<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  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 Agree-
ment.

         4. A review of the activities of the Servicer  during the calendar year
ended December 31, 1998 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, 1998,  which sets 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 19th day of March, 1999.

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

                                    By: /s/ Lawrence Fazzari
                                       ---------------------------------
                                       Name   Lawrence Fazzari
                                       Title: Vice President - Business Results


<PAGE>
                                                       EXHIBIT 99.2









REPORT OF INDEPENDENT ACCOUNTANTS


American Express Travel Related Services Company, Inc.
3 World Financial Center
200 Vesey Street
New York, New York 10285

American Express Centurion Bank
6985 Union Park Center, Suite 235
Midvale, UT 84047

American Express Receivables Financing Corporation
3 World Financial Center
200 Vesey Street
New York, New York 10285

         and

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


We have audited in accordance  with generally  accepted  auditing  standards the
consolidated  balance sheet of American Express Travel Related Services Company,
Inc.  (the  "Company")  as of December  31, 1998,  and the related  consolidated
statements  of income,  shareholder's  equity,  and cash flows for the year then
ended, and have issued our report thereon dated February 4, 1999.

In connection  with our audit,  nothing came to our attention  that caused us to
believe that the Company failed to comply with the terms, covenants, provisions,
or  conditions  of  Articles  III and IV and  Section  8.08 of the  Amended  and
Restated  Master  Pooling and Servicing  Agreement,  dated as of May 1, 1998, as
supplemented by the Series' 1992-2,  1993-1,  1994-1,  1994-2,  1994-3,  1996-1,
1996-2, and 1998-1 Supplements  (together the "Agreement"),  among the Company,
as Servicer,  American Express  Receivables  Financing  Corporation  ("RFC") and
American Express Centurion Bank ("Centurion"),  as transferors,  and The Bank of
New York ("BONY"), as Trustee on behalf of the  Certificateholders of the Trust,
insofar as they relate to accounting matters. However, our audit is not directed
primarily toward obtaining knowledge of such  noncompliance.  



<PAGE>

Also,  it  should   be   understood   that  we  make  no  representations  as to
questions  of legal  interpretation.  This  report is  intended  solely  for the
information and use of the Company,  RFC,  Centurion,  BONY,  Moody's  Investors
Services and Standard & Poor's  Corporation and is not intended to be and should
not be used by anyone other than these specified parties.  However,  this report
is a matter of public  record,  as a result of  inclusion  as an  exhibit to the
Annual Report to  Shareholders on Form 10-K filed by RFC on behalf of the Trust,
and its distribution is not limited.


                                   
March 15, 1999                                            /s/ Ernst & Young LLP





<PAGE>









REPORT OF INDEPENDENT ACCOUNTANTS



American Express Travel Related Services Company, Inc.
3 World Financial Center
200 Vesey Street
New York, New York 10285

American Express Centurion Bank
6985 Union Park Center, Suite 235
Midvale, UT 84047

American Express Receivables Financing Corporation
3 World Financial Center
200 Vesey Street
New York, New York 10285

         and

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

We have examined  management's  assertion  that American  Express Travel Related
Services Company,  Inc.  ("TRS"),  a wholly owned subsidiary of American Express
Company  ("American   Express"),   maintained   internal  control  policies  and
procedures  over the  functions  performed as Servicer of the  American  Express
Master Trust (the  "Trust")  that are  effective,  as of December  31, 1998,  in
providing  reasonable  assurance that Trust assets are safeguarded  against loss
from  unauthorized  use or  disposition  and that  transactions  are executed in
accordance with  management's  authorization  in conformity with the Amended and
Restated  Master  Pooling and Servicing  Agreement,  dated as of May 1, 1998, as
supplemented by the Series' 1992-2,  1993-1,  1994-1,  1994-2,  1994-3,  1996-1,
1996-2,  and  1998-1  Supplements  (together  the  "Agreement"),  among  TRS as
Servicer,   American  Express  Receivables  Financing  Corporation  ("RFC")  and
American Express Centurion Bank ("Centurion"),  as Transferors,  and The Bank of
New York, as Trustee on behalf of the  Certificateholders  of the Trust, and are
recorded properly to permit the preparation of the required  financial  reports.
This  assertion is included in the  accompanying  report of  management  titled,
"Report of Management on Master Trust Internal  Control  Policies and Procedures
and Pooling and Servicing Agreement Compliance" (the "Report").


