<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, 2002

                                       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 No. 033-47812-01

                          AMERICAN EXPRESS 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.)

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

   Registrant's telephone number, including area code (801) 945-3000

                AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION
                  Co-Originator of the Trust and a Transferor
               (Exact name of registrant as specified in its charter)

             Delaware                                        13-3632012
   (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) 640-2354

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

        Securities registered pursuant to Section 12(g) of the Act:
7.85% Class A Accounts Receivable Trust Certificates, Series 1994-3,
Class A Floating Rate Accounts Receivable Trust Certificates, Series 1996-1,
5.90% Class A Accounts Receivable Trust Certificates, Series 1998-1,
Class A Floating Rate Accounts Receivable Trust Certificates, Series 2001-1,
Class A Floating Rate Accounts Receivable Trust Certificates, Series 2002-1 and
Class A Floating Rate Accounts Receivable Trust Certificates, Series 2002-2.

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION I(1)(a) AND
(b) OF FORM 10-K AND HAS  THEREFORE  OMITTED  CERTAIN  ITEMS FROM THIS REPORT IN
ACCORDANCE WITH THE REDUCED DISCLOSURE FORMAT PERMITTED UNDER INSTRUCTION I.

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  Master Trust (the "Trust") was formed  pursuant to a
Master  Pooling and Servicing  Agreement,  dated as of June 30, 1992,  which was
amended by 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
(the "Agreement"),  among American Express Receivables Financing Corporation and
American Express  Centurion Bank, as transferors (the  "Transferors"),  American
Express Travel Related Services Company, Inc. as servicer (the "Servicer"),  and
The Bank of New York, as trustee (the  "Trustee").  American  Express  Centurion
Bank  was  added as a  transferor  in May  1998.  American  Express  Receivables
Financing  Corporation ("RFC") was incorporated in the state of Delaware on July
30, 1991 and is a wholly owned  subsidiary of American  Express  Travel  Related
Services Company,  Inc. ("TRS").  Its principal executive offices are located at
200 Vesey Street,  New York, New York,  10285. TRS was incorporated in the state
of New York on May 3, 1982 and is a wholly owned  subsidiary of American Express
Company ("American Express"). Its principal executive offices are located at 200
Vesey Street,  New York, New York,  10285.  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 American Express Centurion Bank ("Centurion").
Its principal  executive  offices are located at 4315 South 2700 West, Salt Lake
City, Utah, 84184.

     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
American  Express(R)  Card,  American  Express(R) Gold Card and Platinum Card(R)
accounts  (collectively,  the "Accounts") owned by TRS or Centurion,  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 Certificates do not represent  obligations of or interests
in RFC, Centurion or TRS.

     TRS and Centurion do not act as guarantors  with respect to any payments on
the  Certificates,  and neither the Trustee nor the holders of the  Certificates
will  have  general  recourse  against  any of TRS,  RFC or  Centurion  or their
respective  assets.  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.

     The  Agreement  governs the  allocation  of  collections  in respect of the
Receivables.  Payments  received on the Trust's  Assets are allocated  among the
different   Series  (and  within  a  Series  among  the  different   classes  of
Certificates  within  a  Series)  and  the  interest  of RFC and  Centurion,  as
transferors, all as set forth in the Agreement and Supplements.

     The Trust does 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 eleven
Series of Certificates, of which six are outstanding.


                                      - 1 -

<PAGE>

     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  monthly 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 2002 or, as  applicable,  the  amount of
such items as of December  28,  2002.  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 Trust  Assets,  RFC,
          Centurion,   the  Trustee  or  TRS,   exclusive  of  ordinary  routine
          litigation  incidental  to the duties of TRS,  RFC,  Centurion  or the
          Trustee under the Agreement.


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

          Not applicable.


                                     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, are represented by certificates registered in the name
               of Cede & Co., the nominee of The  Depository  Trust and Clearing
               Corporation ("DTCC").

          (c)  Not applicable.


Item 6.   Selected Financial Data

          Not applicable.


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

          Not applicable.


