<PAGE>
                                                                    EXHIBIT 99.2
[GRAPHIC OMITTED]





                        Report of Independent Accountants


To American Express Travel Related Services Company, Inc. (the "Company"),
Servicer:

We have examined management's assertion, included in the accompanying "Report of
Management  Assertion  Concerning Internal Control over Servicing of Securitized
Credit Card Receivables",  that the Company, as servicer of the American Express
Credit Account Master Trust (the "Trust"), maintained effective internal control
over servicing of securitized  credit card  receivables as of December 31, 2005,
in  compliance  with the Pooling and  Servicing  Agreement,  dated as of May 16,
1996,  as amended and  restated as of April 16,  2004,  and further  amended and
restated as of June 30, 2004 (First  Amendment)  and  September 21, 2004 (Second
Amendment),  as  supplemented by the 2000-1,  2000-2,  2000-3,  2000-4,  2000-5,
2001-1,  2001-2, 2001-3, 2001-4, 2001-5, 2001-6, 2001-7, 2002-1, 2002-2, 2002-3,
2002-4,  2002-5, 2002-6, 2003-1, 2003-2, 2003-3, 2003-4, 2004-1, 2004-2, 2004-3,
2004-4,  2004-5,  2005-1,  2005-2,  2005-3,  2005-4, 2005-5, 2005-6, 2005-7, and
2005-8  Series  Supplements  (the   "Agreement"),  based  on  the  criteria  for
effective  internal  control  established  in  "Internal  Control  -  Integrated
Framework"  issued by the Committee of Sponsoring  Organizations of the Treadway
Commission  ("COSO").  The Company's  management is responsible  for maintaining
effective   internal   control  over  servicing  of   securitized   credit  card
receivables.  Our  responsibility  is to  express  an  opinion  on  management's
assertion based on our examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included  obtaining  an  understanding  of internal  control  over
servicing of the securitized credit card receivables, testing and evaluating the
design and operating  effectiveness  of internal  control,  and performing  such
other  procedures as we considered  necessary in the  circumstances.  We believe
that our examination provides a reasonable basis for our opinion.

Because of inherent  limitations in any internal  control,  misstatements due to
error  or  fraud  may  occur  and  not be  detected.  Also,  projections  of any
evaluation  of  internal  control  over  servicing  of  securitized  credit card
receivables to future periods are subject to the risk that the internal  control
may become  inadequate  because of changes in conditions,  or that the degree of
compliance with the policies or procedures may deteriorate.

In our opinion,  management's  assertion  that the  Company,  as servicer of the
Trust,  maintained  effective  internal  control over  servicing of  securitized
credit  card  receivables  as of  December  31,  2005,  in  compliance  with the
Agreement,  is fairly stated, in all  material respects,  based  on the criteria
for effective  internal  control  established in "Internal  Control - Integrated
Framework"  issued by the Committee of Sponsoring  Organizations of the Treadway
Commission.






/s/ PricewaterhouseCoopers LLP
New York, NY
March 13, 2006

<PAGE>


         Report of Management Assertion Concerning Internal Control over
                Servicing of Securitized Credit Card Receivables



Management  of American  Express  Travel  Related  Services  Company,  Inc. (the
"Company"), as Servicer of the American Express Credit Account Master Trust (the
"Trust"),  is responsible for  establishing and maintaining  effective  internal
control over servicing of securitized credit card receivables, which is designed
to provide  reasonable  assurance  regarding the servicing of securitized credit
card receivables in compliance with the Pooling and Servicing  Agreement,  dated
as of May 16, 1996,  as amended and  restated as of April 16, 2004,  and further
amended and restated as of June 30, 2004 (First  Amendment)  and  September  21,
2004 (Second  Amendment)  and as  supplemented  by the 2000-1,  2000-2,  2000-3,
2000-4,  2000-5, 2001-1, 2001-2, 2001-3, 2001-4, 2001-5, 2001-6, 2001-7, 2002-1,
2002-2,  2002-3, 2002-4, 2002-5, 2002-6, 2003-1, 2003-2, 2003-3, 2003-4, 2004-1,
2004-2,  2004-3, 2004-4, 2004-5, 2005-1, 2005-2, 2005-3, 2005-4, 2005-5, 2005-6,
2005-7 and 2005-8 Series Supplements (the  "Agreement").  These control policies
and procedures  are designed to provide  reasonable assurance  that Trust assets
are safeguarded against loss from unauthorized  use or disposition. The internal
control system  contains  self-monitoring  mechanisms,  and actions are taken to
correct deficiencies as they are identified.

There  are  inherent   limitations  in  any  internal  control,   including  the
possibility  of human error and the  circumvention  or  overriding  of controls.
Accordingly,  even  effective  internal  control  can  provide  only  reasonable
assurance  with  respect to servicing of  securitized  credit card  receivables.
Further, because of changes in conditions, the effectiveness of internal control
may vary over time.

Management  of the  Company,  as Servicer of the Trust,  assessed  its  internal
control over servicing of securitized credit card receivables as of December 31,
2005,  in  compliance  with the  Agreement,  in  relation  to the  criteria  for
effective   internal   control   established  in  "Internal   Control-Integrated
Framework"  issued by the Committee of Sponsoring  Organizations of the Treadway
Commission.  Based on this assessment,  management believes that the Company, as
Servicer of the Trust,  maintained  effective internal control over servicing of
securitized  credit card receivables as of December 31, 2005, in compliance with
the Agreement,  based on the criteria for effective internal control established
in "Internal Control-Integrated Framework" issued by the Committee of Sponsoring
Organizations of the Treadway Commission.




March 13, 2006


/s/ Susanne L. Miller
---------------------
Susanne L. Miller
Vice President and Treasury Controller
American Express Travel Related Services Company, Inc.