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

                                    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, 1998

                                       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 Nos. 000-20787-01; 000-20787-00

                  American Express Credit Account Master Trust
                            (Issuer of Certificates)

                         American Express Centurion Bank
                   Co-Originator of the Trust and a Transferor
                   -------------------------------------------
             (Exact name of registrant as specified in its charter)

         Utah                                                   11-2869526
---------------------------------                               ----------
(State or other jurisdiction                                 (I.R.S. Employer
of incorporation or organization)                           Identification No.)

6985 Union Park Center, Midvale, Utah                             84047
-------------------------------------                             -----
(Address of principal executive offices)                         (Zip code)

        Registrant's telephone number, including area code (801) 565-5000

              American Express Receivables Financing Corporation II
                   Co-Originator of the Trust and a Transferor
                   -------------------------------------------
             (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) 640-4473

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

        Securities registered pursuant to Section 12(g) of the Act: 
        Class A Series 1996-1 6.80% Asset Backed Certificates, 
        Class B Series 1996-l 6.95% Asset Backed Certificates, 
        Class A Series 1997-1 6.40% Asset Backed Certificates, 
        Class B Series 1997-1 6.55% Asset Backed Certificates,
        Class A Series 1998-1 Floating Rate Asset Backed Certificates and 
        Class B Series 1998-1 Floating Rate Asset Backed Certificates.

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. Not applicable.

State the aggregate market value of the voting stock held by  non-affiliates  of
the registrant: Not applicable.

                    Documents Incorporated By Reference: NONE
                    -----------------------------------------
<PAGE>


                                     PART I


Item 1. Business

     The American  Express  Credit Account Master Trust (the "Trust") was formed
pursuant to a Pooling and Servicing Agreement (the "Agreement"), dated as of May
16, 1996, among American Express Centurion Bank and American Express Receivables
Financing  Corporation  II ("RFC  II"),  each as an  originator  ("Originator"),
American Express Travel Related Services Company, Inc. ("TRS"), as servicer (the
"Servicer"),  and The Bank of New York,  as trustee (the  "Trustee").  RFC II, a
Delaware  corporation,  is a wholly owned subsidiary of TRS. It was incorporated
on August 7, 1995.  Its  principal  executive  offices  are located at 200 Vesey
Street, New York, New York. TRS is a wholly owned subsidiary of American Express
Company  ("American  Express").  It was incorporated in the State of New York on
May 3, 1982 and its principal executive offices are located at 200 Vesey Street,
New York,  New York.  American  Express  Centurion Bank was  incorporated  under
Delaware banking laws as a limited service bank in 1985. As of July 1, 1996, its
business  was  combined  by  merger  with  another  subsidiary  of TRS that is a
Utah-chartered,  FDIC-insured industrial loan company. The surviving institution
was renamed as American  Express  Centurion  Bank  ("Centurion").  Its principal
executive offices are located at 6985 Union Park Center, Midvale, Utah.

     The Trust was formed for the  purpose of  acquiring  and  holding the Trust
Assets (defined below) and from time to time issuing  asset-backed  certificates
(the  "Certificates")  under the Agreement and one or more  supplements  thereto
(each, a "Supplement"),  including  issuing and selling certain  Certificates to
investors in underwritten  public  offerings and private  placements  ("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 (each, a "Series") will have its own Supplement to govern
the individual terms and allocations applicable to such Series.

     The  property of the Trust (the  "Trust  Assets")  includes a portfolio  of
receivables  (the  "Receivables")  generated from time to time in a portfolio of
OptimaR Card, Optima Line of Credit and Sign & TravelR revolving credit accounts
and other charge or credit  accounts  (collectively,  the  "Accounts")  owned by
Centurion or other  eligible  account  owners  (each,  including  Centurion,  an
"Account Owner"), all monies due or to become due in payment of the Receivables,
all proceeds of such  Receivables  and any Series  Enhancement  provided for any
particular  Series or class of Certificates.  "Series  Enhancement" may include,
with respect to any Series or class of Certificates, the subordination of one or
more classes or Series of Certificates to one or more other classes or Series of
Certificates,  a letter of credit, a cash collateral guaranty, a cash collateral
account,  a surety bond, a collateral  interest,  a spread account, a guaranteed
rate agreement,  a maturity liquidity facility, a tax protection agreement or an
insurance policy.

