<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                        Commission File No. 000-20787-07

                                    FORM 10-K

              [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                   For the fiscal year ended December 31, 2005

                                       OR

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                    For the transition period from ___ to ___

              AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II
                           As a depositor on behalf of
                  AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
                 (Issuing Entity in respect of the Certificates)
             (Exact name of registrant as specified in its charter)

            Delaware                                           13-3854638
  (State or other jurisdiction                              (I.R.S. Employer
of incorporation or organization)                          Identification No.)

 200 Vesey  Street, New York, New York                           10285
(Address of principal executive offices)                       (Zip Code)

  Registrant's telephone number, including area code:         212-640-2357


           AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
                           As a depositor on behalf of
                  AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
                 (Issuing Entity in respect of the Certificates)
             (Exact name of registrant as specified in its charter)

            Delaware                                           20-0942395
  (State or other jurisdiction                              (I.R.S. Employer
of incorporation or organization)                          Identification No.)

4315 South 2700 West, Salt Lake City, Utah                       84184
 (Address of principal executive offices)                      (Zip Code)

  Registrant's telephone number, including area code:         801-945-2030

<PAGE>

            AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC
                           As a depositor on behalf of
                  AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
                 (Issuing Entity in respect of the Certificates)
             (Exact name of registrant as specified in its charter)

            Delaware                                           20-0942445
  (State or other jurisdiction                              (I.R.S. Employer
of incorporation or organization)                          Identification No.)

4315 South 2700 West, Salt Lake City, Utah                       84184
 (Address of principal executive offices)                      (Zip Code)

  Registrant's telephone number, including area code:         801-945-2068


        Securities registered pursuant to Section 12(b) of the Act: NONE

        Securities registered pursuant to Section 12(g) of the Act: NONE


Indicate by check mark if the  registrant is a well-known  seasoned  issuer,  as
defined in Rule 405 of the Securities Act.
                                YES [  ]      NO [ X ]

Indicate  by  check  mark if the  registrant  is not  required  to file  reports
pursuant to section 13 or Section 15(d) of the Act.
                                YES [  ]      NO [ X ]

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 if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best  of  the  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K.        [ X ]

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 filer [ X ]

Indicate by check mark whether the  registrant is a shell company (as defined in
rule 12b-2 of the Act).
                                YES [  ]      NO [ X ]



                                      -2 -
<PAGE>

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter: None.


                    DOCUMENTS INCORPORATED BY REFERENCE: NONE















                                     - 3 -


<PAGE>

                                INTRODUCTORY NOTE

American  Express  Receivables   Financing   Corporation  II,  American  Express
Receivables  Financing  Corporation  III LLC and  American  Express  Receivables
Financing Corporation IV LLC are the depositors of the registrant,  the American
Express Credit Account Master Trust.  Pursuant to a no-action request (no action
request of American  Express  Credit  Account  Master Trust  publicly  available
December 6, 1996), the registrant is not required to respond to various items of
Form 10-K. Such items are designated herein as "Not Applicable".

                                     PART I

Item 1.  Business

         Not Applicable.


Item 1A. Risk Factors

         Not Applicable.


Item 1B. Unresolved Staff Comments

         Not Applicable.


Item 2.  Properties

         The American  Express  Credit  Account  Master Trust (the  "Trust") was
formed pursuant to a pooling and servicing agreement,  dated as of May 16, 1996,
among  American  Express  Receivables  Financing  Corporation  II ("RFC II") and
American  Express  Centurion  Bank  ("Centurion"),  each  as an  originator  and
transferor,  American Express Travel Related Services Company,  Inc. ("TRS"), as
servicer,  and The Bank of New York, as trustee.  As of the close of business on
April 16,  2004,  Centurion  sold a portion of its credit  account  portfolio to
American  Express Bank, FSB ("FSB").  In connection  with this sale, the pooling
and  servicing  agreement  was  amended  and  restated  as of April 16,  2004 to
designate  FSB as an account  owner with  respect  to the Trust,  to  substitute
Centurion's  wholly owned  subsidiary,  American Express  Receivables  Financing
Corporation  III LLC  ("RFC  III"),  as a  transferor  to the  Trust in place of
Centurion,   and  to  add  FSB's  wholly  owned  subsidiary,   American  Express
Receivables  Financing  Corporation  IV LLC ("RFC IV"),  as a transferor  to the
Trust. RFC III and RFC IV assumed the obligations of a transferor to the Trust.

         At the time of such  amendment,  Centurion  entered into a  receivables
purchase  agreement  with RFC III and FSB entered  into a  receivables  purchase
agreement  with RFC IV.  Under  the  receivables  purchase  agreements,  each of
Centurion and FSB  (collectively,  the "originators")  sold its existing right,
title and interest in, and on an ongoing basis will sell, the receivables in the
accounts  designated  to the Trust owned by Centurion and FSB to RFC III and RFC
IV,  respectively.  RFC III and RFC IV, as  transferors  under the  pooling  and
servicing agreement, in turn transfer the receivables to the Trust.






