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

                              EXHIBIT 99

       EXCERPT FROM AMERICAN EXPRESS COMPANY'S QUARTERLY REPORT
           ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1999

Year 2000
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The Company began addressing the Year 2000 (Y2K) issue in 1995 and has
established a plan for resolution, which involves the remediation,
decommissioning and replacement of relevant systems, including mainframe,
mid-range and desktop computers, application software, operating systems,
systems software, data back-up archival and retrieval services, telephone and
other communications systems, and hardware peripherals and facilities
dependent on embedded technology.  The Y2K compliance effort is divided into
two initiatives. The first, known as "Millenniax," relates to mainframe and
other technological systems maintained by the American Express Technologies
organization (AET). The second, known as "Business T," relates to the
technological assets that are owned, managed or maintained by the Company's
individual business and staff units. Our plans for remediation of the Y2K
issue include the following program phases: (i) employee awareness and
mobilization, (ii) inventory collection and assessment, (iii) impact analysis,
(iv) remediation/decommission, (v) testing and (vi) implementation. With
respect to the Millenniax systems and Business T assets, all of the program
phases referred to above are at least 99 percent complete.

The Company's cumulative costs since inception of the Y2K initiatives were
$471 million through June 30, 1999 and are estimated to be in the range of $46
- $72 million for the remainder through 2000.* These costs, which are expensed
as incurred, relate to both Millenniax and Business T, and have not had, nor
are they expected to have, a material adverse impact on the Company's results
of operations or financial condition.* Y2K costs related to Millenniax
represent 6 percent and 1 percent of the AET budget for the years 1999 and 2000,
respectively.*

The Company's major businesses are heavily dependent upon internal computer
systems, and all have significant interaction with systems of third parties,
both domestically and internationally. The Company is working with key
external parties, including merchants, clients, counterparties, vendors,
exchanges, utilities, suppliers, agents and regulatory agencies to mitigate
the potential risks to us of Y2K. As part of our overall compliance program,
the Company is actively communicating with third parties through face-to-face
meetings and correspondence, on an ongoing basis, to ascertain their state of
readiness. Although numerous third parties have indicated to us in writing
that they are addressing their Y2K issues on a timely basis, the readiness of
third parties overall varies across the spectrum. The failure of external
parties to resolve their own Y2K issues in a timely manner could result in a
material financial risk to the Company.*


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At this point, with remediation and testing of individual internal systems
substantially complete, the Company's primary focus is on performing
additional targeted integration testing of systems that support our most
critical business functions, independent validation of such testing and
completing Y2K contingency plans for all critical systems and, to a lesser
extent, certain non-critical systems. A substantial portion of the
integrated testing and related validation has been completed, with the
remainder scheduled to be completed during the third quarter of 1999.*

The contingency planning effort is a full-scale initiative that includes both
internal and external experts under the guidance of a Company-wide steering
committee. Our contingency plans, which are based in part on an assessment of
the magnitude and probability of potential risks, primarily focus on proactive
steps to prevent Y2K-related failures from occurring, or if they should occur,
detecting them quickly, minimizing their impact and expediting their repair.
The Y2K contingency plans supplement disaster recovery and business continuity
plans already in place, and include measures such as selecting alternative
suppliers and channels of distribution, setting up manual back-up processes,
creating command centers, establishing additional roll-over management
procedures and scheduling the availability of key personnel.

Our Y2K contingency plans have been developed generally in accordance with
guidelines established by the Federal Financial Institutions Examination
Council. This effort is divided into four phases: (i) establishing
organizational planning guidelines, (ii) completing a business impact analysis,
(iii) developing the contingency plans and (iv) validating and verifying the
contingency plans. The first three of these phases have essentially been
completed, and have identified and assessed the need for, and developed, Y2K
contingency plans for the Company's most critical core business functions. Such
functions include, but are not limited to, credit authorization, Cardmember
billing, merchant payment, client investments, funds transfer, securities
settlement and travel reservations. These contingency plans also address third
party systems that the Company's businesses interface with and rely upon, such
as international telecommunications networks and utilities, global financial
payment and clearing systems, and airline and other travel systems. The final
phase of our contingency planning, which will include validation and
verification of the contingency plans, will take place during the third quarter
of 1999.* The Company will continue to refine its contingency planning
activities throughout 1999 as additional information related to our exposures is
gathered.* To the extent that there are Y2K failures that affect major internal
processes or third party systems that the Company relies upon, including but not
limited to those described above, such failures could have a material impact on
the Company and its businesses or subsidiaries through business interruption or
shutdown, financial loss, reputational damage and legal liability to third
parties.* At this point it appears that some of the major industries in certain
countries outside the United States, such as telecommunications and utilities,
have made less progress in the Y2K compliance effort and, as a result, may
present a somewhat greater exposure to the Company.*

For additional information relating to the Y2K issue, see pages 22 and 23 of
the Company's 1998 annual report to shareholders, which is incorporated by
reference in the Company's 1998 10-K report.

* Statements in this Y2K discussion marked with an asterisk are forward-looking
statements which are subject to risks and uncertainties. Important factors that
could cause results to differ materially from these forward-looking statements
include, among other things, the ability of the Company

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<PAGE>

to successfully identify all systems containing two-digit codes, the
nature and amount of programming and other resources required to fix and test
the affected systems, the costs of labor and consultants related to such
efforts as well as those involving the development and implementation of
contingency plans, the continued availability of such personnel, the ability
of third parties that interface with the Company to successfully address their
Y2K issues, and the ability of the Company to assess potential internal and
external Y2K exposures and develop effective contingency plans in connection
therewith.


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