also provide that consideration will be given from time
to time to revising the discount rate applicable to purchases of new receivables
to reflect changes in money market interest rates or significant changes in the
collectibility of the receivables. Pretax income depends primarily on the volume
of charge cardmember and lending receivables purchased, the discount rates
applicable thereto, the relationship of total discount to Credco's interest
expense and the collectibility of receivables purchased.

Charge Cardmember Receivables

At September 30, 2003 and 2002, Credco owned $19.1 billion and $15.6 billion,
respectively, of charge cardmember receivables and participation in charge
cardmember receivables, representing 79 percent and 77 percent of the total
receivables owned at September 30, 2003 and 2002, respectively. The charge
cardmember receivables owned at September 30, 2003 and 2002 include $3.9 billion
and $1.8 billion, respectively, of participation interests owned by Credco
Receivables Corp. ("CRC"), a wholly-owned subsidiary of Credco. CRC owns a
participation in the seller's interest in charge cardmember receivables that
have been conveyed to the American Express Master Trust (the "Trust"). During
2003, $2.1 billion of investor certificates previously issued by the Trust
matured and alternate funding is being provided through CRC's purchase of $2.13
billion gross seller's interest in charge cardmember receivables ($2.05 billion,
net of reserves) from American Express Receivables Financing Corporation
("RFC"), a wholly-owned subsidiary of TRS.

<TABLE>
<CAPTION>
Nine months ended September 30, (Millions, except percentages and where indicated)    2003      2002
------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>       <C>
      Total charge cardmember receivables                                            $19,059   $15,562
      90 days past due as a % of total                                                   2.2%      2.7%
      Loss reserves                                                                  $   547   $   495
         as a % of receivables                                                           2.9%      3.2%
         as a % of 90 days past due                                                      128%      116%
      Write-offs, net of recoveries                                                  $   345   $   457
      Net loss ratio (1)                                                                0.24%     0.35%
      Average life of charge cardmember receivables (in days) (2)                         33        34
</TABLE>

(1)  Credco's write-offs, net of recoveries, expressed as a percentage of the
     volume of charge cardmember receivables purchased by Credco in each of the
     periods indicated.

(2)  Represents the average life of charge 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 charge cardmember receivables purchased
     by Credco.

Lending Receivables

At September 30, 2003 and 2002, Credco owned extended payment plan receivables
and loans ("lending receivables") totaling $5.2 billion and $4.7 billion,
respectively, representing 21 percent and 23 percent of all interests in
receivables owned by Credco at September 30, 2003 and 2002, respectively. These
receivables consist of certain interest-bearing and discounted extended payment
plan receivables comprised principally of


                                      -10-





<PAGE>

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

American Express credit card, Sign & Travel and Extended Payment Option
receivables, lines of credit and loans to American Express Bank customers and
interest-bearing equipment financing installment loans and leases. At September
30, 2003, there was no participation interest in lending receivables owned by
CRC. The lending receivables owned at September 30, 2002 include $191 million of
participation interest owned by CRC. This represents a participation interest in
the seller's interest in lending receivables that have been conveyed to the
American Express Credit Account Master Trust (the "Master Trust"), formed in
1996 to securitize lending receivables.

<TABLE>
<CAPTION>
Nine months ended September 30, (Millions, except percentages and where indicated)         2003     2002
--------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>      <C>
     Total lending receivables                                                            $5,195   $4,662
     Past due lending receivables as a % of total:
        30-89 days                                                                           3.0%     4.1%
        90+ days                                                                             1.5%     1.7%
     Loss reserves                                                                        $  225   $  227
        as a % of lending receivables                                                        4.3%     4.9%
        as a % of past due                                                                    97%      84%
     Write-offs, net of recoveries                                                        $  242   $  236
     Net write-off rate (1)                                                                 6.38%    7.15%
</TABLE>

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

The following is an analysis of the credit reserves for charge cardmember and
lending receivables (Millions):

<TABLE>
<CAPTION>
                                                                       2003    2002
                                                                       -----   -----
     <S>                                                               <C>     <C>
     Balance, January 1                                                $ 741   $ 847
     Provision for losses                                                671     811
     Accounts written off                                               (738)   (872)
     Other                                                                98     (64)
                                                                       -----   -----
     Balance, September 30                                             $ 772   $ 722
                                                                       =====   =====
</TABLE>

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

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

     o    Credco's ability to accurately estimate the provision for losses in
          Credco's outstanding portfolio of charge cardmember and lending
          receivables;

     o    fluctuations in foreign currency exchange rates;

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

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

     o    the impact on American Express Company's business from the recent war
          in Iraq and its aftermath and other geopolitical uncertainty.


