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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended: December 31, 2006
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For Transition period
 Commission
File Number of Issuing Entity: 333-130508-01
 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
   AMERICAN EXPRESS 
RECEIVABLES FINANCING 
CORPORATION II
    
    AMERICAN EXPRESS
FINANCING CORPORATION
III LLC
    
    AMERICAN EXPRESS
RECEIVABLES FINANCING
CORPORATION IV LLC
  AMERICAN EXPRESS CENTURION BANK
    
    AMERICAN EXPRESS BANK, FSB
  Delaware
(State or other jurisdiction of 
incorporation or organization of the issuing entity)
    
    Not Applicable
(I.R.S. Employer
Identification Number of
the issuing entity)c/o The Bank of New York
Corporate Trust
101 Barclay Street, New York
(Address of the principal
executive offices of the 
issuing entity)
    
    10286
(Zip Code of the
issuing entity)
 
 Securities registered pursuant to Section 12(b) of the Act:
 Securities
registered pursuant to Section 12(g) of the Act:
 o þ
 o þ
 þ o
 þ
  o o þ
 o þ
  DOCUMENTS INCORPORATED BY REFERENCE: NONE




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PART I
 The following Items have been omitted in accordance with General Instruction J to Form 10-K:
 
  
  
  
  
  
 Item 1B. Unresolved Staff Comments
  Substitute Information provided in accordance with General Instruction J to Form 10-K:
 
 Item 1112(b) of Regulation AB: Significant Obligors of Pool Assets (Financial Information).
  
 Item 1114(b)(2) of Regulation AB: Credit Enhancement and Other Support, Except for Certain
Derivatives Instruments (Financial Information).
  
 Item 1115(b) of Regulation AB: Certain Derivatives Instruments (Financial Information).
  
 Item 1117 of Regulation AB: Legal Proceedings.
  Homa American Express
Company et al 




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PART II
 The following Items have been omitted in accordance with General Instruction J to Form 10-K:
   
     Item 9B. Other Information
  PART III
 The following Items have been omitted in accordance with General Instruction J to Form 10-K:
      Substitute Information provided in accordance with General Instruction J to Form 10-K:
 Item 1119 of Regulation AB: Affiliations and Certain Relationships and Related Transactions
  Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria.




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Item 1123 of Regulation AB: Servicer Compliance Statement.
  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.




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SIGNATURES
  AMERICAN EXPRESS CREDIT
ACCOUNT MASTER TRUSTBy:
    
    AMERICAN EXPRESS RECEIVABLESFINANCING CORPORATION II,DepositorBy:
Name:
    
    /s/ Maureen Ryan

Maureen RyanTitle:
    
    PresidentBy:
    
    AMERICAN EXPRESS RECEIVABLESFINANCING CORPORATION III LLC,DepositorBy:
Name:
    
    /s/ Catherine M. Hogan

Catherine M. HoganTitle:
    
    PresidentBy:
    
    AMERICAN EXPRESS RECEIVABLESFINANCING CORPORATION IV LLC,DepositorBy:
Name:
    
    /s/ Robert Radle

Robert RadleTitle:
    
    President




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3.1
    
    Amended and Restated Limited Liability Company Agreement of American Express Receivables
Financing Corporation III LLC (incorporated by reference to Exhibit 3.1 to Registration No.
333-113579).3.2
    
    Amended and Restated Limited Liability Company Agreement of American Express Receivables
Financing Corporation IV LLC (incorporated by reference to Exhibit 3.2 to Registration No.
333-113579).4.1
    
    Pooling and Servicing Agreement, dated May 16, 1996, as amended and restated as of January 1,
2006 (incorporated by reference to Exhibit 4.1 of Form 10-K, dated March 13, 2006, File No.
000-20787).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
    
    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).4.4
    
    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).4.5
    
    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).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 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).4.8
    
    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).4.9
    
    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).4.10
    
    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).4.11
    
    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).4.12
    
    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).4.13
    
    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).4.14
    
    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).




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4.15
    
    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).4.16
    
    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).4.17
    
    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).4.18
    
    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).4.19
    
    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).4.20
    
    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).4.21
    
    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).4.22
    
    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).4.23
    
    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).4.24
    
    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).4.25
    
    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).4.26
    
    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).4.27
    
    Series 2006-1 Supplement to the Pooling and Servicing Agreement, dated June 14, 2006
(incorporated by reference to Exhibit 4.1 of Form 8-K, dated June 16, 2006, File No.
000-20787).4.28
    
    Series 2006-2 Supplement to the Pooling and Servicing Agreement, dated June 14, 2006
(incorporated by reference to Exhibit 4.2 of Form 8-K, dated June 16, 2006, File No.
000-20787).4.29
    
    Series 2006-3 Supplement to the Pooling and Servicing Agreement, dated August 15, 2006
(incorporated by reference to Exhibit 4.1 of Form 8-K, dated August 16, 2006, File No.
000-20787).4.30
    
