UNITED STATESSECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2007

OR

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

For the transition period from ____ to ____

Commission File No. 1-6908

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

|Delaware                                      | 11-1988350                          
|--------------------------------------------- | ------------------------------------
|(State or other jurisdiction of               | (I.R.S. Employer Identification No.)
|incorporation or organization)                |                                     
|                                              |                                     
|One Christina Centre, 301 North Walnut Street |                                     
|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.

YesXNo ___

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 May 11, 2007 | 
|--------------------------------------- |  | --------------------------- | 
|Common Stock (par value $.10 per share) |  | 1,054,938 Shares            | 

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AMERICAN EXPRESS CREDIT CORPORATION

FORM 10-Q

INDEX

|         |                       |                                                  |  | Page No.
|-------- | --------------------- | ------------------------------------------------ |  | --------
|PART I.  | FINANCIAL INFORMATION |                                                  | 
|         |                       |                                                  |  |         
|         | Item 1.               | Financial Statements                             |  |         
|         |                       | Consolidated Statements of Income and Retained   |  |         
|         |                       | Earnings  Three months ended March 31, 2007 and |  |         
|         |                       | 2006                                             |  | 3       
|         |                       |                                                  |  |         
|         |                       | Consolidated Balance Sheets                     |  |         
|         |                       | March 31, 2007 and December 31, 2006             |  | 4       
|        
|         |                       | Consolidated Statements of Cash Flows           |  |         
|         |                       | Three months ended March 31, 2007 and 2006       |  | 5       
|         |                       |                                                  |  |         
|         |                       | Notes to Consolidated Financial Statements       |  | 6       
|         |                       |                                                  |  |         
|         | Item 2.               | Managements Discussion and Analysis             |  |         
|         |                       | of Financial Condition and Results               |  |         
|         |                       | of Operation                                     |  | 8       
|         |                       |                                                  |  |         
|         | Item 4.               | Controls and Procedures                          |  | 14      
|         |                       |                                                  | 
|PART II. | OTHER INFORMATION     |                                                  | 
|         |                       |                                                  |  |         
|         | Item 6.               | Exhibits                                         |  | 15      
|         |                       |                                                  |  |         
|         |                       | Signatures                                       |  | 16      
|         |                       |                                                  |  |         
|         |                       | Exhibit Index                                    |  | E-1     

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AMERICAN EXPRESS CREDIT CORPORATION

PART I. FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS

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

|                                                              |  | Three Months Ended
|------------------------------------------------------------- |  | ------------------
|                                                              |  | March 31,         
|                                                              |  | 2007              
|                                                             
|Revenues                                                      |  |                   
|                                                             
|Discount revenue earned from purchased cardmember receivables |  |                   
|and loans                                                     |  | $                 
|Interest income from affiliates                               |  |                   
|Interest income from investments                              |  |                   
|Finance charge revenue                                        |  |                   
|Other                                                         |  |                   
|Total revenues                                                |  |                   
|                                                             
|Expenses                                                      |  |                   
|                                                             
|Provision for losses, net of recoveries(1)                    |  |                   
|Interest expense                                              |  |                   
|Interest expense to affiliates                                |  |                   
|Service fees to affiliates                                    |  |                   
|Other                                                         |  |                   
|Total expenses                                                |  |                   
|                                                             
|Pretax income                                                 |  |                   
|Income tax provision                                          |  |                   
|Net income                                                    |  |                   
|Dividends                                                     |  |                   
|Adoption of FIN 48                                            |  |                   
|Retained earnings at beginning of period                      |  |                   
|                                                             
|Retained earnings at end of period                            |  | $                 
|See Notes to Consolidated Financial Statements.               |  |                   

|(1) | Provision for losses are shown net of recoveries of $46 million and $50 million for the three months ended March 31, 2007 and 2006, respectively.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------
|   

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AMERICAN EXPRESS CREDIT CORPORATION