                                     - 4 -


<PAGE>

         The Trust was formed for the purpose of acquiring and holding the Trust
assets and from time to time issuing asset-backed certificates under the pooling
and servicing agreement and one or more supplements  thereto,  including issuing
and selling certain  certificates to investors in underwritten  public offerings
("investor certificates").  Each certificate represents an undivided interest in
the Trust and the right to receive  payments of interest at a specified rate and
payments of principal at certain times during the term of the Trust. Each series
of investor  certificates  has its own supplement to govern the individual terms
and allocations applicable to such series.

         Information  concerning  the  performance  of the Trust assets for each
monthly due period of the Trust during 2005 was contained in monthly  servicer's
reports  provided to the trustee and filed monthly on Form 8-K, and  information
concerning  distributions  made on the investor  certificates  was  contained in
payment date statements prepared by the servicer and also filed on Form 8-K. The
servicer has  prepared a report that sets forth,  with respect to certain of the
items reported on in the monthly  servicer's  reports,  the aggregate  amount of
such items for the full year 2005 or, as applicable, the amount of such items as
of December 25, 2005, the last day of the last monthly due period in 2005.  This
report is filed as Exhibit 99.3.

Item 3.  Legal Proceedings

         American  Express Company and its affiliates  (collectively,  "American
Express"),  including  the servicer and the  originators,  are from time to time
subject to various pending or threatened legal proceedings  arising out of their
card  origination,  servicing  and merchant  network  services  activities.  The
potential  effect  of these  lawsuits  on the  certificates  issued by the Trust
cannot be predicted at this time.

         American  Express has been named in a number of purported class actions
in which the plaintiffs allege an unlawful  antitrust tying arrangement  between
American  Express' charge cards, on the one hand, and its credit cards and debit
cards,  on the other,  in  violation  of various  state and  federal  laws.  The
plaintiffs in these actions seek injunctive relief and an unspecified  amount of
damages. American Express filed a motion to dismiss all of the actions that were
filed prior to April 30, 2004 pending in the Southern  District of New York and,
with  respect to one case  pending  in  California,  to stay the action  pending
resolution  of the  motion to  dismiss.  A decision  on the  motion is  pending.
American  Express  filed a motion to  dismiss  an action  filed in the  Southern
District of New York  subsequent  to April 30,  2004,  and on July 1, 2005,  the
Court denied this motion.

         American  Express  has also  been  named  in  purported  class  actions
alleging that  American  Express'  policy  prohibiting  merchants  from imposing
restrictions  on the use of American  Express cards that are not imposed equally
on  other  forms of  payment  violates  U.S.  antitrust  laws.  The  suits  seek
injunctive  relief. The Company has moved to dismiss the complaint in one of the
actions and has not yet been served in the other action.


Item 4.  Submission of Matters to a Vote of Security Holders

         None.

                                    PART II

Item 5.  Market for Registrant's Common Equity, Related Stockholder Matters and
Issuer Purchasers of Equity Securities

         (a)      The  Registrant  has no voting  stock or class of common stock
                  outstanding as of the date of this report. To the Registrant's
                  knowledge,  there is no established  public trading market for
                  the   investor   certificates.    Certificates    representing
                  investors'  interests in the Trust that were publicly  offered
                  in the United States were delivered in book-entry form through
                  the  facilities of The  Depository  Trust Company  ("DTC"),  a
                  "clearing  agency"  registered  pursuant to the  provisions of
                  Section  17A of  the  Securities  Exchange  Act  of  1934,  as
                  amended.

         (b)      Not Applicable.

         (c)      Not Applicable.


                                     - 5 -
<PAGE>

Item 6.  Selected Financial Data

         Not Applicable.


Item 7.  Management's Discussion and Analysis of Financial Condition and Results
of Operation

         Not Applicable.


Item 7A. Quantitative and Qualitative Disclosure About Market Risk

         Not Applicable.


Item 8.  Financial Statements and Supplementary Data

         Not Applicable.


Item 9.  Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure

         None.


Item 9A. Controls and Procedures

         Not Applicable.


Item 9B. Other Information

         None.


                                    PART III


Item 10. Directors and Executive Officers of the Registrant

         Not Applicable.


Item 11. Executive Compensation

         Not Applicable.

