    Series 2007-1 Supplement to the Pooling and Servicing Agreement, dated February 14, 2007
(incorporated by reference to Exhibit 4.1 of Form 8-K, dated February 15, 2007, File No.
000-20787).4.31
    
    Series 2007-2 Supplement to the Pooling and Servicing Agreement, dated February 14, 2007
(incorporated by reference to Exhibit 4.2 of Form 8-K, dated February 15, 2007, File No.
000-20787).4.32
    
    Series 2007-3 Supplement to the Pooling and Servicing Agreement, dated March 21, 2007
(incorporated by reference to Exhibit 4.2 of Form 8-K, dated March 21, 2007, 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).
 31.1*
    
    Certification of Maureen Ryan pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 pre-Regulation AB for the period from and including
January 1, 2006 to and including May 25, 2006 (the last day
of the distribution period before which the American Express Credit
Account Master Trust first issued securities subject to Regulation AB).




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31.2*
    
    Certification of Catherine M. Hogan pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 for the pre-Regulation AB period from and including
January 1, 2006 to and including May 25, 2006 (the last day
of the distribution period before which the American Express Credit
Account Master Trust first issued securities subject to Regulation AB).31.3*
    
    Certification of Robert Radle pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
for the pre-Regulation AB period from and including January 1, 2006 to and including May 25, 2006 (the last day
of the distribution period before which the American Express Credit
Account Master Trust first issued securities subject to Regulation AB).31.4*
    
    Certification of Maureen Ryan pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 for the post-Regulation AB period from and including
May 25, 2006 (the first day of the distribution period in which
the American Express Credit Account Master Trust first issued
securities subject to Regulation AB) to and including December 25, 2006.31.5*
    
    Certification of Catherine M. Hogan pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 for the post-Regulation AB period from and including May 25, 2006 (the first day of the distribution period in which
the American Express Credit Account Master Trust first issued
securities subject to Regulation AB) to and including December 25, 2006.31.6*
    
    Certification of Robert Radle pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
for the post-Regulation AB period from and including May 25, 2006 (the first day of the distribution period in which
the American Express Credit Account Master Trust first issued
securities subject to Regulation AB) to and including December 25, 2006.33.1*
    
    Report on Assessment of Compliance with Servicing Criteria of American Express Travel
Related Services Company, Inc., Amex Card Services Company, American Express Centurion Bank
and American Express Bank, FSB.33.2*
    
    Report on Assessment of Compliance
with Servicing Criteria of Regulus Group LLC.33.3*
    
    Report on Assessment of Compliance with Servicing Criteria of The Bank of New York.34.1*
    
    Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing
Criteria relating to American Express Travel Related Services Company, Inc., Amex Card
Services Company, American Express Centurion Bank and American Express Bank, FSB.34.2*
    
    Attestation Report of KPMG on Assessment of Compliance with Servicing Criteria relating to
Regulus Group LLC.34.3*
    
    Attestation Report of Ernst & Young on Assessment of Compliance with Servicing Criteria
relating to The Bank of New York.35.1*
    
    Servicer Compliance Statement of American Express Travel Related Services Company, Inc.35.2*
    
    Servicer Compliance Statement of Amex Card Services Company.35.3*
    
    Servicer Compliance Statement of American Express Centurion Bank.35.4*
    
    Servicer Compliance Statement of American Express Bank, FSB.35.5*
    
    Servicer Compliance Statement of Regulus West LLC.99.1
    
    Supplemental Servicing Agreement, dated as of June 30, 2004, among American Express Travel
Related Services Company, Inc., American Express Centurion Bank, American Express Bank, FSB,
American Express Receivables Financing Corporation II, American Express Receivables Financing
Corporation III LLC and American Express Receivables Financing Corporation IV LLC
(incorporated by reference to Exhibit 4.6 of Registration
Statement on Form S-3/A filed March 31, 2006, File No. 333-130508).99.2
    
    Form of Subservicing Agreement between American Express Travel Related Services Company, Inc.
and Amex Card Services Company (incorporated by reference to Exhibit 4.7 of Registration
Statement on Form S-3/A filed March 31, 2006, File No. 333-130508).99.3
    
    Remittance Processing Services Agreement between American Express Travel Related Services
Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.8 of Registration
Statement on Form S-3/A filed March 31, 2006, File No. 333-130508).
 7




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99.5
    
    Amendment Agreement Number FLL-05-6-MP01-04, dated as of March 22, 2006, between American
Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference
to Exhibit 4.8.1 of Registration Statement on Form S-3, filed
March 31, 2006, File No. 333-130508).99.6
    
    Amendment Agreement Number FLL-05-6-MP01-05, dated as of March 29, 2006, between American
Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference
to Exhibit 4.8.2 of Registration Statement on Form S-3, filed
March 31, 2006, File No. 333-130508).