     The  Receivables  that, to date, have been conveyed to the Trust arise from
Accounts  selected from Centurion's  portfolio and consist of amounts charged or
otherwise  borrowed by Account  holders for goods and services and cash advances
("Principal  Receivables"),  plus the related periodic finance charges,  amounts
charged to  Accounts in respect of late  charges  and  certain  other items (the
"Finance Charge Receivables").

     No Originator or Account Owner will act as a guarantor  with respect to any
payments  on the  Certificates,  and  neither the Trustee nor the holders of the
Certificates  will have general recourse against any Originator or Account Owner
or the assets of any Originator or Account Owner. Instead, the Trustee's and the
Certificateholders' only recourse in any action seeking to collect amounts owing
under the Certificates will be against, and limited to, the Trust Assets.

     Each Series of  Investor  Certificates  will  belong to a certain  group of
Series (each, a "Group"). The Series included in a particular Group will share a
common  distribution  date and other terms,  and certain cash collections may be
allocated among the Series within a Group (any Group for which  collections will
be so allocated  is  hereinafter  referred to as a  "Reallocation  Group").  The
Agreement and  Supplements  govern the  allocation of  collections in respect of
Principal  Receivables and Finance Charge  Receivables  between the interests of
the  transferors  and the  Investor  Certificateholders  and,  for the  Investor
Certificateholders,  to each Group,  based generally on the sum of the principal
amounts of Investor  Certificates for all Series in all Groups.  Each Supplement
will prescribe the manner in which collections will be allocated among Series.

                                       2
<PAGE>

     Each  Group may have a certain  number of Series  which  will  share,  to a
limited extent, the collections in respect of Principal  Receivables and Finance
Charge  Receivables  allocated  to  such  Group.  In  addition,  certain  excess
collections of Principal Receivables ("Shared Principal Collections") or Finance
Charge Receivables ("Excess Finance Charge  Collections")  allocated to a Series
in one Group that are not  required to make  distributions  with  respect to the
Certificates  of the  Series  in such  Group may be  shared  with the  Series in
another Group (each such Series is hereinafter referred to,  respectively,  as a
"Principal Sharing Series" and an "Excess Allocation Series").  For each Series,
the  Supplement  relating  to such  Series  will  govern the terms and timing of
payment  of  interest  and  principal  and the  allocations  of  collections  of
Principal  Receivables and Finance Charge  Receivables  among the various Series
within such Series' Group and among Series in a different Group.

     The Trust will not engage in any business activity other than acquiring and
holding the Trust Assets,  issuing  Certificates,  making  payments  thereon and
related activities.  Pursuant to the Agreement,  the Trustee will hold the Trust
Assets in trust for the benefit of the holders of the  Certificates,  and TRS or
any  successor  servicer,   as  the  Servicer,   will  be  responsible  for  the
administration  and  servicing  of the  Receivables.  The Trust has  issued  six
classes of Investor  Certificates:  Class A Series  1996-1  6.80%  Asset  Backed
Certificates  and  Class  B  Series  1996-1  6.95%  Asset  Backed   Certificates
(collectively,  the "Series 1996-1  Certificates"),  Class A Series 1997-1 6.40%
Asset  Backed  Certificates  and  Class  B  Series  1997-1  6.55%  Asset  Backed
Certificates (collectively,  the "Series 1997-1 Certificates"),  and on June 23,
1998,  the  Trust  issued  Class A Series  1998-1  Floating  Rate  Asset  Backed
Certificates  and Class B Series 1998-1 Floating Rate Asset Backed  Certificates
(collectively,  the "Series  1998-1  Certificates")  which have been  registered
under Section 12(g) of the  Securities  Exchange Act of 1934.  The Series 1998-1
Certificates  were offered  pursuant to a Prospectus  Supplement  dated June 17,
1998 to Prospectus dated June 17, 1998 issued under the Agreement and the Series
1998-1 Supplement dated as of June 23, 1998 to the Agreement (the "Series 1998-1
Supplement").  Interest on the Series 1998-1 Certificates  accrues from June 23,
1998 and is  payable  on July 14,  1998 and on the  fifteenth  day of each month
thereafter each of which is a Distribution  Date.  Principal with respect to the
Series  1998-1  Certificates  is  scheduled to be  distributed  on the June 2003
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and the Series 1998-1 Supplement.