CONSOLIDATED BALANCE SHEETS(Millions, except share data) 
(Unaudited)

|                                                           |  | March 31, |        | December 31, |  
|---------------------------------------------------------- |  | --------- | ------ | ------------ | -
|                                                           |  | 2007      |        | 2006         |  
|                                                          
|Assets                                                     |  |           |        |              |  
|                                                          
|Cash and cash equivalents                                  |  | $         | 2,214  |              | $
|Investment securities                                      |  |           | 2,257  |              |  
|Investment securities restricted                           |  |           | 759    |              |  
|Cardmember receivables, less reserves:                     |  |           |        |              |  
|2007, $738; 2006, $739                                     |  |           | 24,749 |              |  
|Cardmember loans, less reserves:                           |  |           |        |              |  
|2007, $10; 2006, $10                                       |  |           | 354    |              |  
|Loans with affiliates                                      |  |           | 9,602  |              |  
|Deferred charges and other assets                          |  |           | 360    |              |  
|Due from affiliates                                        |  |           | -      |              |  
|Total assets                                               |  | $         | 40,295 |              | $
|                                                          
|Liabilities and Shareholders Equity                       |  |           |        |              |  
|                                                          
|Short-term debt                                            |  | $         | 5,710  |              | $
|Short-term debt with affiliates                            |  |           | 7,788  |              |  
|Long-term debt                                             |  |           | 22,472 |              |  
|Total debt                                                 |  |           | 35,970 |              |  
|Due to affiliates                                          |  |           | 474    |              |  
|Accrued interest and other liabilities                     |  |           | 413    |              |  
|Total liabilities                                          |  |           | 36,857 |              |  
|                                                          
|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                                          |  |           | 3,209  |              |  
|Accumulated other comprehensive income (loss):             |  |           |        |              |  
|Net unrealized securities gains, net of tax                |  |           | 6      |              |  
|Net unrealized derivatives gains, net of tax               |  |           | 6      |              |  
|Foreign currency translation adjustments                   |  |           | 57     |              |  
|Other                                                      |  |           | (2     | )            |  
|Total accumulated other comprehensive income               |  |           | 67     |              |  
|Total shareholders equity                                 |  |           | 3,438  |              |  
|Total liabilities and shareholders equity                 |  | $         | 40,295 |              | $
|See Notes to Consolidated Financial Statements.            |  |           |        |              |  

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AMERICAN EXPRESS CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Millions)
(Unaudited)

|                                                                |  | Three Months Ended |       
|--------------------------------------------------------------- |  | ------------------ | ------
|                                                                |  | March 31,          |       
|                                                                |  | 2007               |       
|Cash Flows from Operating Activities                            |  |                    |       
|Net income                                                      |  | $                  | 172   
|Adjustments to reconcile net income to net cash                 |  |                    |       
|provided by operating activities:                               |  |                    |       
|Provision for losses                                            |  |                    | 206   
|Amortization and other                                          |  |                    | 2     
|Deferred tax provision                                          |  |                    | (14   
|Changes in operating assets and liabilities:                    |  |                    |       
|Due to affiliates                                               |  |                    | (4    
|Other operating assets and liabilities                          |  |                    | 83    
|Net cash provided by operating activities                       |  |                    | 445   
|Cash Flows from Investing Activities                            |  |                    |       
|Net decrease in cardmember receivables and loans                |  |                    | 1,892 
|Purchase of investments                                         |  |                    | -     
|Maturities of investments                                       |  |                    | -     
|Net decrease (increase) in loans with affiliates                |  |                    | 178   
|Net increase (decrease) in due to affiliates                    |  |                    | 486   
|Net cash provided by investing activities                       |  |                    | 2,556 
|Cash Flows from Financing Activities                            |  |                    |       
|Net decrease in short-term debt with affiliates with maturities |  |                    |       
|of ninety days or less                                          |  |                    | (1,798
|Net increase (decrease) in short-term debt with maturities of   |  |                    |       
|ninety days or less                                             |  |                    | 176   
|Issuance of debt                                                |  |                    | 1,881 
|Redemption of debt                                              |  |                    | (1,630
|Dividends paid                                                  |  |                    | (150  
|Net cash used in financing activities                           |  |                    | (1,521
|Effect of exchange rate changes on cash and cash equivalents    |  |                    | (3    
|Net increase (decrease) in cash and cash equivalents            |  |                    | 1,477 
|Cash and cash equivalents at beginning of period                |  |                    | 737   
|Cash and cash equivalents at end of period                      |  | $                  | 2,214 
|See Notes to Consolidated Financial Statements.                 |  |                    |       

