<PAGE>

                                                                    EXHIBIT 99.2

                        REPORT OF INDEPENDENT ACCOUNTANTS


We have examined management's assertion, included in the accompanying report of
management entitled "Report of Management on Compliance with American Express
Credit Account Master Trust Pooling and Servicing Agreement" that American
Express Travel Related Services Company, Inc. (the "Company" or "TRS") complied
with the terms, covenants, provisions, or conditions of Articles III and IV and
Section 8.08 of the Amended and Restated Master Pooling and Servicing Agreement,
dated as of April 16, 2004, as amended and restated as of June 30, 2004 and
September 21, 2004, and as supplemented by the Series' 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, and 2004-5 Supplements (together the "Agreement") for
the period ended December 31, 2004. Management is responsible for TRS'
compliance with those requirements. Our responsibility is to express an opinion
on management's assertion about TRS' compliance 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 examining, on a test basis, evidence about the Company's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with specified requirements.

In our opinion, management's assertion that TRS complied with the aforementioned
requirements for the period ended December 31, 2004 is fairly stated, in all
material respects.


                                                         /s/ Ernst & Young LLP

March 31, 2005

<PAGE>

     REPORT OF MANAGEMENT ON COMPLIANCE WITH AMERICAN EXPRESS CREDIT ACCOUNT
                  MASTER TRUST POOLING AND SERVICING AGREEMENT


March 31, 2005


We, as members of management of American Express Travel Related Services
Company, Inc., (the "Company"), are responsible for complying with the terms,
covenants, provisions, or conditions of Articles III and IV and Section 8.08 of
the Amended and Restated Master Pooling and Servicing Agreement, dated as of
April 16, 2004 (included as an exhibit to this filing), as amended and restated
as of June 30, 2004 and September 21, 2004, and as supplemented by the Series'
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, and 2004-5 Supplements (together
the "Agreement"), among the Company, as Servicer, American Express Receivables
Financing Corporation II ("RFC II"), American Express Receivables Financing
Corporation III LLC ("RFC III"), and American Express Receivables Financing
Corporation IV LLC ("RFC IV") as Transferors, and The Bank of New York ("BONY"),
as Trustee on behalf of the Certificateholders of the Trust, insofar as they
relate to accounting matters for the year ended December 31, 2004. We also are
responsible for establishing and maintaining effective internal control over
compliance with the requirements of the terms, covenants, provisions, or
conditions of Articles III and IV and Section 8.08 of the Agreements, We have
performed an evaluation of the Company's compliance with the requirements of
terms, covenants, provisions, or conditions of Articles III and IV and Section
8.08 of the Agreements, including those described below, as of December 31, 2004
and for the period then ended. Based on this evaluation, we assert that for the
period ended December 31, 2004 the Company complied with the following
requirements of terms, covenants, provisions, or conditions of Articles III and
IV and Section 8.08 of the Agreements:

o Section 3.01: Acceptance of Appointment and Other Matters Relating to the
  Servicer

o Section 3.03: Representations, Warranties and Covenants of the Servicer

o Section 3.04: Reports and Records for the Trustee

o Section 3.05: Annual Certificate of Servicer

o Section 3.06: Annual Servicing Report of Independent Public Accountants;
  Copies of Reports Available

o Section 3.09: Adjustments

o Section 3.10: Recoveries

<PAGE>

o Section 3.11: Reports to the Commission

o Section 4.02: Establishment of Collection Account and Special Funding Account

o Section 4.03: Collections and Allocations

o Section 4.04: Shared Principal Collections

o Section 4.05: Allocation of Trust Assets to Series or Groups

o Section 8.08: Examination of Records




                              Very truly yours


                          /s/ Susanne Miller
                          ----------------------------------------------------
                              American Express Travel Related Services Company
<PAGE>

REPORT OF INDEPENDENT ACCOUNTANTS



American Express Travel Related Services Company, Inc.
200 Vesey Street
New York, New York 10285

American Express Receivables Financing Corporation II
200 Vesey Street
New York, New York 10285

American Express Receivables Financing Corporation III LLC
4315 South 2700 West
Salt Lake City, Utah 84184

American Express Receivables Financing Corporation IV LLC
4315 South 2700 West
Salt Lake City, Utah 84184

         and

The Bank of New York
101 Barclay Street, Floor 12E
New York, New York 10286


We have examined management's assertion that the control policies and procedures
maintained by American Express Travel Related Services Company, Inc. ("TRS"),
over the functions performed as Servicer of the American Express Credit Account
Master Trust (the "Trust") are effective as of December 31, 2004, in providing
reasonable assurance that Trust assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in accordance
with management's authorization in conformity with the Amended and Restated
Master Pooling and Servicing Agreement, dated as of April 16, 2004, as amended
and restated as of June 30, 2004 and September 21, 2004, and as supplemented by
the Series' 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, and 2004-5
Supplements (together the "Agreement"), among TRS as Servicer, American Express
Receivables Financing Corporation II ("RFC II"), American Express Receivables
Financing Corporation III LLC ("RFC III"), and American Express Receivables
Financing Corporation IV LLC ("RFC IV") as Transferors, and The Bank of New York
as Trustee on behalf of the Certificateholders of the Trust, and are recorded
properly to permit the preparation of the required financial reports. This
assertion is included in the accompanying report of management titled, "Report
Of Management On American Express Travel Related Services' Control Policies and
Procedures over the Functions Performed as Servicer of the American Express
Credit Account Master Trust" (the "Report"). Management is responsible for the
control policies and procedures over its functions performed as Servicer of the
Trust. Our responsibility is to express an opinion on the effectiveness of
internal control policies and procedures based on our examination.