     Information concerning the performance of the Trust Assets for each monthly
due period of the Trust is 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  is 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 monthly in the monthly Servicer's reports, the aggregate amount of such items
for the full  year  1998 or,  as  applicable,  the  amount  of such  items as at
December 25, 1998. This annual report is filed herewith as Exhibit 99.3.


Item 2.  Properties.

     See Exhibit 99.3.


Item 3.  Legal Proceedings.

     The Registrant knows of no material pending legal  proceedings with respect
to the  Trust,  involving  the  Trust,  the  Trustee,  the  Trust  Assets or the
Originators,   exclusive  of  ordinary  routine  litigation  incidental  to  the
Trustee's, Originators' or Servicer's duties under the Agreement.


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

     None.


                                       3
                                      
<PAGE>

                                     PART II


Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters.

    (a) To the best knowledge of the Registrant, there is no established public
trading market for the Investor Certificates.

    (b) The Investor  Certificates,  representing  investors'  interests in the
Trust,  were  delivered  in  book-entry  form  through  the  facilities  of  The
Depository  Trust  Company  ("DTC") and the nominee for DTC,  Cede & Co., is the
sole registered holder of the Investor Certificates.

    (c) Not applicable.


Item 6.  Selected Financial Data.

     Not applicable.


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

     Year 2000

     The Year 2000 ("Y2K") issue is the result of computer  programs having been
written  using two digits  rather than four to define a year.  Any programs that
have  time-sensitive  software may  recognize a date using "00" as the year 1900
rather than 2000.  American Express has conducted a comprehensive  review of its
computer systems and business processes  (including systems and processes of RFC
II and  Centurion)  to identify the major  systems that could be affected by the
Y2K issue.  Steps are being taken by American  Express to resolve any  potential
problems  including  modifications to existing  software and the purchase of new
software.  These  measures are  scheduled to be completed and tested on a timely
basis.  American  Express' goals are to complete  testing of critical systems by
early 1999 and to continue compliance efforts, including but not limited to, the
testing of systems on an  integrated  basis and  independent  validation of such
testing,  through 1999.** The costs related to the Y2K issue, which are expensed
by American  Express as incurred  have not had, nor are they  expected to have a
material  impact on RFC II's or  Centurion's  results of operations or financial
condition.** For further  discussion of American  Express'  addresing of the Y2K
issue,  please see pages 22 and 23 of American  Express'  1998 Annual  Report to
Shareholders, which discussion  is  incorporated  herein by  reference.

     Various  statements in this Y2K discussion  marked with two asterisks (**),
are  forward-looking  statements  which are subject to risks and  uncertainties.
Important  factors  that could  cause  results to differ  materially  from these
forward-looking  statments  include,  among other things, the ability of RFC II,
Centurion  and American  Express to  successfully  identify  systems  containing
two-digit  codes,  the  nature  and amount of  programming  required  to fix the
affected  systems,  the costs of labor and consultants  related to such efforts,
the continued  availability of such resources,  and the ability of third parties
that  interface  with RFC II,  Centurion  and American  Express to  successfully
address their Y2K issues.


Item 7a. Quantitative and Qualitative Disclosures About Market Risk.

     Not applicable.


Item 8.  Financial Statements and Supplementary Data.

     See Exhibit 99.3.


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

     None.

                                       4
<PAGE>
                                    PART III


Item 10. Directors and Executive Officers of the Registrant.

     Not applicable.


Item 11. Executive Compensation.

     Not applicable.


Item 12. Security Ownership of Certain Beneficial Owners and Management.

     (a) The Investor Certificates 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 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 January 22,  1999,  the
following  direct DTC  participants  held  positions  in  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:
<TABLE>
<CAPTION>
                                     Principal Amount
Name                                 of Certificates      Percent of Class
----                                 ---------------      ----------------
<S>                                <C>                     <C>
Class A Series 1996-1
6.80% Asset Backed
Certificates:

Bankers Trust Company                $ 76,153,000              8.8%

Boston Safe Deposit &                $120,940,000             13.9%
  Trust Company

Bank of Toyko -                      $ 80,000,000              9.2%
  Mitsubishi Trust Company

Chase Manhattan Bank                 $218,459,000             25.3%

Citibank, N.A.                       $ 64,960,000              7.5%

State Street Bank and Trust          $ 64,340,000              7.4%
  Company



Class B Series 1996-1
6.95% Asset Backed
Certificates:

Bankers Trust Company                $   4,250,000             7.1%

Chase Manhattan Bank                 $  38,000,000            63.3%

Commerce Bank of                     $   4,750,000             7.9%
  Kansas City

LBI - Lehman Government              $  10,000,000            16.7%
      Securities Inc.