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AMERICAN EXPRESS CREDIT CORPORATION

NOTES 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
where  appropriate (Credco), 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 long-term debt 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 (AESLP), together
with its subsidiary and American Express Euro Funding Limited Partnership (AEELP),
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.

Recently Issued Accounting Standards

Credco adopted Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an interpretation of FASB Statement No. 109 (FIN 48) as of January 1, 2007.
Refer to Note 4 for discussion of the adoption of FIN 48.

2.Investment Securities

The following is a summary of investment securities at March 31, 2007 and December 31, 2006:

|Available-for-Sale             |   | 2007  |  |   | 2006      
|------------------------------ | - | ----- |  | - | ----------
|                              
|                               |   |       |  |   | Gross     
|                               |   |       |  |   | Unrealized
|(Millions)                     |   | Cost  |  |   | Gains     
|U.S. Treasury and government   |   |       |  |   |           
|agency securities              | $ | 2,250 |  | $ | 8         
|U.S. Treasury and government   |   |       |  |   |           
|agency securities - restricted |   | 756   |  |   | 3         
|Total                          | $ | 3,006 |  | $ | 11        

During the three months ended March 31, 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 three months ended March 31, 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

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AMERICAN EXPRESS CREDIT CORPORATION

repledge these securities absent a borrower default. Fees received from the securities lending transactions are recorded as interest income from investments. At March 31, 2007, $759 million of investment securities were
loaned under these agreements.

3.Comprehensive Income

The components of comprehensive income, net of tax,
were as follows:

|                                                      |  |   | Three Months |  
|----------------------------------------------------- |  | - | ------------ | -
|(Millions)                                            |  |   | Ended        |  
|                                                      |  |   | March 31,    |  
|                                                      |  |   | 2007         |  
|Net income                                            |  | $ | 172          |  
|Other comprehensive income (loss):                    |  |   |              |  
|Net unrealized securities gains, net of tax           |  |   | 1            |  
|Net unrealized derivatives (losses) gains, net of tax |  |   | (4           | )
|Foreign currency translation adjustments              |  |   | 12           |  
|Total                                                 |  | $ | 181          |  

4.Income Taxes

Credco adopted 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.

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.

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 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 reserves. It is reasonably possible that the unrecognized tax benefit
will significantly increase or decrease within the next twelve months. Due to the inherent complexities and number of tax years currently under examination, it is not possible to quantify the impact such changes may have on the effective tax
rate.

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AMERICAN EXPRESS CREDIT CORPORATION

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

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 Three Months Ended March 31, 2007 and 2006

Revenues and Expenses

Credcos consolidated net income rose 37 percent to $172 million for the three months ended March 31, 2007, as compared to the three months ended March 31, 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, offset by the increase of interest expense to affiliates and others.

Discount Revenue Earned on Purchased Cardmember Receivables and Loans

Discount revenue increased 43 percent or $200 million
to $662 million for the three months ended March 31, 2007, as compared to
the three months ended March 31, 2006. The year-over-year increase was due to
an  increase in both volume of receivables purchased and discount rates. Volume
of receivables and loans purchased for the three months ended March 31, 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 29 basis points
compared to the three months ended March 31, 2006.

Interest Income from Affiliates

Interest income from affiliates increased 28 percent or $32 million to $148 million for the three months ended March 31, 2007, as compared to the three months ended March 31, 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 three months ended March 31, 2007, was 16 basis points higher than the average
rate charged to affiliates in the same three 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 37 percent or $18 million to $67 million for the three months ended March 31, 2007, as compared to the three months ended March 31, 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 primarily with higher yielding government agency securities. The average interest rate on the total investment portfolio increased approximately 38
basis points for the three months ended March 31, 2007, as compared to the same three month period a year ago.