                                      -11-





<PAGE>

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

OTHER REPORTING MATTERS

Accounting Developments
-----------------------

In January 2003, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 46, "Consolidation of Variable Interest Entities" (FIN 46),
which addresses consolidation by business enterprises of variable interest
entities (VIEs). In October 2003, the FASB issued a statement delaying the
effective date of the consolidation provisions of FIN 46 from July 1, 2003 to
December 31, 2003 for VIEs created prior to February 1, 2003. Detailed
interpretations of FIN 46 continue to emerge and the FASB's statement delaying
its implementation indicated the FASB intends to issue further interpretations
over the next few months. Accordingly, the Company decided to delay its planned
third quarter 2003 adoption of FIN 46 until the revised effective date of
December 31, 2003. Preliminarily, the impact to Credco's financial statements is
not expected to be material.

ITEM 4. CONTROLS AND PROCEDURES

(a)  Disclosure Controls and Procedures.

     The Company's management, with the participation of the Company's Chief
     Executive Officer and Chief Financial Officer, has evaluated the
     effectiveness of the Company'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, the Company's
     Chief Executive Officer and Chief Financial Officer have concluded that, as
     of the end of such period, the Company's disclosure controls and procedures
     are effective.

(b)  Internal Control Over Financial Reporting.

     There have not been any changes in the Company'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, the Company's internal control over financial reporting.


                                      -12-





<PAGE>

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

                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

        (a)  Exhibits:

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

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

             31.1 Certification of Walker C. Tompkins, Jr. pursuant to Rule
                  13a-14(a) promulgated under the Securities Exchange Act of
                  1934, as amended.

             31.2 Certification of Walter S. Berman pursuant to Rule 13a-14(a)
                  promulgated under the Securities Exchange Act of 1934, as
                  amended.

             32.1 Certification of Walker C. Tompkins, Jr. pursuant to 18
                  U.S.C. Section 1350, as adopted pursuant to Section 906 of
                  the Sarbanes-Oxley Act of 2002.

             32.2 Certification of Walter S. Berman pursuant to 18 U.S.C.
                  Section 1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.

        (b)  Reports on Form 8-K:

             None


                                      -13-





<PAGE>

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

                                   SIGNATURES

Pursuant to the 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: November 14, 2003              By /s/ Walker C. Tompkins, Jr.
                                             -----------------------------------
                                             Walker C. Tompkins, Jr.
                                             President and Chief Executive
                                                 Officer


     DATE: November 14, 2003                 /s/ Erich Komdat
                                             -----------------------------------
                                             Erich Komdat
                                             Vice President and Chief Accounting
                                                 Officer


                                      -14-





<PAGE>

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

                                  EXHIBIT INDEX

                     Pursuant to Item 601 of Regulation S-K

<TABLE>
<CAPTION>
                             Description                           How Filed
                             -----------                           ---------
<S>            <C>                                       <C>
Exhibit 12.1   Computation in Support of Ratio of        Electronically filed herewith.
               Earnings to Fixed Charges of American
               Express Credit Corporation.

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

Exhibit 31.1   Certification of Walker C. Tompkins,      Electronically filed herewith.
               Jr. pursuant to Rule 13a-14(a).

Exhibit 31.2   Certification of Walter S. Berman         Electronically filed herewith.
               pursuant to Rule 13a-14(a).

Exhibit 32.1   Certification of Walker C. Tompkins,      Electronically filed herewith.
               Jr. 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 Walter S. Berman         Electronically filed herewith.
               pursuant to 18 U.S.C. Section 1350, as
               adopted pursuant to Section 906 of the
               Sarbanes-Oxley Act of 2002.
</TABLE>


                                       E-1