                                       5

<PAGE>
                                    Principal Amount
Name                                 of Certificates      Percent of Class
----                                 ---------------      ----------------

Class A Series 1997-1
6.40% Asset Backed
Certificates:

The Bank of New York                 $ 49,230,000              5.7%

Bankers Trust Company                $154,798,000             17.9%

Boston Safe Deposit &                $ 60,171,000              6.9%
  Trust Co.

Citibank, N.A.                       $ 72,000,000              8.3%

First Union National Bank-           $ 77,400,000              8.9%
  Philadelphia

Chase Manhattan Bank                 $283,170,000             32.7%



Class B Series 1997-1
6.55% Asset Backed
Certificates:

The Bank of New York                 $ 14,000,000             23.3%

Chase Manhattan Bank                 $ 29,600,000             49.3%

State Street Bank and Trust          $ 10,000,000             16.7%
  Company



Class A Series 1998-1
Floating Rate Asset
Backed Certificates:

The Bank of New York                $ 55,000,000               6.7%

Bankers Trust Company               $120,000,000              14.5%

Boston Safe Deposit                 $116,000,000              14.1%
  and Trust Company

Chase Manhattan Bank                $223,800,000              27.1%

Citibank, N.A.                      $176,000,000              21.3%

Warburg Dillion Read LLC            $ 50,000,000               6.1%



Class B Series 1998-1
Floating Rate Asset
Backed Certificates:

Bankers Trust Company               $  68,000,000             85.0%

Chase Manhattan Bank                $  12,000,000             15.0%

</TABLE>



                                       6
<PAGE>


The address of each of the above participants is:

    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 acts as Trustee under the Agreement.


                                   PART IV


Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

     (a) Financial Statements:

             1.  Annual  Servicing  Statement Delivered to the Trustee (filed as
                 Exhibit 99.1).

             2.  Annual  Accountant's  Report  of  Ernst  &  Young LLP (filed as
                 Exhibit 99.2).

             3.  Annual  Report  containing Aggregate Information for the Fiscal
                 Year (filed as Exhibit 99.3).

     (b) Reports on Form 8-K:

             The  Trust  has filed the  following  reports  on Form 8-K for the
             monthly due periods occurring since December 26, 1997.

             1.  Form  8-K,  dated  February  19,  1998,  attaching  the Monthly
                 Servicer's  Certificate  for  the  due period December 26, 1997
                 to January 25, 1998.

             2.  Form  8-K,  dated  March  16,   1998,  attaching   the  Monthly
                 Servicer's  Certificate  for the due  period  January 26,  1998
                 through February 24, 1998.

             3.  Form  8-K,  dated  April  20,  1998,   attaching   the  Monthly
                 Servicer's   Certificate  for  the due period February 25, 1998
                 through March 26, 1998.

             4.  Form  8-K,  dated   May  15,   1998,   attaching   the  Monthly
                 Servicer's  Certificate  for  the  due  period  March 27,  1998
                 through April 25, 1998.

             5.  Form  8-K,  dated   June  15,  1998,   attaching   the  Monthly
                 Servicer's  Certificate  for  the  due  period  April 26,  1998
                 through May 25, 1998.

             6.  Form  8-K,  dated   July  15,  1998,   attaching   the  Monthly
                 Servicer's  Certificate  for  the  due  period   May  26,  1998
                 through June 24, 1998.

             7.  Form 8-K,  dated   August 17,  1998,   attaching   the  Monthly
                 Servicer's  Certificate  for  the  due   period  June 25,  1998
                 through July 24, 1998.

             8.  Form 8-K,  dated   September 15, 1998,  attaching  the  Monthly
                 Servicer's  Certificate  for  the  due   period  July 25,  1998
                 through August 25, 1998.