<PAGE>

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
obtaining an understanding of the control policies and procedures over the
functions performed by TRS as Servicer of the Trust, testing and evaluating the
design and operating effectiveness of the internal control policies and
procedures, 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 policy and procedure,
misstatements due to errors or fraud may occur and not be detected. Also,
projections of any evaluation of the control policies and procedures over the
functions performed by TRS as Servicer of the Trust to future periods are
subject to the risk that the policies and procedures 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 TRS control policies and procedures
over the functions performed as Servicer of the Trust that are effective, as of
December 31, 2004, in providing reasonable assurance that Trust assets are
safeguarded against loss from unauthorized use or disposition, and that
transactions are executed in accordance with management's authorization in
conformity with the Agreements between TRS as Servicer, RFC II, RFC III, and RFC
IV as Transferors, and The Bank of New York as Trustee on behalf of the
Certificateholders of the Trust, and are recorded properly to permit the
preparation of the required financial reports, is fairly stated, in all material
respects, based upon the following criteria specified in management's report:

o Funds collected are appropriately allocated to the Trust in accordance with
  the Agreement.

o The addition of Accounts to the Trust is authorized in accordance with the
  Agreement.

o The removal of Accounts from the Trust is authorized in accordance with the
  Agreement.

o Trust assets amortizing out of the Trust are calculated in accordance with the
  Agreement.

o Daily records as specified in the Agreement are maintained and are available
  for inspection by the Trustee upon request.

o Monthly Servicer's Certificates are prepared and contain the required
  information in accordance with the Agreement.

o Monthly Servicer's Certificates generated pursuant to the Agreement are
  materially correct and are derived from and reconcile to the computer reports
  which are the source of such amounts contained in the reports.

<PAGE>

o On an annual basis, the Servicer will deliver to the Trustee an Annual
  Servicer's Certificate.

o The payments to the Trustee are made by the Servicer in accordance with the
  Agreement.






March 31, 2005

<PAGE>

    Report Of Management On American Express Travel Related Services' Control
Policies and Procedures over the Functions Performed as Servicer of the
                  American Express Credit Account Master Trust


March 31, 2005


American  Express Travel Related  Services  Company,  Inc.  ("TRS"),  which is a
wholly  owned  subsidiary  of  American  Express  Company,  is  responsible  for
establishing and maintaining  effective control policies and procedures over the
functions  performed as Servicer of the American  Express  Credit Account Master
Trust (the  "Trust").  These  control  policies and  procedures  are designed to
provide  reasonable  assurance to TRS'  management  and board of directors  that
Trust assets are safeguarded  against loss from  unauthorized use or disposition
and that  transactions  are executed in conformity with the Amended and Restated
Master Pooling and Servicing  Agreement,  dated as of April 16, 2004, as amended
as of June 30, 2004 and September 21, 2004, and as  supplemented  by the Series'
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, and 2004-5 Supplements (together
the "Agreement"),  among TRS as Servicer, American Express Receivables Financing
Corporation II ("RFC II"),  American Express Receivables  Financing  Corporation
III LLC ("RFC III"), and American Express Receivables  Financing  Corporation IV
LLC ("RFC IV") as Transferors,  and The Bank of New York as Trustee on behalf of
the  Certificateholders  of the Trust,  and are recorded  properly to permit the
preparation of the required financial reports.

Because of inherent  limitations  in any control,  no matter how well  designed,
misstatements due to error or fraud may occur and not be detected, including the
possibility of the  circumvention or overriding of controls.  Accordingly,  even
effective  controls can provide only  reasonable  assurance  with respect to the
achievement  of any  objectives  of  controls.  Further,  because  of changes in
conditions, the effectiveness of controls may vary over time.

TRS has identified the following criteria for effective controls:

o    Funds collected are appropriately allocated to the Trust in accordance with
     the Agreement.

o    The addition of Accounts to the Trust is authorized in accordance  with the
     Agreement.

o    The removal of Accounts from the Trust is authorized in accordance with the
     Agreement.

o    Trust assets  amortizing out of the Trust are calculated in accordance with
     the Agreement.

o    Daily  records  as  specified  in the  Agreement  are  maintained  and  are
     available for inspection by the Trustee upon request.

o    Monthly  Servicer's  Certificates  are  prepared  and contain the  required
     information in accordance with the Agreement.

o    Monthly  Servicer's  Certificates  generated  pursuant to the Agreement are
     materially  correct  and are derived  from and  reconcile  to the  computer
     reports which are the source of such amounts contained in the reports.

o    On an annual  basis,  the  Servicer  will  deliver to the Trustee an Annual
     Servicer's Certificate.

o    The payments to the Trustee are made by the Servicer in accordance with the
     Agreement.


<PAGE>


TRS assessed its control policies and procedures over the functions performed as
Servicer of the Trust in relation to these criteria. Based upon this assessment,
TRS believes that, as of December 31, 2004, its control  policies and procedures
over the functions performed as Servicer of the Trust are effective in providing
reasonable  assurance  that  Trust  assets  are  safeguarded  against  loss from
unauthorized  use or disposition and the transactions are executed in accordance
with management's authorization in conformity with the Agreement between the TRS
as Servicer,  RFC II, RFC III, and RFC IV, as  Transferors,  and The Bank of New
York as  Trustee  on  behalf of the  Certificateholders  of the  Trust,  and are
recorded properly to permit the preparation of the required financial reports.


             American Express Travel Related Services Company, Inc. by:



Date signed: March 31, 2005             /s/ Susanne Miller
                                        --------------------------
                                        Susanne Miller
                                        Vice President -
                                        VP-Treasury Controller