<PAGE>

Our  examination  was  made in  accordance  with  standards  established  by the
American Institute of Certified Public  Accountants,  and accordingly,  included
obtaining an  understanding of the internal control policies and procedures over
the functions performed by TRS as Servicer of the Trust,  testing and evaluating
the design and operating effectiveness of the policies and procedures,  and such
other  procedures as we considered  necessary in the  circumstances.  We believe
that our examination provides a reasonable basis for our opinion.

Because of inherent  limitations  in any internal  control policy and procedure,
errors or irregularities may occur and not be detected. Also, projections of any
evaluation of the control  structure  policies and procedures over the functions
performed  by TRS as Servicer of the Trust to future  periods are subject to the
risk that the policies and procedures may become  inadequate  because of changes
in conditions  or that the degree of compliance  with the policies or procedures
may deteriorate.

In our opinion,  management's  assertion  that TRS maintained  internal  control
policies and  procedures  over the functions  performed as Servicer of the Trust
that are effective,  as of December 31, 1998, in providing  reasonable assurance
that  Trust  assets  are  safeguarded  against  loss  from  unauthorized  use or
disposition and that  transactions are executed in accordance with  management's
authorization in conformity with the Agreements between TRS as Servicer, RFC and
Centurion as Transferors,  and The Bank of New York, as Trustee on behalf of the
Certificateholders  of the  Trust,  and are  recorded  properly  to  permit  the
preparation of the required financial reports, is fairly stated, in all material
respects, based upon the criteria specified in the Report.

This  report is  intended  solely  for the  information  and use of the Board of
Directors and management of TRS as Servicer,  RFC and Centurion as  Transferors,
and The Bank of New York as Trustee on behalf of the  Certificateholders  of the
Trust,  and is not  intended  to be and should not be used by anyone  other than
these specified parties. However, this report is a matter of public record, as a
result of inclusion as an exhibit to the Annual Report to  Shareholders  on Form
10-K filed by RFC on behalf of the Trust, and its distribution is not limited.




March 15, 1999                                         /s/ Ernst & Young LLP


<PAGE>






              REPORT OF MANAGEMENT ON MASTER TRUST INTERNAL CONTROL
                POLICIES AND PROCEDURES AND POOLING AND SERVICING
                              AGREEMENT COMPLIANCE



Internal Control Policies and Procedures
----------------------------------------

American  Express Travel Related  Services  Company,  Inc.  ("TRS"),  which is a
wholly  owned  subsidiary  of  American  Express  Company,  is  responsible  for
establishing and maintaining effective control structure policies and procedures
over the functions  performed as Servicer of the American  Express  Master Trust
(the "Trust").  These policies and procedures are designed to provide reasonable
assurance  to TRS's  management  and board of  directors  that Trust  assets are
safeguarded   against  loss  from  unauthorized  use  or  disposition  and  that
transactions  are executed in  conformity  with the Amended and Restated  Master
Pooling and Servicing Agreement,  dated as of May 1, 1998 as supplemented by the
Series' 1992-2,  1993-1,  1994-1,  1994-2,  1994-3,  1996-1,  1996-2, and 1998-1
Supplements (together the "Agreement"), among TRS as Servicer, American Express
Receivables  Financing  Corporation  ("RFC") and American Express Centurion Bank
("Centurion")  as Transferors,  and The Bank of New York as Trustee on behalf of
the  Certificateholders  of the Trust,  and are recorded  properly to permit the
preparation of the required financial reports.

There are inherent  limitations  in any internal  control  policy and procedure,
including the possibility of human error and the  circumvention or overriding of
controls.  Accordingly,  even effective internal control policies and procedures
can provide only  reasonable  assurance  with respect to the  achievement of any
objectives of internal control.  Further, because of changes in conditions,  the
effectiveness  of the internal  control  policies and  procedures  may vary over
time.