Item 7a.  Quantitative and Qualitative Disclosures About Market Risk

          Not applicable.


Item 8.   Financial Statements and Supplementary Data

          See Exhibit 99.3.


                                     - 2 -


<PAGE>

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

          None.


                                    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  DTCC.  As a  consequence,  the sole
               registered  holder of Investor  Certificates  is Cede & Co.,  the
               nominee of DTCC. 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 DTCC system. DTCC participants may own
               Investor  Certificates for their own account or hold them for the
               accounts of their customers.  As of March 11, 2003, the following
               DTCC  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 the
               relevant class of each Series outstanding on that date:

               <TABLE>

               <CAPTION>
                                                               Principal
                                                               Amount of             Percent
                                   Name                        Certificates          of Class
                                   ----                        ------------          --------
               <S>                 <C>                         <C>                   <C>
               7.85% CLASS A
               ACCOUNTS
               RECEIVABLE TRUST
               CERTIFICATES,
               SERIES 1994-3:      Deutsche Bank Trust
                                     Company Americas           $69,158,000            23.1%

                                   JP Morgan Chase Bank         $61,422,000            20.5%

                                   The Bank of New York         $58,740,000            19.6%


              </TABLE>
















                                     - 3 -


<PAGE>

               <TABLE>

               <CAPTION>
                                                               Principal
                                                               Amount of             Percent
                                   Name                        Certificates          of Class
                                   ----                        ------------          --------
               <S>                 <C>                         <C>                   <C>
               CLASS A FLOATING
               RATE ACCOUNTS
               RECEIVABLE TRUST
               CERTIFICATES,
               SERIES 1996-1:      Citibank, N.A.              $223,500,000            23.5%

                                   The Bank of New York        $209,800,000            22.1%

                                   JP Morgan Chase Bank/
                                     Greenwich Capital         $117,900,000            12.4%

                                   State Street Bank and
                                     Trust Company             $115,000,000            12.1%

                                   JP Morgan Chase Bank         $59,500,000             6.3%

                                   Deutsche Bank Trust
                                     Company Americas           $51,000,000             5.4%

                                   Investors Bank and Trust
                                     Company - Institutional
                                     Custody                    $50,000,000             5.3%


               5.90% CLASS A
               ACCOUNTS
               RECEIVABLE TRUST
               CERTIFICATES,
               SERIES 1998-1:      JP Morgan Chase Bank        $235,188,000            23.5%

                                   Deutsche Bank Trust
                                     Company Americas          $112,562,600            11.3%

                                   Boston Safe Deposit
                                     and Trust Company          $92,876,000             9.3%

                                   The Bank of New York         $78,288,000             7.8%

               </TABLE>












                                     - 4 -


<PAGE>

               <TABLE>

               <CAPTION>
                                                               Principal
                                                               Amount of             Percent
                                   Name                        Certificates          of Class
                                   ----                        ------------          --------
               <S>                 <C>                         <C>                   <C>
               CLASS A FLOATING
               RATE ACCOUNTS
               RECEIVABLE TRUST
               CERTIFICATES,
               SERIES 2001-1:      JP Morgan Chase Bank        $175,880,000            23.5%

                                   State Street Bank and
                                     Trust Company             $145,825,000            19.4%

                                   Boston Safe Deposit
                                      and Trust Company        $144,380,000            19.3%

                                   The Bank of New York        $106,335,000            14.2%

                                   The Northern Trust Company   $83,775,000            11.2%

                                   Deutsche Bank Trust
                                     Company Americas           $55,085,000             7.3%


               CLASS A FLOATING
               RATE ACCOUNTS
               RECEIVABLE TRUST
               CERTIFICATES,
               SERIES 2002-1:      JP Morgan Chase Bank        $288,185,000            38.4%

                                   Boston Safe Deposit
                                     and Trust Company         $153,510,000            20.5%

                                   State Street Bank and
                                     Trust Company              $85,500,000            11.4%

                                   The Northern Trust
                                      Company                   $71,170,000             9.5%

                                   Brown Brothers
                                      Harriman & Co.            $45,000,000             6.0%