                                     - 6 -


<PAGE>

Item 12. Security Ownership of Certain Beneficial Owners and Management

         (a)      Certificates  representing  investors'  interests in the Trust
                  that were publicly offered in the United States were delivered
                  in  book-entry  form  through  the  facilities  of  DTC.  As a
                  consequence,  the  nominee  for DTC,  Cede & Co.,  is the sole
                  registered holder of such investor  certificates.  An investor
                  holding an interest in the Trust is not  entitled to receive a
                  certificate  representing  such  interest  except  in  limited
                  circumstances.  Cede & Co. holds the investor  certificates on
                  behalf  of   brokers,   dealers,   banks   and  other   direct
                  participants  in the  DTC  system.  DTC  participants  may own
                  investor  certificates  for their own account or hold them for
                  the accounts of their customers.  As of February 21, 2006, the
                  following direct DTC  participants  held positions in publicly
                  offered investor  certificates  representing  interests in the
                  Trust equal to or exceeding 5% of the total  principal  amount
                  of the  investor  certificates  of each  class of each  series
                  outstanding  on that date.  Information  on DTC  participants'
                  held positions is provided by DTC.

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2001-2 5.53%
                  ASSET BACKED
                  CERTIFICATES:     State Street Bank    $63,099,000     29.1%
                                      & Trust

                                    JP Morgan Chase      $40,350,000     18.6%

                                    Mellon Trust         $17,305,000      8.0%

                                    SSB Trust            $16,925,000      7.8%

                                    Northern Trust       $15,976,000      7.3%

                                    Harris Trust         $15,600,000      7.2%


                  CLASS B SERIES
                  2001-2 5.83%
                  ASSET BACKED
                  CERTIFICATES:     JP Morgan Chase      $15,000,000      100%


                  CLASS A SERIES
                  2001-3 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank   $206,350,000     33.3%
                                      & Trust

                                    Northern Trust      $164,500,000     26.5%

                                    Investors Bank       $60,115,000      9.7%

                                    JP Morgan/Prudential $55,750,000      9.0%

                                    SEI Private          $35,000,000      5.6%
                                      Investments

                                    JP Morgan Chase      $31,550,000      5.1%



                                     - 7 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS B SERIES
                  2001-3 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Citibank             $20,000,000     33.3%

                                    JP Morgan Chase      $10,000,000     16.6%

                                    Mellon Trust         $10,000,000     16.6%

                                    Bank of New York     $10,000,000     16.6%

                                    State Street Bank    $10,000,000     16.6%
                                      & Trust


                  CLASS A SERIES
                  2001-4 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank   $137,969,999     23.1%
                                      & Trust

                                    Mellon Trust        $119,766,000     20.0%

                                    Northern Trust      $107,892,000     18.0%

                                    Bank of New York     $77,548,000     12.9%

                                    JP Morgan Chase      $45,280,000      7.5%


                  CLASS B SERIES
                  2001-4 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank    $28,000,000     48.2%
                                      & Trust

                                    JP Morgan Chase      $25,000,000     43.1%

                                    Citibank              $5,000,000      8.6%


                  CLASS A SERIES
                  2001-5 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase      $62,140,000     15.1%

                                    WBNA - Main          $55,150,000     13.3%

                                    SEI Private          $50,000,000     12.1%
                                      Investments

                                    US Bank NA           $29,750,000      7.2%

                                    Mellon Trust         $28,500,000      6.9%





                                     - 8 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS B SERIES
                  2001-5 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Bank of New York     $20,000,000     50.0%

                                    JP Morgan Chase      $13,000,000     32.5%

                                    CGM/Salomon Bros.     $6,400,000     16.0%


                  CLASS A SERIES
                  2001-6 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $195,000,000     33.7%

                                    State Street Bank
                                      & Trust           $121,250,000     20.9%

                                    Northern Trust       $96,000,000     16.6%

                                    Mellon Trust         $66,500,000     11.5%

                                    Investors Bank       $51,500,000      8.9%


                  CLASS B SERIES
                  2001-6 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank    $33,900,000     60.5%
                                      & Trust

                                    JP Morgan Chase      $16,900,000     30.1%

                                    Brown Bros.          $5,200,000       9.2%


                  CLASS A SERIES
                  2001-7 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $171,949,000     32.1%

                                    State Street Bank   $115,250,000     21.5%
                                      & Trust

                                    Citibank             $76,690,000     14.3%

                                    PNC Bank NA          $33,500,000      6.2%

                                    Mellon Trust         $31,945,000      5.9%











                                     - 9 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS B SERIES
                  2001-7 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase      $22,000,000     42.3%

                                    State Street Bank    $18,000,000     34.6%
                                      & Trust

                                    Mellon Trust         $10,000,000     19.2%


                  CLASS A SERIES
                  2002-1 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $270,455,000     35.6%

                                    Citibank            $160,000,000     21.1%

                                    State Street Bank   $100,007,000     13.2%
                                      & Trust

                                    Bank of New York     $99,041,000     13.0%


                  CLASS B SERIES
                  2002-1 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank    $44,000,000     59.8%
                                      &  Trust

                                    JP Morgan Chase      $17,600,000     23.9%

                                    JP Morgan Chase/     $12,000,000     16.3%
                                      CCS2


                  CLASS A SERIES
                  2002-2 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $269,435,000     34.7%

                                    State Street Bank
                                      & Trust           $206,970,000     26.7%