TRS has  determined  that the objectives of its control  structure  policies and
procedures,  with respect to servicing and reporting of transferred receivables,
are to provide reasonable, but not absolute assurance that:

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

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


<PAGE>


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

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

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

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

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

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

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

TRS has assessed its internal control policies and procedures over the functions
performed  as Servicer of the Trust in  relation to these  criteria.  Based upon
this  assessment,  TRS  maintained  that, as of December 31, 1998,  its internal
control policies and procedures over the functions  performed as Servicer of the
Trust are  effective in  providing  reasonable  assurance  that Trust assets are
safeguarded   against  loss  from   unauthorized  use  or  disposition  and  the
transactions  are executed in  accordance  with  management's  authorization  in
conformity  with the  Agreement  among TRS as  Servicer,  RFC and  Centurion  as
Transferors,   and  The  Bank  of  New  York  as   Trustee   on  behalf  of  the
Certificateholders  of the  Trust,  and are  recorded  properly  to  permit  the
preparation of the required financial reports.

Pooling and Servicing Agreement Compliance
------------------------------------------

TRS  is  responsible  for  complying  with  the  Agreement.   TRS  assessed  its
compliance,  as of December 31, 1998 and for the annual  compliance  period then
ended, with the relevant  covenants and conditions  identified in the Agreement.
Based upon this  assessment  and the  delivery of the  independent  accountant's
letters  pursuant  to  Section  3.06  (a) and (b) of the  Agreement,  TRS was in
compliance,  as of December 31, 1998 and for the annual  compliance  period then
ended, with the relevant  covenants and conditions  identified in the Agreement.
In addition,  TRS did not identify any instances of  noncompliance in performing
the assessment.

March 15, 1999


<PAGE>




          American Express Travel Related Services Company, Inc. by:


                                        /s/ Kevin Mahoney
                                       ---------------------------
                                       Kevin Mahoney
                                       Senior Vice President
                                       Global Business Management and Analysis

               
                                        /s/ Gil Ahye
                                       ---------------------------
                                       Gil Ahye
                                       Senior Vice President & CFO,
                                       CCSG Finance


                                        /s/ Lawrence Fazzari
                                       ---------------------------
                                       Lawrence Fazzari
                                       Vice President, Business Results



                                        /s/ Michael Del Priore
                                       ---------------------------
                                       Michael Del Priore
                                       Director, Business Results


<PAGE>







                                                       EXHIBIT 99.3


                             Servicer's Certificate
             American Express Travel Related Services Company, Inc.
                                Annual Statement
       Relating to the Period January 1, 1998 through December 28, 1998

                  ----------------------------------------------
                          American Express Master Trust
                  ----------------------------------------------
            
      The  undersigned,  a duly  authorized representative  of American  Express
Travel Related  Services  Company,  Inc.  ("TRS"),  as Servicer  pursuant to the
Amended and Restated  Master Pooling and Servicing  Agreement dated as of May 1,
1998 (as amended,  the "Agreement"),  as supplemented by the Series Supplements,
amongst TRS, American Express Receivables  Financing  Corporation  ("RFC"),  and
American Express Centurion Bank (AECB) as Transferors, and The Bank of New York,
as Trustee, does hereby certify the information set forth below.

1.    Capitalized  terms  used  in this  Certificate  have  their  respective
meanings  as set forth in the  Agreement  or Series  Supplement  as  applicable.
References  herein to certain  sections and  subsections  are  references to the
respective sections and subsections in the Agreement.

2.    TRS is Servicer under the Agreement.
      
3.    The undersigned is a Servicing Officer.
     
4.    This Certificate relates to the period from January 1 through
             December 28, 1998.
      
A.    Information Regarding the American Express Master Trust
      
1.    Trust Principal Component at
            January 1, 1998.....                             $6,877,683,509.84
      
2.    Aggregate Invested Amounts at 
            January 1, 1998.....                             $3,467,753,466.00
      
3.    Transferor Amount at  
            January 1, 1998.....                             $3,409,930,043.84
      
4.    Trust Principal Component at
            December 28, 1998.....                           $6,618,962,209.69
      
5.    Aggregate Invested Amounts at 
            December 28, 1998.....                           $4,208,494,207.00
      
6.    Transferor Amount at  
            December 28, 1998.....                           $2,410,468,002.69


B.    Information Regarding Performance of the American Express Master Trust
       Receivable Pool

1.    The aggregate Receivable balance as of 

   (a) January 1, 1998 was equal to.....                     $7,090,395,370.96
   (b) December 28, 1998 was equal to.....                   $6,823,672,381.13