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AMERICAN EXPRESS CREDIT CORPORATION

Provision for Losses, Net of Recoveries

The provision for losses, net of recoveries increased 13 percent or $18 million to $160 million for the three months ended March 31, 2007, as compared to the three months ended March 31, 2006. The year-over-year
increase reflects a higher loss rate offset by results from collection activities.

Interest Expense and Interest Expense to Affiliates

Interest expense and interest expense to affiliates
increased 35 percent and 51 percent, respectively, for the three months ended
March 31, 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 three months ended March 31, 2007,
was 21 basis points higher than the same period a year ago.
The average rate due to affiliates during the three months ended March 31, 2007,
was 36 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.

The following is an analysis of the changes attributable to the increase (decrease) in key revenue and expense accounts for the three month period ended March 31, 2007, compared with the three month period ended March 31,
2006, (millions):

|Discount revenue earned on purchased cardmember receivables and loans: |  |   |     |  
|---------------------------------------------------------------------- |  | - | --- | -
|Volume of receivables purchased                                        |  | $ | 3   |  
|Discount rates                                                         |  |   | 197 |  
|Total                                                                  |  | $ | 200 |  
|                                                                      
|Finance charge revenue:                                                |  |   |     |  
|Volume of loans purchased                                              |  | $ | (1  | )
|Interest rates                                                         |  |   | -   |  
|Total                                                                  |  | $ | (1  | )
|Interest income from affiliates:                                       |  |   |     |  
|Average loans and deposits with affiliates                             |  | $ | 17  |  
|Interest rates                                                         |  |   | 15  |  
|Total                                                                  |  | $ | 32  |  
|Interest income from investments:                                      |  |   |     |  
|Average investments outstanding                                        |  | $ | (2  | )
|Interest rates                                                         |  |   | 20  |  
|Total                                                                  |  | $ | 18  |  
|                                                                      
|Provision for losses, net of recoveries:                               |  |   |     |  
|Volume of receivables purchased                                        |  | $ | 4   |  
|Provision rates and volume of recoveries                               |  |   | 14  |  
|Total                                                                  |  | $ | 18  |  
|                                                                      
|Interest expense:                                                      |  |   |     |  
|Average debt outstanding                                               |  | $ | 38  |  
|Interest rates                                                         |  |   | 61  |  
|Total                                                                  |  | $ | 99  |  
|                                                                      
|                                                                      
|Interest expense with affiliates:                                      |  |   |     |  
|Average debt outstanding                                               |  | $ | 7   |  
|Interest rates                                                         |  |   | 31  |  
|Total                                                                  |  | $ | 38  |  

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AMERICAN EXPRESS CREDIT CORPORATION

Income Taxes

Credcos effective tax rate for the three months ended March 31, 2007 was 12 percent compared with 13 percent for the three month period ended March 31, 2006.

Service Fees to Affiliates

Credco pays fees to affiliates for the related servicing of the receivables purchased. Service fees to affiliates increased $45 million for the three months ended March 31, 2007, as compared to the three months ended March 31, 2006, due to additional service level agreements with
affiliates.

Cardmember Receivables

At March 31, 2007 and December 31, 2006, Credco owned $25.5
billion and $27.6 billion, respectively, of cardmember receivables and participation
interests in cardmember receivables, representing 99 percent of the  total cardmember
receivables and loans owned by Credco at March 31, 2007 and December 31, 2006.