               CLASS A FLOATING
               RATE ACCOUNTS
               RECEIVABLE TRUST
               CERTIFICATES,
               SERIES 2002-2:      Boston Safe Deposit
                                     and Trust Company         $314,690,000            31.5%

                                   State Street Bank and
                                     Trust Company             $186,750,000            18.7%

                                   JP Morgan Chase Bank        $155,831,000            15.6%

                                   The Bank of New York        $143,710,000            14.4%

                                   The Northern Trust
                                     Company                    $75,017,000             7.5%

                                   Citibank, N.A                $68,946,000             6.9%

               </TABLE>

                                      -5 -


<PAGE>

          The address of each of the above participants is:

          (a)  c/o The Depository Trust and Clearing Corporation
               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 since
               April 1, 2002:

               1.   Form  8-K,  dated  April 15,  2002,  attaching  the  Monthly
                    Servicer's  Certificate for the due period February 27, 2002
                    through March 28, 2002.

               2.   Form 8-K, dated  February 5, 2002,  attaching the Assignment
                    No. 5 of  Receivables  in Additional  Accounts,  dated as of
                    February 7, 2002,  among American  Express  Centurion  Bank,
                    American Express Receivables  Financing  Corporation and The
                    Bank of New York.

               3.   Form  8-K,  dated  May  15,  2002,   attaching  the  Monthly
                    Servicer's  Certificate  for the due period  March 29,  2002
                    through April 27, 2002.

               4.   Form  8-K,  dated  June  17,  2002,  attaching  the  Monthly
                    Servicer's  Certificate  for the due period  April 28,  2002
                    through May 27, 2002.

               5.   Form 8-K,  dated June 18, 2002,  attaching the Series 2002-1
                    Supplement,  dated as of June 18,  2002,  supplementing  the
                    Amended and Restated Pooling and Servicing Agreement,  dated
                    as of May 1, 1998, as amended by the First Amendment,  dated
                    as of October 1, 2001.

               6.   Form  8-K,  dated  July  15,  2002,  attaching  the  Monthly
                    Servicer's  Certificate  for the  due  period  May 28,  2002
                    through June 26, 2002.

               7.   Form  8-K,  dated  August  16 2002,  attaching  the  Monthly
                    Servicer's  Certificate  for the due  period  June 27,  2002
                    through July 27, 2002.


                                     - 6 -


<PAGE>

               8.   Form 8-K,  dated  September 16, 2002,  attaching the Monthly
                    Servicer's  Certificate  for the due  period  July 28,  2002
                    through August 27, 2002.

               9.   Form 8-K,  dated  October 15,  2002,  attaching  the Monthly
                    Servicer's  Certificate  for the due period  August 28, 2002
                    through September 27, 2002.

               10.  Form 8-K,  dated  November 15, 2002,  attaching  the Monthly
                    Servicer's Certificate for the due period September 28, 2002
                    through October 27, 2002.

               11.  Form 8-K,  dated  December  16, 2002,  attaching  the Monthy
                    Servicer's  Certificate  for the due period October 28, 2002
                    through November 26, 2002.

               12.  Form 8-K,  dated  January 15,  2003,  attaching  the Monthly
                    Servicer's  Certificate for the due period November 27, 2002
                    through December 28, 2002.

               13.  Form 8-K,  dated  February 18, 2003,  attaching  the Monthly
                    Servicer's  Certificate for the due period December 29, 2002
                    through January 27, 2003.

               14.  Form  8-K,  dated  March 17,  2003,  attaching  the  Monthly
                    Servicer's  Certificate  for the due period January 28, 2003
                    through February 26, 2003.


          (c)  Exhibits:

               4.1  Amended and Restated Master Pooling and Servicing Agreement,
                    dated as of May 1, 1998, among American Express  Receivables
                    Financing  Corporation and American Express  Centurion Bank,
                    as  Transferors,  American  Express Travel Related  Services
                    Company,  Inc.,  as Servicer,  and The Bank of New York,  as
                    Trustee  (incorporated  by  reference to Exhibit 4.1 of Form
                    8-A12G of the  registrants,  dated as of May 27, 1998,  File
                    Nos. 000-21424-00 and 000-21424-01).