<PAGE>


                          Servicer's Certificate
            American Express Travel Related Services Company, Inc.
      Relating to the Period January 1, 1998 through December 28, 1998

2.    The Yield Factor in effect from January 1 through
       December 28, 1998 was equal to.....                             3.0000%

3. (a)The aggregate amount of Collections on Receivables,
       exclusive of recoveries for the period January 1
       through December 28, 1998 was equal to.....          $53,874,581,902.59

3. (b)The aggregate balance of Receivables 
       deposited to the Collection Account
       pursuant to Sections 2.04(d) and 3.03
       of the Agreement for the period January 1
       through December 28, 1998 was equal to.....          $            0.00

4.    The aggregate amount of Principal Collections 
       for the period January 1 through December 28, 1998 
       was equal to.....                                    $52,258,344,445.51

5.    The aggregate amount of Yield Collections
       for the period January 1 through December 28, 1998 
       was equal to.....                                    $ 1,616,237,457.08

6.    Gross Losses
       [The aggregate amount of Receivables for all Accounts
       which became Defaulted Accounts during the period 
       January 1 through December 28, 1998 
       was equal to]...                                     $   282,235,091.05

7.    The aggregate amount of Recoveries
       for the period January 1 through December 28, 1998 
       was equal to.....                                    $    64,970,764.66

8. (a)Net Losses [Gross Losses, less Recoveries]
       for the period January 1 through December 28, 1998 
       was equal to.....                                    $   217,264,326.39

8. (b)The Default Amount [Net Losses, times
       (1 minus the Yield Factor)]
       for the period January 1 through December 28, 1998 
       was equal to.....                                    $   210,746,396.60
  

C.    Information Regarding Performance of the American Express Master Trust
            Receivable Pool (Percentage Basis)

1.    The aggregate amount of Charge Volume and Fees
       for the period January 1 through 
       December 28, 1998.....                               $53,890,093,748.15

2.    Computed yield as a percentage of Charge Volume 
       and Fees [Yield Collections for the period 
       January 1 through December 28, 1998 divided by the 
       aggregate amount of Charge Volume and Fees for the 
       period January 1 through December 28, 1998.....                 2.9991%
 

                                      - 2 -

<PAGE>

                              Servicer's Certificate
            American Express Travel Related Services Company, Inc.
      Relating to the Period January 1, 1998 through December 28, 1998

3.    Gross Losses as a percentage of Charge Volume 
       and Fees [Gross Losses, divided by the 
       aggregate amount of Charge Volume and Fees for the 
       period January 1 through December 28, 1998.....                 0.5237%

4.    Recovery rate [Recoveries, divided by the 
       aggregate amount of Charge Volume and Fees for the 
       period January 1 through December 28, 1998.....                 0.1206%

5.    Net Losses as a percentage of Charge Volume 
       and Fees [Net Losses, divided by the 
       aggregate amount of Charge Volume and Fees for the 
       period January 1 through December 28, 1998.....                 0.4032%

6.    Computed Net Yield as a percentage of Charge Volume 
       and Fees [Yield Collections less net Net Losses,
       divided by the aggregate amount of Charge Volume and 
       Fees for the period January 1 through 
       December 28, 1998.....                                          2.5960%

7.    Mean monthly Payment rate
       [Average of the Average Monthly Payment Rates
       reported for the Due Periods in 1998].....                     79.4060%

8.    Mean Receivable turnover rate [Average of
       the Receivable Turnover Rates reported for the Due 
       Periods in 1998].....                                           9.0825


       


IN WITNESS WHEREOF, the undersigned has duly executed this 
Certificate this 11th day of March, 1999.
                




                                             American Express
                                             Travel Related Services
                                             Company, Inc.
                                             Servicer,


                                             By: /s/ Lawrence Fazzari
                                                ------------------------------
                                                Name:    Lawrence Fazzari
                                                Title:   Vice President
                                                         Business Results


                                         - 3 -
<PAGE>
            -----------------------------------------------------
            American Express Travel Related Services Company, Inc.
                American Express Master Trust, Series 1992-2
            -----------------------------------------------------
          
         Schedule - to Year End Servicer's Certificate with respect 
                     to the Series 1992-2 Certificates


A.     Information Regarding American Express Master Trust aggregated for the
        period January 1 through December 28, 1998 allocated to Series
        1992-2.