                                    Bank of New York    $174,315,000     22.5%

                                    CITIDLRTEO           $60,000,000      7.7%


                  CLASS B SERIES
                  2002-2 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Mellon Trust         $27,700,000     36.8%

                                    JP Morgan Chase/     $10,000,000     13.3%
                                      CCS2




                                     - 10 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2002-3 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $342,340,000     45.10%

                                    State Street Bank
                                      & Trust           $178,720,000     23.54%

                                    Mellon Trust         $83,595,000     11.01%

                                    Bank of New York     $50,000,000      6.59%


                  CLASS B SERIES
                  2002-3 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $333,005,000     43.9%


                                    State Street Bank   $172,410,000     22.7%
                                      & Trust

                                    Bank of New York/    $50,000,000      6.7%
                                     SO GE

                                    Citibank             $40,800,000      5.4%


                  CLASS A SERIES
                  2002-5 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Citibank            $198,000,000     40.0%

                                    US Bank NA           $78,000,000     15.7%

                                    JP Morgan Chase/     $25,000,000      5.1%
                                      CCS2


                  CLASS B SERIES
                  2002-5 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank
                                      & Trust            $30,000,000     62.5%

                                    Bank of America      $17,650,000     36.7%








                                     - 11 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2002-6 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Mellon Trust        $189,650,000     31.9%

                                    JP Morgan Chase     $110,240,000     18.5%

                                    Bank of New York     $72,250,000     12.2%

                                    Bank of New York/    $60,000,000     10.1%
                                      SO GE

                                    State Street Bank    $59,500,000     10.0%
                                      & Trust

                                    UBS SECLLC           $50,000,000      8.4%


                  CLASS B SERIES
                  2002-6 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank    $20,000,000     34.7%
                                      & Trust

                                    JP Morgan Chase      $18,000,000     31.2%

                                    PNC Bank              $9,000,000     15.6 %

                                    Bank of Tokyo -
                                      Mitsubishi          $5,000,000      8.6%

                                    Pershing              $3,500,000      6.1%


                  CLASS A SERIES
                  2003-1 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $273,220,000     35.9%

                                    Mellon Trust        $152,790,000     20.1%

                                    State Street Bank    $82,260,000     10.8%
                                      & Trust

                                    Citibank             $69,500,000      9.2%

                                    JP Morgan Chase/     $60,000,000      7.9%
                                      CCS2

                                    Bank of New York     $56,880,000      7.5%

                                    Investors Bank       $46,825,000      6.2%






                                     - 12 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS B SERIES
                  2003-1 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Mellon Trust         $40,000,000     54.3%

                                    JP Morgan Chase/     $27,000,000     36.7%
                                      CCS2

                                   JP Morgan Chase        $4,000,000      5.4%


                  CLASS A SERIES
                  2003-2 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank   $175,024,000     19.3%
                                      & Trust

                                    Bank of New York     $99,594,000     10.9%

                                    Citibank             $74,000,000      8.2%

                                    Mellon Trust         $70,600,000      7.8%

                                    JP Morgan Chase/     $50,000,000      5.5%
                                      Broker

                  CLASS B SERIES
                  2003-2 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Sumi Trust           $20,000,000     22.7%

                                    Wells Bank NA        $17,000,000     19.3%

                                    Bank of New York     $15,000,000     17.0%

                                    Citibank             $14,000,000     15.9%

                                    JP Morgan Chase/     $12,000,000     13.6%
                                      CCS2

                                    Bank of New York/    $10,000,000     11.4%
                                      Prudential


                  CLASS A SERIES
                  2003-3 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank   $217,750,000     35.2%
                                      & Trust

                                    JP Morgan Chase     $180,150,000     29.1%

                                    Bank of New York     $63,900,000     10.3%

                                    SEI Private          $49,125,000      7.9%
                                      Investments

                                    JP Morgan Chase/     $32,000,000      5.2%
                                      CCS2



                                     - 13 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS B SERIES
                  2003-3 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase      $30,000,000     50.0%

                                    Sumi Trust           $10,000,000     16.7%

                                    Citibank              $9,000,000     15.0%

                                    WBNA - Main           $6,000,000     10.0%

                                    JP Morgan Chase/      $5,000,000      8.3%
                                      CCS2

                  CLASS A SERIES
                  2003-4 1.69%
                  ASSET BACKED
                  CERTIFICATES:     State Street Bank    $84,294,723     14.3%
                                      & Trust

                                    Northern Trust       $75,515,333     12.8%

                                    Mellon Trust         $69,951,000     11.9%

                                    JP Morgan Chase      $61,840,000     10.5%

                                    SSB Trust            $46,205,000      7.8%

                                    Bank of New York     $36,537,890      6.2%


                  CLASS B SERIES
                  2003-4 1.90%
                  ASSET BACKED
                  CERTIFICATES:     Bank of New York     $18,000,000     44.1%