             9.  Form 8-K,  dated   October 15,  1998,   attaching   the Monthly
                 Servicer's  Certificate  for  the  due  period  August 26, 1998
                 through September 25, 1998.

                                       7
<PAGE>

            10.  Form 8-K,  dated   November 16, 1998,   attaching  the  Monthly
                 Servicer's Certificate for  the  due  period September 26, 1998
                 through October 25, 1998.

            11.  Form 8-K,  dated  December 15,  1998,   attaching  the  Monthly
                 Servicer's  Certificate for  the  due  period  October 26, 1998
                 through November 25, 1998.

            12.  Form 8-K,  dated  January  15,  1999,   attaching  the  Monthly
                 Servicer's  Certificate  for  the  due period November 26, 1998
                 through December 25, 1998.

            13.  Form 8-K,  dated  February  12,  1999,  attaching  the  Monthly
                 Servicer's  Certificate  for the  due  period December 26, 1998
                 through January 25, 1999.

            14.  Form  8-K,  dated  March  15,  1999,  attaching   the   Monthly
                 Servicer's  Certificate  for  the  due  period January 26, 1999
                 through February 24, 1999.


      (c) Exhibits:

             4.1 Pooling and  Servicing  Agreement  dated  as  of May  16,  1996
                 (incorporated   by   reference  to  Exhibit  4.1  of  Form 8-A 
                 filed by registrant on May 30, 1996, File No. 000-20787).

             4.2 Series  1996-1  Supplement  to  the   Pooling   and   Servicing
                 Agreement   dated   as  of   May  16,  1996   (incorporated  by
                 reference  to  Exhibit 4.2  of Form 8-A filed by  registrant on
                 May 30, 1996, File No. 000-20787).

             4.3 Supplemental  Assumption  Agreement  dated  as of 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 filed by  registrant
                 on July 16, 1996, File No. 000-20787).

             4.4 Series  1997-1   Supplement   to   the  Pooling  and  Servicing
                 Agreement  dated  as  of   August  28,  1997  (incorporated  by
                 reference  to  Exhibit 4.2  of Form 8A-12G dated  September 16,
                 1997, File Nos. 000-20787-01 and 000-20787-00).

             4.5 Assignment  No. 1  of  Receivables in Additional Accounts dated
                 as  of  August  7,  1997,  by   and   among   American  Express
                 Centurion  Bank  and  American  Express  Receivables  Financing
                 Corporation II, as  transferors,  and  The Bank of New York, as
                 trustee  (incorporated  by  reference  to  Exhibit 20.2 of Form
                 8-K   dated   August  15,  1997,  File  Nos. 000-20787-01   and
                 000-20787-00).

             4.6 Supplemental  Conveyance  No. 1  dated  as of August 7, 1997 by
                 and  between  American  Express  Credit  Corporation as  seller
                 and  American Express  Receivables  Financing Corporation II as
                 purchaser (incorporated  by  reference  to Exhibit 20.3 of Form
                 8-K   dated   August  15,  1997, File  Nos.   000-20787-01  and
                 000-20787-00).

             4.7 Series  1998-1  Supplement   to   the   Pooling  and  Servicing
                 Agreement  dated   as   of  June  23,  1998  (incorporated  by
                 reference  to  Exhibit  4.1  of  Form 8-K dated July 15,  1998,
                 File Nos. 000-20787-01 and 000-20787-00).

            10.1 Form   of    RFC  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).

            24.1 Power of Attorney for American Express Centurion Bank.

            24.2 Power  of  Attorney  for American Express Receivables Financing
                 Corporation II.

            99.1 Annual Servicing Statement Delivered to the Trustee.

                                       8
<PAGE>

            99.2 Annual Accountant's Report of Ernst & Young LLP.

            99.3 Annual  Report  Containing  Aggregated  Information  for  the 
                 Fiscal Year.

            99.4 Pages  22  through  23  of   American  Express  Company's  1998
                 Annual Report to Shareholders, discussing Year 2000.


































                                       9


<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


                                 AMERICAN EXPRESS CENTURION
                                 BANK,
                                 Co-originator of the Trust and Registrant



                                 By: /s/ Rhonda Halpern
                                     -------------------------
                                     Rhonda Halpern
                                     Chief Financial Officer,
                                     Treasurer and
                                     Chief Compliance Officer


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report  has  been  signed  by the  following  persons  in  the  capacities
indicated.