1.     Yield Collections allocated to Series 1992-2.....     $  150,262,845.18

2.     Principal Collections allocated to 
        Series 1992-2 during the Revolving Period,
        treated as Excess principal Collections.....         $4,858,498,660.71

3.     The Investor Default Amount allocated to 
        Series 1992-2.....                                   $   19,595,790.83

4.     Total amount of Interest distributed to holders
        of Series 1992-2                                     $   33,000,000.00

5.     Total amount of Principal distributed to 
        holders of Series 1992-2                             $            0.00







IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this 11th day of March, 1999.
                




                                      American Express
                                      Travel Related Services Company, Inc.
                                      Servicer,


                                      by: /s/ Lawrence Fazzari
                                         -----------------------------------
                                         Name:  Lawrence Fazzari
                                         Title: Vice President
                                                Business Results





<PAGE>

            -----------------------------------------------------
            American Express Travel Related Services Company, Inc.
                American Express Master Trust, Series 1993-1
            -----------------------------------------------------
          
         Schedule - to Year End Servicer's Certificate with respect 
                     to the Series 1993-1 Certificates


A.     Information Regarding American Express Master Trust aggregated for the
        period January 1 through December 28, 1998 allocated to Series
        1993-1.

1.     Yield Collections allocated to Series 1993-1.....     $  180,315,414.27

2.     Principal Collections allocated to 
        Series 1993-1 during the Revolving Period,
        treated as Excess principal Collections.....         $5,830,198,394.69

3.     The Investor Default Amount allocated to 
        Series 1993-1.....                                   $   23,514,949.00

4.     Total amount of Interest distributed to holders
        of Series 1993-1                                     $   32,250,000.00

5.     Total amount of Principal distributed to 
        holders of Series 1993-1                             $            0.00







IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this 11th day of March, 1999.
                




                                      American Express
                                      Travel Related Services Company, Inc.
                                      Servicer,


                                      by: /s/ Lawrence Fazzari
                                         -----------------------------------
                                         Name:  Lawrence Fazzari
                                         Title: Vice President
                                                Business Results




<PAGE>

            -----------------------------------------------------
            American Express Travel Related Services Company, Inc.
                American Express Master Trust, Series 1994-1
            -----------------------------------------------------
          
         Schedule - to Year End Servicer's Certificate with respect 
                     to the Series 1994-1 Certificates


A.     Information Regarding American Express Master Trust aggregated for the
        period January 1 through December 28, 1998 allocated to Series
        1994-1.

1.     Yield Collections allocated to Series 1994-1.....     $   59,567,646.54

2.     Principal Collections allocated to 
        Series 1994-1 during the Revolving Period,
        treated as Excess principal Collections.....         $1,926,020,571.43

3.     The Investor Default Amount allocated to 
        Series 1994-1.....                                   $    8,064,296.77

4.     Total amount of Interest distributed to holders
        of Series 1994-1                                     $   21,450,000.00

5.     Total amount of Principal distributed to 
        holders of Series 1994-1                             $  317,460,317.00







IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this 11th day of March, 1999.
                




                                      American Express
                                      Travel Related Services Company, Inc.
                                      Servicer,


                                      by: /s/ Lawrence Fazzari
                                         -----------------------------------
                                         Name:  Lawrence Fazzari
                                         Title: Vice President
                                                Business Results






<PAGE>

            -----------------------------------------------------
            American Express Travel Related Services Company, Inc.
                American Express Master Trust, Series 1994-2
            -----------------------------------------------------
          
         Schedule - to Year End Servicer's Certificate with respect 
                     to the Series 1994-2 Certificates


A.     Information Regarding American Express Master Trust aggregated for the
        period January 1 through December 28, 1998 allocated to Series
        1994-2.

1.     Yield Collections allocated to Series 1994-2.....     $   90,157,706.99

2.     Principal Collections allocated to 
        Series 1994-2 during the Revolving Period,
        treated as Excess principal Collections.....         $2,915,099,192.75

3.     The Investor Default Amount allocated to 
        Series 1994-2.....                                   $   11,757,474.48

4.     Total amount of Interest distributed to holders
        of Series 1994-2                                     $   22,800,000.00

5.     Total amount of Principal distributed to 
        holders of Series 1994-2                             $            0.00







IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this 11th day of March, 1999.
                