               4.2  First  Amendment to Amended and Restated  Master Pooling and
                    Servicing   Agreement,   dated  as  of   October   1,   2001
                    (incorporated  by reference to Exhibit 4.2 of Form 8-A12G of
                    the  registrants,  dated as of January  18,  2002,  File No.
                    000-33337).

               4.3  Series 1994-3 Supplement,  dated as of September 1, 1994, to
                    Master  Pooling and  Servicing  Agreement  (incorporated  by
                    reference to Exhibit 7 of Form 8-K of the registrant,  dated
                    as of September 12, 1994, File No. 33-47812).

               4.4  Series 1996-1 Supplement, dated as of September 18, 1996, to
                    Master  Pooling and  Servicing  Agreement  (incorporated  by
                    reference  to  Exhibit  20.1 of Form 8-K of the  registrant,
                    dated as of September 18, 1996, File No. 33-47812).

               4.5  Series 1998-1  Supplement,  dated as of May 27, 1998, to the
                    Amended and Restated Master Pooling and Servicing Agreement,
                    dated  as of May  1,  1998  (incorporated  by  reference  to
                    Exhibit 4.2 of Form 8-K of the  registrant,  dated as of May
                    27, 1998, File No. 33-47812).

               4.6  Series  2001-1  Supplement,  dated as of  November  7, 2001,
                    supplementing the Amended and Restated Pooling and Servicing
                    Agreement,  dated as of May 1, 1998, as amended by the First
                    Amendment,  dated as of  October  1, 2001  (incorporated  by
                    reference  to  Exhibit  5.1 of Form  8-K of the  registrant,
                    dated as of November 7, 2001, File No. 33-47812).

               4.7  Series  2002-1  Supplement,  dated as of January  18,  2002,
                    supplementing the Amended and Restated Pooling and Servicing
                    Agreement,  dated as of May 1, 1998, as amended by the First
                    Amendment,  dated as of  October  1, 2001  (incorporated  by
                    reference  to  Exhibit  5.1 of Form  8-K of the  registrant,
                    dated as of January 18, 2002, File No. 33-47812).


                                     - 7 -


<PAGE>

               4.8  Series  2002-2  Supplement,  dated  as  of  June  18,  2002,
                    supplementing the Amended and Restated Pooling and Servicing
                    Agreement,  dated as of May 1, 1998, as amended by the First
                    Amendment,  dated as of  October  1, 2001  (incorporated  by
                    reference  to  Exhibit  5.1 of Form  8-K of the  registrant,
                    dated as of June 18, 2001, File No. 33-47812).

               10.1 Receivable  Purchase  Agreement,  dated as of June 30, 1992,
                    between American Express Receivables Financing  Corporation,
                    as purchaser,  and American  Express Travel Related Services
                    Company,  Inc.,  as seller  (incorporated  by  reference  to
                    Exhibit 4(b) to the  Registration  Statement filed on behalf
                    of American  Express Master Trust,  Series 1992-1,  File No.
                    33-47812).

               10.2 Amendment No. 1 to Receivable Purchase  Agreement,  dated as
                    of September 12, 1994, between American Express  Receivables
                    Financing  Corporation,  as purchaser,  and American Express
                    Travel   Related   Services   Company,   Inc.,   as   seller
                    (incorporated  by  reference to Exhibit 4 of Form 8-K of the
                    registrant,  dated  as  of  September  12,  1994,  File  No.
                    33-47812).

               10.3 Amendment No. 2 to Receivable Purchase  Agreement,  dated as
                    of August 7,  1997,  between  American  Express  Receivables
                    Financing  Corporation,  as purchaser,  and American Express
                    Travel   Related   Services   Company,   Inc.,   as   seller
                    (incorporated  by  reference  to Exhibit 20.3 of Form 8-K of
                    the registrant dated August 14, 1997, File No. 33-47812).