Signature                        Title

/s/ Frank L. SKillern         
------------------------
Frank L. Skillern                Director and Chairman

         *
------------------------
David Poulsen                    Director, President and Chief Executive Officer

         *
------------------------
Gilbert E. Ahye                  Director

         *
------------------------
Maria J.Garciaz                  Director

         *
------------------------
Ash Gupta                        Director

         *
------------------------
Peter A. Lefferts                Director

         *
------------------------
Raymond F. Pettit                Director

         *
------------------------
Rosalyn M. Watson                Director

         *
------------------------
James F. Welch                   Director



*By:  /s/ Robert D. Kraus
      --------------------
      Robert D. Kraus
      Attorney-in-Fact


Dated:  March 29, 1999


                                       10
<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

                                     AMERICAN EXPRESS RECEIVABLES
                                     FINANCING CORPORATION II,
                                     Co-originator of the Trust and Registrant



                                     By:  /s/ Leslie R. Scharfstein
                                          ---------------------------
                                          Leslie R. Scharfstein
                                          President


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report  has  been  signed  by the  following  persons  in  the  capacities
indicated.


Signature                            Title

         *
------------------------
John D. Koslow                       Director


         *
------------------------
Donald J. Puglisi                    Director


         *
------------------------
Jay B. Stevelman                     Director


         *
------------------------
Leslie R. Scharfstein                President
                                     (Principal Executive Officer)
         
         *
------------------------
Ellen J. Casey                       Vice President and Treasurer
                                     (Principal Finance Officer and
                                     Principal Accounting Officer)



*By:  /s/ Leslie R. Scharfstein
      ----------------------------
      Leslie R. Scharfstein
      Attorney-in-Fact






Dated:  March 29, 1999




                                       11

<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).

       Description                                                        

4.1    Pooling   and   Servicing   Agreement   dated  as  of  May  16,  1996
       (incorporated  by  reference  to  Exhibit  4.1 of Form  8-A  filed by
       registrant on May 30, 1996, File No. 000-20787-00).

4.2    Series 1996-1 Supplement to the Pooling and Servicing Agreement dated
       as of May 16, 1996  (incorporated by reference to Exhibit 4.2 of Form
       8-A filed by registrant on May 30, 1996, File No. 000-20787-00).

4.3    Supplemental  Assumption  Agreement dated as of 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
       filed by registrant on July 16, 1996, File No. 000-20787-00).

4.4    Series 1997-1 Supplement to the Pooling and Servicing Agreement dated
       as of August 28, 1997  (incorporated  by  reference to Exhibit 4.2 of
       Form 8A-12G dated  September  16, 1997,  File Nos.  000-20787-01  and
       000-20787-00).

4.5    Assignment No. 1 of  Receivables  in Additional  Accounts dated as of
       August 7, 1997,  by and among  American  Express  Centurion  Bank and
       American   Express   Receivables   Financing   Corporation   II,   as
       transferors,  and The Bank of New York, as trustee  (incorporated  by
       reference to Exhibit  20.2 of Form 8-K dated  August 15,  1997,  File
       Nos. 000-20787-01 and 000-20787-00).

4.6    Supplemental  Conveyance  No. 1 dated  as of  August  7,  1997 by and
       between  American  Express Credit  Corporation as seller and American
       Express   Receivables   Financing   Corporation   II   as   purchaser
       (incorporated  by  reference to Exhibit 20.3 of Form 8-K dated August
       15, 1997, File Nos. 000-20787-01 and 000-20787-00).

4.7    Series 1998-1 Supplement to the Pooling and Servicing Agreement dated
       as of June 23, 1998 (incorporated by reference to Exhibit 4.1 of Form
       8-K dated July 15, 1998, File Nos. 000-20787-01 and 000-20787-00).

10.1   Form of RFC 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).

24.1*  Power of Attorney for American Express Centurion Bank.

24.2*  Power of Attorney for American Express Receivables Financing 
       Corporation II.

99.1*  Annual Servicing Statement Delivered to the Trustee.

99.2*  Annual Accountant's Report of Ernst & Young LLP.

99.3*  Annual Servicing Statement Delivered to the Trustee.

99.4*  Pages 22 through 23 of American Express Company's 1998 Annual 
       Report to Shareholders, discussing Year 2000.