                                      American Express
                                      Travel Related Services Company, Inc.
                                      Servicer,


                                      by: /s/ Lawrence Fazzari
                                         -----------------------------------
                                         Name:  Lawrence Fazzari
                                         Title: Vice President
                                                Business Results







<PAGE>


            -----------------------------------------------------
            American Express Travel Related Services Company, Inc.
                American Express Master Trust, Series 1994-3
            -----------------------------------------------------
          
         Schedule - to Year End Servicer's Certificate with respect 
                     to the Series 1994-3 Certificates


A.     Information Regarding American Express Master Trust aggregated for the
        period January 1 through December 28, 1998 allocated to Series
        1994-3.

1.     Yield Collections allocated to Series 1994-3.....     $   90,157,706.99

2.     Principal Collections allocated to 
        Series 1994-3 during the Revolving Period,
        treated as Excess principal Collections.....         $2,915,099,192.75

3.     The Investor Default Amount allocated to 
        Series 1994-3.....                                   $   11,757,474.48

4.     Total amount of Interest distributed to holders
        of Series 1994-3                                     $   23,550,000.00

5.     Total amount of Principal distributed to 
        holders of Series 1994-3                             $            0.00







IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this 11th day of March, 1999.
                




                                      American Express
                                      Travel Related Services Company, Inc.
                                      Servicer,


                                      by:  /s/ Lawrence Fazzari
                                         -----------------------------------
                                         Name:  Lawrence Fazzari
                                         Title: Vice President
                                                Business Results






<PAGE>


            -----------------------------------------------------
            American Express Travel Related Services Company, Inc.
                American Express Master Trust, Series 1996-1
            -----------------------------------------------------
          
         Schedule - to Year End Servicer's Certificate with respect 
                     to the Series 1996-1 Certificates


A.     Information Regarding American Express Master Trust aggregated for the
        period January 1 through December 28, 1998 allocated to Series
        1996-1.

1.     Yield Collections allocated to Series 1996-1.....     $  291,672,366.01

2.     Principal Collections allocated to 
        Series 1996-1 during the Revolving Period,
        treated as Excess principal Collections.....         $9,430,739,834.31

3.     The Investor Default Amount allocated to 
        Series 1996-1.....                                   $   38,037,018.85

4.     Total amount of Interest distributed to holders
        of Series 1996-1                                     $   55,211,444.50

5.     Total amount of Principal distributed to 
        holders of Series 1996-1                             $            0.00







IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this 11th day of Mqrch, 1999.
               




                                      American Express
                                      Travel Related Services Company, Inc.
                                      Servicer,


                                      by: /s/ Lawrence Fazzari
                                         -----------------------------------
                                         Name:  Lawrence Fazzari
                                         Title: Vice President
                                                Business Results








<PAGE>

            -----------------------------------------------------
            American Express Travel Related Services Company, Inc.
                American Express Master Trust, Series 1996-2
            -----------------------------------------------------
          
         Schedule - to Year End Servicer's Certificate with respect 
                     to the Series 1996-2 Certificates


A.     Information Regarding American Express Master Trust aggregated for the
        period January 1 through December 28, 1998 allocated to Series
        1996-2.

1.     Yield Collections allocated to Series 1996-2.....     $   92,107,062.86

2.     Principal Collections allocated to 
        Series 1996-2 during the Revolving Period,
        treated as Excess principal Collections.....         $2,978,128,365.83

3.     The Investor Default Amount allocated to 
        Series 1996-2.....                                   $   12,011,690.15

4.     Total amount of Interest distributed to holders
        of Series 1996-2                                     $   17,343,943.01

5.     Total amount of Principal distributed to 
        holders of Series 1996-2                             $            0.00







IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this 11th day of March, 1999.
                