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 three months ended March 31, 2007 and December 31, 2006, Credco purchased $67.6 billion and $72.3 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 Financing 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
March 31, 2007 and December 31, 2006, CRC owned approximately $6.3 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:

|                                                                |  |   | March 31, |   |   | December 31, |   |   | March 31, |  
|--------------------------------------------------------------- |  | - | --------- | - | - | ------------ | - | - | --------- | -
|As of and for three months ended (Millions, except percentages) |  |   | 2007      |   |   | 2006         |   |   | 2006      |  
|Total cardmember receivables                                    |  | $ | 25,487    |   | $ | 27,593       |   | $ | 23,524    |  
|90 days past due as a % of total                                |  |   | 3.6       | % |   | 3.3          | % |   | 3.6       | %
|Loss reserves                                                   |  | $ | 738       |   | $ | 739          |   | $ | 703       |  
|as a % of receivables                                           |  |   | 2.9       | % |   | 2.7          | % |   | 3.0       | %
|as a % of 90 days past due                                      |  |   | 80        | % |   | 80           | % |   | 84        | %
|Write-offs, net of recoveries                                   |  | $ | 159       |   | $ | 151          |   | $ | 110       |  
|Net write-off rate (1)                                          |  |   | 0.24      | % |   | 0.21         | % |   | 0.17      | %
|Average life of cardmember receivables (in days) (2)            |  |   | 35        |   |   | 33           |   |   | 31        |  

|(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 $2.1 billion from December 31, 2006, as a result of lower cardmember receivables purchased during this quarter compared to the quarter ended December 31, 2006 due to seasonality. The
cardmember receivables purchased for the three months ended March 31, 2007, increased approximately two percent from the cardmember receivables purchased during the three months ended March 31, 2006, due to overall business growth.

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AMERICAN EXPRESS CREDIT CORPORATION

Cardmember Loans

At March 31, 2007 and December 31, 2006, Credco owned cardmember loans totaling $0.4 billion and $0.3 billion, respectively, representing 1 percent of all interests in cardmember receivables and loans owned by
Credco at March 31, 2007 and December 31, 2006. 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 three months ended March 31,
2007 and December 31, 2006, Credco purchased $377 million and $235 million of cardmember loans, respectively.

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

|As of and for three months ended (Millions, except |  |   | March 31, |   |   | December 31, |   |   | March 31, |  
|-------------------------------------------------- |  | - | --------- | - | - | ------------ | - | - | --------- | -
|percentages)                                       |  |   | 2007      |   |   | 2006         |   |   | 2006      |  
|Total cardmember loans                             |  | $ | 364       |   | $ | 356          |   | $ | 445       |  
|Past due cardmember loans as a % of total:         |  |   |           |   |   |              |   |   |           |  
|30-89 days                                         |  |   | 6.4       | % |   | 5.9          | % |   | 5.2       | %
|90+ days                                           |  |   | 2.2       | % |   | 2.1          | % |   | 1.8       | %
|Loss reserves                                      |  | $ | 10        |   | $ | 10           |   | $ | 12        |  
|as a % of cardmember loans                         |  |   | 2.7       | % |   | 2.8          | % |   | 2.8       | %
|as a % of past due                                 |  |   | 31        | % |   | 35           | % |   | 40        | %
|Write-offs, net of recoveries                      |  | $ | 2         |   | $ | 2            |   | $ | 3         |  
|Net write-off rate (1)                             |  |   | 2.64      | % |   | 2.38         | % |   | 2.27      | %

|(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 $8 million from December 31, 2006, primarily due to higher cardmember loans purchased, and decreased $81 million from March 31, 2006, due primarily to the sale of certain Hong Kong, New
Zealand and United States loan portfolios.

Reserves for Cardmember Receivables and Cardmember Loans

The following is an analysis of the reserves for cardmember receivables and cardmember loans:

|                              |  |   | March 31, |   |   | March 31, |  
|----------------------------- |  | - | --------- | - | - | --------- | -
|Three months ended (Millions) |  |   | 2007      |   |   | 2006      |  
|Balance, beginning of period  |  | $ | 749       |   | $ | 686       |  
|Provision for losses          |  |   | 206       |   |   | 192       |  
|Accounts written-off          |  |   | (207      | ) |   | (163      | )
|Balance, end of period        |  | $ | 748       |   | $ | 715       |  

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AMERICAN EXPRESS CREDIT CORPORATION