                                    Mellon Trust          $7,585,000     18.6%

                                    JP Morgan Chase       $5,320,000     13.0%

                                    Brown Bros.           $3,085,000      7.6%

                                    Wachovia Bank NA      $2,710,000      6.6%

                                    SEI Private           $2,150,000      5.3%
                                      Investments










                                     - 14 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2004-1 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $258,000,000     38.6%

                                    Citibank            $184,000,000     27.5%

                                    State Street Bank    $95,000,000     14.2%
                                      & Trust

                                    Wells Bank NA        $35,000,000      5.2%


                  CLASS B SERIES
                  2004-1 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank    $19,740,000     32.7%
                                      & Trust

                                    Bank of New York     $16,615,000     27.7%

                                    JP Morgan Chase      $10,775,000     17.9%

                                    Mellon Trust          $5,000,000      8.3%

                                    Citibank              $3,470,000      5.8%

                                    Wells Bank NA         $3,000,000      5.0%


                  CLASS A SERIES
                  2004-2   FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     SSB Bank PFL         $66,150,000     19.8%

                                    JP Morgan Chase      $61,550,000     18.4%

                                    Brown Bros.          $60,400,000     18.1%

                                    Wachovia Bank NA     $50,000,000     14.9%

                                    Bank of New York     $30,500,000      9.1%

                                    Bank of New York/    $25,000,000      7.5%
                                      Barclays


                  CLASS B SERIES
                  2004-2 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank
                                      & Trust            $18,000,000     60.0%

                                    Bank of New York     $12,000,000     40.0%



                                     - 15 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2004-2 4.35%
                  ASSET BACKED
                  CERTIFICATES:     Mellon Trust        $131,190,000     25.1%

                                    JP Morgan Chase     $116,300,000     22.3%

                                    Bank of New York     $76,860,000     14.7%

                                    State Street Bank    $75,205,000     14.4%
                                      & Trust

                                    Northern Trust       $33,895,000      6.5%


                  CLASS B SERIES
                  2004-3 4.55%
                  ASSET BACKED
                  CERTIFICATES:     State Street Bank    $12,500,000     41.6%
                                      & Trust

                                    JP Morgan Chase       $8,720,000     29.1%

                                    Bank of New York      $3,550,000     11.8%

                                    Bank of America       $3,230,000     10.8%

                                    Merrill Lynch         $2,000,000      6.7%


                  CLASS A SERIES
                  2004-4 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $259,460,000     28.2%

                                    Citibank             $56,845,000      6.2%


                  CLASS B SERIES
                  2004-4 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase      $32,575,000     39.5%

                                    Bank of New York     $18,000,000     21.8%

                                    Citibank             $11,350,000     13.6%

                                    Alaska USA           $10,000,000     12.1%

                                    State Street Bank -   $5,000,000      6.1%
                                      PFL






                                     - 16 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2004-5 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank   $245,000,000     29.3%
                                      & Trust

                                    LaSalle Bank        $132,400,000     15.9%

                                    Northern Trust       $73,000,000      8.7%


                  CLASS B SERIES
                  2004-5 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase      $43,850,000     58.5%

                                    Citibank             $16,150,000     21.5%

                                    State Street Bank     $9,000,000     12.0%
                                      & Trust

                                    Brown Bros.           $6,000,000      8.0%


                  CLASS A SERIES
                  2005-1 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     JP Morgan Chase     $132,115,000     26.4%

                                    LaSalle Bank         $79,960,000     15.9%

                                    Mellon Trust         $72,095,000     14.4%

                                    Northern Trust       $70,975,000     14.2%

                                    State Street Bank    $57,345,000     11.4%
                                      & Trust


                  CLASS B SERIES
                  2005-1 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank -  $19,000,000     42.2%
                                      PFL

                                    JP Morgan Chase      $10,000,000     22.2%

                                    Citibank             $10,000,000     22.2%







                                     - 17 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                    CLASS A SERIES
                    2005-2 FLOATING
                    RATE ASSET
                    BACKED
                    CERTIFICATES:   Bank of New York    $210,000,000     41.9%

                                    JP Morgan Chase     $165,000,000     32.9%

                                    Brown Bros.          $75,000,000     14.9%

                                    US Bank NA           $41,000,000      8.2%


                    CLASS B SERIES
                    2005-2 FLOATING
                    RATE ASSET
                    BACKED
                    CERTIFICATES:   Bank of New York     $19,000,000     42.2%

                                    Citibank             $12,000,000     26.7%

                                    JP Morgan Chase/      $7,000,000     15.5%
                                      Broker

                                    Bank of New York/     $7,000,000     15.5%
                                      Barclays


                    CLASS A SERIES
                    2005-3 FLOATING
                    RATE ASSET
                    BACKED
                    CERTIFICATES:   JP Morgan Chase     $135,421,000     23.2%