                                      American Express
                                      Travel Related Services Company, Inc.
                                      Servicer,


                                      by: /s/ Lawrence Fazzari
                                         -----------------------------------
                                         Name:  Lawrence Fazzari
                                         Title: Vice President
                                                Business Results








<PAGE>

            -----------------------------------------------------
            American Express Travel Related Services Company, Inc.
                American Express Master Trust, Series 1998-1
            -----------------------------------------------------
          
         Schedule - to Year End Servicer's Certificate with respect 
                     to the Series 1998-1 Certificates


A.     Information Regarding American Express Master Trust aggregated for the
        period January 1 through December 28, 1998 allocated to Series
        1996-2.

1.     Yield Collections allocated to Series 1998-1.....     $  300,525,690.64

2.     Principal Collections allocated to 
        Series 1998-1 during the Revolving Period,
        treated as Excess principal Collections.....         $9,716,997,330.60

3.     The Investor Default Amount allocated to 
        Series 1998-1.....                                   $   39,191,581.69

4.     Total amount of Interest distributed to holders
        of Series 1998-1                                     $   34,416,666.62

5.     Total amount of Principal distributed to 
        holders of Series 1998-1                             $            0.00







IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this 11th day of March,  1999.
             




                                      American Express
                                      Travel Related Services Company, Inc.
                                      Servicer,


                                      by: /s/ Lawrence Fazzari
                                         -----------------------------------
                                         Name:  Lawrence Fazzari
                                         Title: Vice President
                                                Business Results
<PAGE>



                                                                 Exhibit 99.4

                             PAGES 22 THROUGH 23 OF
                           AMERICAN EXPRESS COMPANY'S
                              1998 ANNUAL REPORT TO
                            SHAREHOLDERS, DISCUSSING
                                    YEAR 2000

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.  Some programs may recognize
a date using "00" as the year 1900  rather  than  2000.  This  misinterpretation
could  result in the failure of major  systems or  miscalculations,  which could
have a material impact on the Company and its businesses or subsidiaries through
business interruption or shutdown, financial loss, reputational damage and legal
liability to third parties.  The Company began  addressing the Y2K issue in 1995
and has  established  a plan for  resolution,  which  involves the  remediation,
decommissioning  and  replacement  of  relevant  systems,  including  mainframe,
mid-range  and  desktop  computers,  application  software,  operating  systems,
systems software,  date back-up archival and retrieval  services,  telephone and
other communications  systems, and hardware peripherals and facilities dependent
on embedded  technology.  As a part of our plan, we have generally  followed and
utilized  the  specific  policies  and  guidelines  established  by the  Federal
Financial   Institutions   Examination  Council,  as  well  as  other  U.S.  and
international regulatory agencies.  Additionally,  we continue to participate in
Y2K related  industry  consortia  sponsored by various  partners and  suppliers.
Progress is reviewed regularly with the Company's senior management and Board of
Directors.

Our Y2K  compliance  effort related to  information  technology  (IT) systems is
divided into two initiatives. The first, which is the much larger initiative, is
known   internally  as   "Millenniax,"   and  relates  to  mainframe  and  other
technological   systems   maintained  by  the  American   Express   Technologies
organization  (AET).  The  second,   known  as  "Business  T,"  relates  to  the
technological  assets that are owned,  managed or  maintained  by the  Company's
individual business units. Business T also encompasses the remediation of non-IT
systems.  These  initiatives  involve  a  substantial  number of  employees  and
external  consultants.  This multiple  sourcing approach is intended to mitigate
the risk of becoming  dependent  on any one vendor or  resource.  While the vast
majority of our systems that require modification are being remediated,  in some
cases we have  chosen  to  migrate  to new  applications  that are  already  Y2K
compliant.

The Company's  plans for  remediation  with respect to Millenniax and Business T
include the following program phases:  (i) employee  awareness and mobilization,
(ii)  inventory   collection  and  assessment,   (iii)  impact  analysis,   (iv)
remediation/decommission,  (v) testing and (vi)  implementation.  As part of the
first three phases,  we have identified the Company's  mission-critical  systems
for purposes of  prioritization.  The Company's 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,  


                                      22
<PAGE>
through 1999.* We are currently on schedule to meet these goals. With respect to
systems maintained by the Company, the first three phases referred to above have
been  substantially  completed for both  Millenniax and Business T. In addition,
remediation of critical  systems is substantially  complete.  As of December 31,
1998, for Millenniax, the  remediation/decommission,  testing and implementation
phases for  critical  and  non-critical  systems  in total are 82%,  75% and 60%
complete,  respectively.  For  Business  T,  such  phases  are 85%,  70% and 69%
complete,  respectively.  Certain  critical  systems  have already been made Y2K
compliant,  such  as the  Worldwide  Credit  Authorization  System,  and we have
completed  testing of the global point of sale  infrastructure.  As a result, we
have begun issuing Year 2000 dated charge and credit cards.