Loans with Affiliates

Components of loans with affiliates were as follows:

|(Millions)                                 |  |   | March 31,
2007 |  |   | December 31,
2006 |  |   | March 31,
2006
|------------------------------------------ |  | - | -------------- |  | - | ----------------- |  | - | --------------
|TRS Parent                                 |  | $ | -              |  | $ | 531               |  | $ | 750           
|TRS Subsidiaries:                          |  |   |                |  |   |                   |  |   |               
|American Express Australia Limited         |  |   | 3,550          |  |   | 3,529             |  |   | 2,526         
|American Express Services Europe Limited   |  |   | 3,414          |  |   | 3,360             |  |   | 2,876         
|Amex Bank of Canada                        |  |   | 2,181          |  |   | 2,166             |  |   | 1,807         
|American Express Co. (Mexico) S.A. De C.V. |  |   | 352            |  |   | -                 |  |   | -             
|American Express International, Inc.       |  |   | 105            |  |   | 105               |  |   | 380           
|Total                                      |  | $ | 9,602          |  | $ | 9,691             |  | $ | 8,339         

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 $9.6 billion outstanding as
of March 31,  2007, $7.0 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 March 31, 2007 and December
31, 2006, respectively. Loss reserves are determined for each of these intercompany
borrowing arrangements on a specific identification basis. As of March 31, 2007,
no loss reserves have been recorded and no amount of loans is 30 days or greater
past due.

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 three months ended March 31, 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 March 31, 2007 and December 31, 2006,
Credco had $5.5 billion and $5.8 billion of commercial paper outstanding,
 respectively. Average commercial paper outstanding was $7.2 billion and $6.5 billion
 for the three months ended March 31, 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 $3.5
 billion at March 31, 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 301 percent at
 March 31, 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 March 31, 2007 and December 31, 2006, Credco had an aggregate of $11.6 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 five years. Credcos outstanding long-term debt at March 31, 2007 and December 31, 2006 was $10.9 billion and $9.4 billion, respectively.

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 first quarter of 2007, Credco issued

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AMERICAN EXPRESS CREDIT CORPORATION

$1.0 billion of floating medium-term notes. At March 31, 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 (Centurion Bank), 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 March 31, 2007, the maximum aggregate principal amount of
debt instruments outstanding at any one time under the program may not exceed $10 billion. At March 31, 2007, $4.6 billion was outstanding under this program, of which $3.3 billion were issued by Credco.

American Express Canada Credit Corporation (AECCC), a wholly-owned subsidiary of Credco, had approximately $2.0 billion of total debt securities outstanding under the Canadian shelf registration program. At March 31, 2007, approximately $1.0 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 $4.8 billion. At March 31, 2007, approximately $4.4 billion was available for
issuance under this program. On April 12, 2007, Credco issued approximately $165 million of fixed rate notes due in 2010 and approximately $206 million of floating rate notes due in 2010.

Credco paid cash dividends of $150 million to TRS during the three months ended March 31, 2007. Subsequently, on May 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 March 31, 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 March 31, 2007, approximately $759 million of
investment securities were loaned under these agreements.

Committed Bank Credit Facilities

At March 31, 2007, Credco could have borrowed a maximum amount of $10.9 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, $3.4; 2010, $4.8; and 2011, $2.7. As of March 31, 2007, Credco had outstanding borrowings of $3.2 billion under these bank credit facilities
related to the Australian credit facility.

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 1.40 for the three months ended March 31, 2007. The ratio of earnings to fixed charges for American Express for the three months ended March 31, 2007 was 2.62.

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AMERICAN EXPRESS CREDIT CORPORATION

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 MATTERS

Accounting Developments

See 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.

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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.





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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
|----- | ------------ | -----------------------------------
|      |              |                                    
|     
|DATE: | May 11, 2007 | By                                 
|      |              |                                    
|      |              |                                    
|     
|     
|DATE: | May 11, 2007 | By                                 
|      |              |                                    
|      |              |                                    

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AMERICAN EXPRESS CREDIT CORPORATION

EXHIBIT INDEX

Pursuant 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

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