                                    Mellon Trust        $112,302,000     19.2%

                                    Bank of New York     $70,100,000     11.9%

                                    Citibank             $41,000,000      7.0%

                                    Investors Bank       $38,400,000      6.6%


                    CLASS B SERIES
                    2005-3 FLOATING
                    RATE ASSET
                    BACKED
                    CERTIFICATES:   State Street Bank -  $28,500,000     54.3%
                                      PFL

                                    CGM/Salomon Bros.    $17,000,000     32.2%

                                    JP Morgan Chase       $7,000,000     13.3%











                                     - 18 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2005-4 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Bank of New York    $163,500,000     39.2%

                                    SEI Private          $73,000,000     17.5%
                                      Investments

                                    JP Morgan Chase      $53,000,000     12.7%

                                    State Street Bank    $50,000,000     11.9%
                                      & Trust

                                    Brown Bros.          $30,000,000      7.2%

                                    Citibank             $26,000,000      6.2%


                  CLASS B SERIES
                  2005-4 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank    $22,500,000     60.0%
                                      & Trust

                                    Alaska USA            $4,000,000     10.7%


                  CLASS A SERIES
                  2005-5 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Northern Trust      $274,555,000     29.9%

                                    JP Morgan Chase     $173,305,000     18.9%

                                    Citibank             $83,300,000      9.1%

                                    Bank of New York     $68,175,000      7.4%

                                    Investors Bank       $60,425,000      6.6%


                  CLASS B SERIES
                  2005-5 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank -  $30,000,000     36.4%
                                      PFL

                                    Citibank             $26,000,000     31.5%

                                    Bank of New York     $10,000,000     12.1%

                                    Mellon Trust         $10,000,000     12.1%

                                    JP Morgan Chase/      $6,500,000      7.9%
                                      CCS2





                                     - 19 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2005-6 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank   $169,130,000     28.9%
                                      & Trust

                                    Bank of New York    $115,510,000     19.8%

                                    JP Morgan Chase      $94,500,000     16.2%

                                    Northern Trust       $69,600,000     11.9%

                                    Citibank             $54,015,000      9.2%

                                    Mellon Trust         $51,600,000      8.8%


                  CLASS B SERIES
                  2005-6 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Bank of New York     $20,000,000     38.1%

                                    State Street Bank    $18,000,000     34.3%
                                      & Trust

                                    JP Morgan Chase      $13,000,000     24.8%


                  CLASS A SERIES
                  2005-7 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     Bank of New York    $289,500,000     49.5%

                                    JP Morgan Chase     $165,500,000     28.3%

                                    State Street Bank    $83,000,000     14.2%
                                      & Trust


                  CLASS B SERIES
                  2005-7 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank    $21,200,000     40.4%
                                      & Trust

                                    Citibank             $10,000,000     19.0%

                                    Mellon Trust         $10,000,000     19.0%

                                    Bank of New York/    $10,000,000     19.0%
                                      Barclays










                                     - 20 -


<PAGE>

                                                        Principal
                                                        Amount of       Percent
                                    Name                Certificates    of Class
                                    ----                ------------    --------

                  CLASS A SERIES
                  2005-8 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     UBS AG              $198,000,000     47.4%

                                    JP Morgan Chase     $108,000,000     25.9%

                                    Northern Trust       $86,000,000     20.6%


                  CLASS B SERIES
                  2005-8 FLOATING
                  RATE ASSET
                  BACKED
                  CERTIFICATES:     State Street Bank -  $20,000,000     53.3%
                                      PFL

                                    JP Morgan Chase       $9,000,000     24.0%

                                    Alaska USA            $8,500,000     22.7%


         The address of each of the above participants is:

              (a)   c/o The Depository Trust Company
                    55 Water Street
                    New York, New York 10041

              (b)   Not Applicable.

              (c)   Not Applicable.


Item 13. Certain Relationships and Related Transactions

         The Bank of New York, a New York banking  corporation,  acts as trustee
         under the Agreement. TRS and its affiliates may from time to time enter
         into  normal  banking and  trustee  relationships  with the Bank of New
         York.


Item 14. Principal Accountant Fees and Services

         Not Applicable.







                                     - 21 -


<PAGE>


                                     PART IV


Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K

         (a)  (1)   Not Applicable.

              (2)   Not Applicable.

              (3)   The exhibits filed in response to Item 601 of Regulation S-K
                    are listed in the  Exhibit Index.

         (b)  The exhibits filed in response to  Item 601  of Regulation S-K are
              listed in the Exhibit Index.

         (c)  Not Applicable.