Our most commonly used  methodology for remediation is the sliding window.  Once
an  application/system  has been  remediated,  we apply specific types of tests,
such as stress,  regression,  unit,  future date and baseline to ensure that the
remediation   process  has  achieved  Y2K  compliance   while   maintaining  the
fundamental data processing  integrity of the particular  system. To assist with
remediation and testing, we are using various standardized tools obtained from a
variety of vendors.

The Company's  cumulative costs since inception of the Y2K initiatives were $383
million  through  December  31,  1998 and are  estimated  to be in the  range of
$135-$160   million  for  the  remainder   through  2000.*  These  include  both
remediation  costs  and  costs  related  to  replacements  that  were or will be
required as a result of Y2K. These costs, which are expensed as incurred, relate
to both  Millenniax  and Business T, and have not had, nor are they  expected to
have,  a material  adverse  impact on the  Company's  results of  operations  or
financial  condition.* Costs related to Millenniax,  which represent most of the
total Y2K costs of the Company, are managed by and included in the Corporate and
Other  segment;  costs  related  to  Business  T are  included  in the  business
segments.  Y2K costs related to Millenniax  represent  14%, 6% and 1% of the AET
budget for the years  1998,  1999 and 2000,  respectively.  The  Company has not
deferred other critical  technology  projects or investment spending as a result
of Y2K. However,  because the Company must continually prioritize the allocation
of  finite  financial  and  human  resources,   certain  non-critical   spending
initiatives have been deferred.

The Company's  major  businesses are heavily  dependent  upon internal  computer
systems,  and all have  significant  interaction  with systems of third parties,
both domestically and internationally.  The Company is working with key external
parties,  including  merchants,  clients,  counterparties,  vendors,  exchanges,
utilities,  suppliers,  agents and regulatory agencies to mitigate the potential
risks to us of Y2K.  The  failure of external  parties to resolve  their own Y2K
issues in a timely  manner  could  result in a  material  financial  risk to the
Company.  As part of our  overall  compliance  program,  the Company is actively
communicating   with   third   parties   through   face-to-face   meetings   and
correspondence,  on an ongoing  basis,  to ascertain  their state of  readiness.
Although  numerous  third parties have  indicated to us in writing that they are
addressing  their Y2K issues on a timely  basis,  the readiness of third parties
overall  varies  across the spectrum.  Because the  Company's Y2K  compliance is
dependent on key third parties being  compliant on a timely basis,  there can be
no assurances that the Company's efforts alone will resolve all Y2K issues.

At this point,  the Company is in the process of  performing  an  assessment  of
reasonably likely Y2K systems failures and related consequences.  The Company is
also  preparing  specific Y2K  contingency  plans for all key  American  Express
business units to mitigate the potential impact of such failures. This effort is
a full-scale  initiative that includes both internal and external  experts under
the guidance of a Company-wide steering committee.  Our contingency plans, which
will be based in part on an  assessment  of the  magnitude  and  probability  of
potential risks, will primarily focus on proactive steps to prevent Y2K failures
from occurring, or if they should occur, to detect them quickly,  minimize their
impact and expedite  their repair.  The Y2K  contingency  plans will  supplement
disaster  recovery  and  business  continuity  plans  already in place,  and are
expected  to  include  measures  such as  selecting  alternative  suppliers  and
channels of distribution,  and developing our own technology  infrastructure  in
lieu of those  provided by third  parties.  Development  of the Y2K  contingency
plans is expected to be  substantially  complete by the end of the first quarter
of  1999,  and  will  continue  to be  refined  throughout  1999  as  additional
information related to our exposures is gathered.*

*Statements in this Y2K discussion  marked with an asterisk are  forward-looking
statements which are subject to risks and uncertainties.  Important factors that
could cause results to differ materially from these  forward-looking  statements
include, among other things, the ability of the Company 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 the Company to  successfully  address their
Y2K issues.


                                        23