               24.1 Power of Attorney for Centurion.

               24.2 Power of Attorney for RFC.

               99.1 Annual Servicing Statement Delivered to the Trustee.

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

               99.3 Annual  Report  Containing  Aggregate  Information  for  the
                    Fiscal Year.










                                      - 8 -

<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  MASTER TRUST

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

                                      By:  /s/ Daniel L. Follett
                                           ------------------------------------
                                           Daniel L. Follett
                                           Chief Financial Officer
                                           (Principal Accounting Officer)

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

              *
----------------------------------
Ashwini Gupta                               Director and Chairman

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

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

              *
----------------------------------
Roger Goldman                               Director


----------------------------------
William Isaac                               Director

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

              *
----------------------------------
Frank L. Skillern                           Director


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

              *
----------------------------------
Roslyn M. Watson                            Director


* By:  /s/ Tim Heine
       ---------------------------
       Tim Heine
       Attorney-in-Fact

Dated: March 27, 2003


<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 MASTER TRUST

                                       AMERICAN EXPRESS RECEIVABLES
                                       FINANCING  CORPORATION,
                                       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.


               *
----------------------------------
Leslie R. Scharfstein                     President
                                          (Principal Executive Officer)

               *
----------------------------------
John D. Koslow                            Vice President and Treasurer
                                          (Principal Finance Officer and
                                          Principal Accounting Officer)
               *
----------------------------------
Stephen P. Norman                         Director


               *
----------------------------------
Walker C. Tompkins, Jr.                   Director


               *
----------------------------------
David Yowan                               Director


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


Dated: March 27, 2003


<PAGE>


                                  Certification



I, Daniel L. Follett, certify that:

1. I have reviewed this annual report on Form 10-K,  and all reports on Form 8-K
containing  distribution  or  servicing  reports  filed in  respect  of  periods
included in the year covered by this annual report,  of American  Express Master
Trust;

2. Based on my knowledge,  the  information in these reports,  taken as a whole,
does not  contain  any untrue  statement  of a material  fact or omit to state a
material  fact  necessary  to  make  the  statements   made,  in  light  of  the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

3. Based on my knowledge,  the distribution or servicing information required to
be provided to the trustee by the servicer under the pooling and  servicing,  or
similar, agreement for inclusion in these reports is included in these reports;

4. Based on my knowledge and upon the annual  compliance  statement  included in
the report and required to be delivered  to the trustee in  accordance  with the
terms of the  pooling  and  servicing,  or  similar,  agreement,  and  except as
disclosed in the reports,  the servicer has fulfilled its obligations  under the
servicing agreement; and

5. The reports disclose all significant  deficiencies relating to the servicer's
compliance with the minimum  servicing  standards based upon the report provided
by an independent  public  accountant,  after  conducting a review in compliance
with the Uniform  Single  Attestation  Program for  Mortgage  Bankers or similar
procedure,  as set forth in the pooling and  servicing,  or similar,  agreement,
that is included in these reports.


Date:  March 31, 2003

/s/ Daniel L. Follett
------------------------
Name:  Daniel L. Follett
Title: Chief Financial Officer and Treasurer, American Express Centurion Bank


<PAGE>


                                  Certification



I, Leslie R. Scharfstein, certify that:

1. I have reviewed this annual report on Form 10-K,  and all reports on Form 8-K
containing  distribution  or  servicing  reports  filed in  respect  of  periods
included in the year covered by this annual report,  of American  Express Master
Trust;

2. Based on my knowledge,  the  information in these reports,  taken as a whole,
does not  contain  any untrue  statement  of a material  fact or omit to state a
material  fact  necessary  to  make  the  statements   made,  in  light  of  the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

3. Based on my knowledge,  the distribution or servicing information required to
be provided to the trustee by the servicer under the pooling and  servicing,  or
similar, agreement for inclusion in these reports is included in these reports;

4. Based on my knowledge and upon the annual  compliance  statement  included in
the report and required to be delivered  to the trustee in  accordance  with the
terms of the  pooling  and  servicing,  or  similar,  agreement,  and  except as
disclosed in the reports,  the servicer has fulfilled its obligations  under the
servicing agreement; and

5. The reports disclose all significant  deficiencies relating to the servicer's
compliance with the minimum  servicing  standards based upon the report provided
by an independent  public  accountant,  after  conducting a review in compliance
with the Uniform  Single  Attestation  Program for  Mortgage  Bankers or similar
procedure,  as set forth in the pooling and  servicing,  or similar,  agreement,
that is included in these reports.