                                     - 22 -
<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) 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 ACCOUNT MASTER TRUST
                                  Registrant

                                  By:  AMERICAN EXPRESS RECEIVABLES
                                       FINANCING CORPORATION II,
                                       Depositor of the Trust

                                       By: /s/  Maureen Ryan
                                           -----------------------
                                           Maureen Ryan
                                           President


                                  By:  AMERICAN EXPRESS RECEIVABLES
                                       FINANCING CORPORATION III LLC,
                                       Depositor of the Trust

                                       By: /s/  Andrea J. Moss
                                           -----------------------
                                           Andrea J. Moss
                                           President


                                  By:  AMERICAN EXPRESS RECEIVABLES
                                       FINANCING CORPORATION IV LLC,
                                       Depositor of the Trust

                                       By: /s/  Daniel L. Follett
                                           ------------------------
                                           Daniel L. Follett
                                           President




Date:  March 13, 2006


















                                     - 23 -


<PAGE>

                                  EXHIBIT INDEX

The  following  exhibits  are  filed as part of this  Annual  Report  or,  where
indicated,  were  heretofore  filed and are hereby  incorporated by reference (*
indicates exhibits electronically filed herewith).

4.1*     Pooling and  Servicing  Agreement,  dated May 16, 1996,  as amended and
         restated as of January 1, 2006.

4.2      Supplemental  Assumption  Agreement,   dated  June  27,  1996,  between
         American  Express  Centurion  Bank, as Assignor,  and American  Express
         Deposit  Corporation,  as  Assignee,  with  respect to the  Pooling and
         Servicing  Agreement  Governing  the American  Express  Credit  Account
         Master  Trust  (incorporated  by  reference to Exhibit 4.3 of Form 8-K,
         dated July 15, 1996, File No. 000-20787).

4.3      Series 2001-2 Supplement to the Pooling and Servicing Agreement,  dated
         March 23, 2001  (incorporated  by reference to Exhibit 5.1 of Form 8-K,
         dated March 23, 2001, File No. 000-20787).

4.4      Series 2001-3 Supplement to the Pooling and Servicing Agreement,  dated
         April 3, 2001  (incorporated  by  reference to Exhibit 5.1 of Form 8-K,
         dated March 30, 2001, File No. 000-20787).

4.5      Series 2001-4 Supplement to the Pooling and Servicing Agreement,  dated
         April 19, 2001  (incorporated  by reference to Exhibit 5.1 of Form 8-K,
         dated April 19, 2001, File No. 000-20787).

4.6      Series 2001-5 Supplement to the Pooling and Servicing Agreement,  dated
         May 9, 2001  (incorporated  by  reference  to Exhibit  5.1 of Form 8-K,
         dated as of May 9, 2001, File No. 000-20787).

4.7      Series 2001-6 Supplement to the Pooling and Servicing Agreement,  dated
         June 12, 2001  (incorporated  by  reference to Exhibit 5.1 of Form 8-K,
         dated June 12, 2001, File No. 000-20787).

4.8      Series 2001-7 Supplement to the Pooling and Servicing Agreement,  dated
         August 21, 2001  (incorporated by reference to Exhibit 5.1 of Form 8-K,
         dated August 21, 2001, File No. 000-20787).

4.9      Series 2002-1 Supplement to the Pooling and Servicing Agreement,  dated
         February  21, 2002  (incorporated  by  reference to Exhibit 5.1 of Form
         8-K, dated February 21, 2002, File No. 000-20787).










                                     - 24 -


<PAGE>

4.10     Series 2002-2 Supplement to the Pooling and Servicing Agreement,  dated
         April 25, 2002  (incorporated  by reference to Exhibit 4.1 of Form 8-K,
         dated April 25, 2002, File No. 000-20787).

4.11     Series 2002-3 Supplement to the Pooling and Servicing Agreement,  dated
         May 16, 2002  (incorporated  by  reference  to Exhibit 4.1 of Form 8-K,
         dated May 16, 2002, File No. 000-20787).

4.12     Series 2002-5 Supplement to the Pooling and Servicing Agreement,  dated
         July 17, 2002  (incorporated  by  reference to Exhibit 4.1 of Form 8-K,
         dated July 19, 2002, File No. 000-20787).

4.13     Series 2002-6 Supplement to the Pooling and Servicing Agreement,  dated
         August 15, 2002  (incorporated by reference to Exhibit 4.1 of Form 8-K,
         dated August 15, 2002, File No. 000-20787).

4.14     Series 2003-1 Supplement to the Pooling and Servicing Agreement,  dated
         February  20, 2003  (incorporated  by  reference to Exhibit 4.1 of Form
         8-K, dated February 20, 2003, File No. 000-20787).

4.15     Series 2003-2 Supplement to the Pooling and Servicing Agreement,  dated
         April 2, 2003  (incorporated  by  reference to Exhibit 4.1 of Form 8-K,
         dated April 2, 2003, File No. 000-20787).

4.16     Series 2003-3 Supplement to the Pooling and Servicing Agreement,  dated
         May 7, 2003  (incorporated  by  reference  to Exhibit  4.1 of Form 8-K,
         dated May 7, 2003, File No. 000-20787).

