<PAGE>


                                                                    EXHIBIT 99.1


                          ANNUAL SERVICER'S CERTIFICATE

                             AMERICAN EXPRESS TRAVEL
                         RELATED SERVICES COMPANY, INC.

                          AMERICAN EXPRESS MASTER TRUST

The  undersigned,  a duly authorized  representative  of American Express Travel
Related Services Company, Inc., as Servicer ("TRS"), pursuant to the Amended and
Restated  Master  Pooling and Servicing  Agreement,  dated as of May 1, 1998, as
amended by the First  Amendment to the Amended and Restated  Master  Pooling and
Servicing  Agreement,  dated as of October 1, 2001 (as amended and supplemented,
the  "Agreement"),  by and among TRS, as Servicer,  American  Express  Centurion
Bank, a Utah banking  institution,  and American Express  Receivables  Financing
Corporation,  each as  Transferor,  and The Bank of New York,  as  trustee  (the
"Trustee"),  does hereby certify to the best of his knowledge  after  reasonable
investigation that:

1.   TRS is as of the date hereof the Servicer under the Agreement.  Capitalized
terms used  in  this Certificate have their respective meanings set forth in the
Agreement.

2.   The undersigned is duly authorized pursuant to the Agreement to execute and
deliver this Certificate to the Trustee.

3.   This Certificate is delivered pursuant to Section 3.05 of the Agreement.

4.   A review  of  the activities of the Servicer during the calendar year ended
December 31, 2003 and of its performance under the Agreement was conducted under
my supervision.

5.   Based on such review, to the best of  my  knowledge, the Servicer has fully
performed all its obligations under the Agreement throughout  such calendar year
and no event which, with the giving of notice or passage of time  or both, would
constitute a Servicer Default has occurred and is continuing except as set forth
in paragraph 6 below.

6.   The following is a description of each Servicer Default in the  performance
of  the  Servicer's obligations or Early Amortization Event under the provisions
of  the  Agreement known to me  to have been made during the calendar year ended
December 31, 2003, which  set  forth  in  detail  (i) the nature  of  each  such
Servicer  Default  or  Early  Amortization  Event,  (ii) the action taken by the
Servicer,  if  any,  to  remedy each such Servicer Default or Early Amortization
Event, and (iii) the current status of each such default:      NONE.

IN WITNESS WHEREOF, the undersigned,  a duly authorized officer of the Servicer,
has duly executed this Certificate this 16th day of March, 2004.

                                              AMERICAN EXPRESS TRAVEL
                                              RELATED SERVICES COMPANY,
                                              INC., as Servicer

                                              By: /s/  Michael  Bender
                                                  ---------------------
                                              Name:  Michael Bender
                                              Title: Vice President
                                                     Global External Reporting