4.17     Series 2003-4 Supplement to the Pooling and Servicing Agreement,  dated
         June 18, 2003  (incorporated  by  reference to Exhibit 4.1 of Form 8-K,
         dated June 18, 2003, File No. 000-20787).

4.18     Series 2004-1 Supplement to the Pooling and Servicing Agreement,  dated
         March 1, 2004,  (incorporated  by reference to Exhibit 4.1 of Form 8-K,
         dated March 1, 2004, File No. 000-20787).

4.19     Series 2004-2 Supplement to the Pooling and Servicing Agreement,  dated
         June 2, 2004  (incorporated  by  reference  to Exhibit 4.1 of Form 8-K,
         dated June 2, 2004, File No. 000-20787).

4.20     Series 2004-3 Supplement to the Pooling and Servicing Agreement,  dated
         June 2, 2004  (incorporated  by  reference  to Exhibit 4.2 of Form 8-K,
         dated June 2, 2004, File No. 000-20787).

4.21     Series 2004-4 Supplement to the Pooling and Servicing Agreement,  dated
         August 17, 2004  (incorporated by reference to Exhibit 4.1 of Form 8-K,
         dated August 17, 2004, File No. 000-20787).







                                     - 25 -


<PAGE>

4.22     Series 2004-5 Supplement to the Pooling and Servicing Agreement,  dated
         September  23, 2004  (incorporated  by reference to Exhibit 4.2 of Form
         8-K, dated September 21, 2004, File No. 000-20787).

4.23     Series 2005-1 Supplement to the Pooling and Servicing Agreement,  dated
         March 24, 2005  (incorporated  by reference to Exhibit 4.1 of Form 8-K,
         dated March 24, 2005, File No. 000-20787).

4.24     Series 2005-2 Supplement to the Pooling and Servicing Agreement,  dated
         March 24, 2005  (incorporated  by reference to Exhibit 4.2 of Form 8-K,
         dated March 24, 2005, File No. 000-20787).

4.25     Series 2005-3 Supplement to the Pooling and Servicing Agreement,  dated
         June 17, 2005  (incorporated  by  reference to Exhibit 4.1 of Form 8-K,
         dated June 17, 2005, File No. 000-20787).

4.26     Series 2005-4 Supplement to the Pooling and Servicing Agreement,  dated
         June 17, 2005  (incorporated  by  reference to Exhibit 4.2 of Form 8-K,
         dated June 17, 2005, File No. 000-20787).

4.27     Series 2005-5 Supplement to the Pooling and Servicing Agreement,  dated
         July 21, 2005  (incorporated  by  reference to Exhibit 4.1 of Form 8-K,
         dated July 21, 2005, File No. 000-20787).

4.28     Series 2005-6 Supplement to the Pooling and Servicing Agreement,  dated
         August 18, 2005  (incorporated by reference to Exhibit 4.1 of Form 8-K,
         dated August 22, 2005, File No. 000-20787).

4.29     Series 2005-7 Supplement to the Pooling and Servicing Agreement,  dated
         August 18, 2005  (incorporated by reference to Exhibit 4.2 of Form 8-K,
         dated August 22, 2005, File No. 000-20787).

4.30     Series 2005-8 Supplement to the Pooling and Servicing Agreement,  dated
         November  22, 2005  (incorporated  by  reference to Exhibit 4.1 of Form
         8-K, dated November 22, 2005, File No. 000-20787).

10.1     Form of American Express Receivables  Financing Corporation II Purchase
         Agreement  (incorporated  by reference to Exhibit 10.1 of  Registration
         Statement on Form S-3, filed March 6, 1996, File No. 33-95784).

10.2     Receivables Purchase Agreement,  dated April 16, 2004, between American
         Express  Centurion  Bank and  American  Express  Receivables  Financing
         Corporation III LLC  (incorporated  by reference to Exhibit 4.3 of Form
         8-K, dated April 16, 2004, File No. 000-20787).

10.3     Receivables Purchase Agreement,  dated April 16, 2004, between American
         Express  Bank,   FSB  and  American   Express   Receivables   Financing
         Corporation  IV LLC  (incorporated  by reference to Exhibit 4.4 of Form
         8-K, dated April 16, 2004, File No. 000-20787).





                                     - 26 -
<PAGE>

31.1*    Certification   of  Maureen  Ryan   pursuant  to  Section  302  of  the
         Sarbanes-Oxley Act of 2002.

31.2*    Certification  of  Andrea  J.  Moss  pursuant  to  Section  302  of the
         Sarbanes-Oxley Act of 2002.

31.3*    Certification  of Daniel L.  Follett  pursuant  to  Section  302 of the
         Sarbanes-Oxley Act of 2002.

99.1*    Annual Servicer Compliance Statement.

99.2*    Annual Accountant's Report of PricewaterhouseCoopers LLP.

99.3*    Report Containing Aggregated Information for 2005.
























                                     - 27 -