Date:  March 31, 2003

/s/ Leslie R. Scharfstein
----------------------------
Name:  Leslie R. Scharfstein
Title: President, American Express Receivables Financing Corporation




<PAGE>
                                  EXHIBIT INDEX

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

4.1       Amended and Restated Master Pooling and Servicing Agreement,  dated as
          of  May  1,  1998,  among  American  Express   Receivables   Financing
          Corporation  and American  Express  Centurion  Bank,  as  Transferors,
          American Express Travel Related Services  Company,  Inc., as Servicer,
          and The Bank of New York,  as Trustee  (incorporated  by  reference to
          Exhibit  4.1 of Form  8-A12G of the  registrants,  dated as of May 27,
          1998, File Nos. 000-21424-00 and 000-21424-01).

4.2       First  Amendment to Amended and Restated  Master Pooling and Servicing
          Agreement,  dated as of October 1, 2001  (incorporated by reference to
          Exhibit 4.2 of Form 8-A12G of the registrants, dated as of January 18,
          2002, File No. 000-33337).

4.3       Series  1994-3  Supplement,  dated as of September 1, 1994,  to Master
          Pooling and Servicing Agreement  (incorporated by reference to Exhibit
          7 of Form 8-K of the registrant,  dated as of September 12, 1994, File
          No. 33-47812).

4.4       Series  1996-1  Supplement,  dated as of September 18, 1996, to Master
          Pooling and Servicing Agreement  (incorporated by reference to Exhibit
          20.1 of Form 8-K of the  registrant,  dated as of September  18, 1996,
          File No. 33-47812).

4.5       Series 1998-1 Supplement, dated as of May 27, 1998, to the Amended and
          Restated  Master Pooling and Servicing  Agreement,  dated as of May 1,
          1998  (incorporated  by  reference  to Exhibit  4.2 of Form 8-K of the
          registrant, dated as of May 27, 1998, File No. 33-47812).

4.6       Series 2001-1 Supplement,  dated as of November 7, 2001, supplementing
          the Amended and Restated Pooling and Servicing Agreement,  dated as of
          May 1, 1998, as amended by the First Amendment, dated as of October 1,
          2001  (incorporated  by  reference  to Exhibit  5.1 of Form 8-K of the
          registrant, dated as of November 7, 2001, File No. 33-47812).

4.7       Series 2002-1 Supplement,  dated as of January 18, 2002, supplementing
          the Amended and Restated Pooling and Servicing Agreement,  dated as of
          May 1, 1998, as amended by the First Amendment, dated as of October 1,
          2001  (incorporated  by  reference  to Exhibit  5.1 of Form 8-K of the
          registrant, dated as of January 18, 2002, File No. 33-47812).

4.8       Series 2002-2 Supplement, dated as of June 18, 2002, supplementing the
          Amended and Restated Pooling and Servicing Agreement,  dated as of May
          1, 1998,  as amended  by the First  Amendment,  dated as of October 1,
          2001  (incorporated  by  reference  to Exhibit  5.1 of Form 8-K of the
          registrant, dated as of June 18, 2001, File No. 33-47812).

10.1      Receivable  Purchase  Agreement,  dated as of June 30,  1992,  between
          American Express Receivables Financing Corporation,  as purchaser, and
          American  Express Travel  Related  Services  Company,  Inc., as seller
          (incorporated  by  reference  to  Exhibit  4(b)  to  the  Registration
          Statement  filed on behalf of American  Express  Master Trust,  Series
          1992-1, File No. 33-47812).

10.2      Amendment  No.  1  to  Receivable  Purchase  Agreement,  dated  as  of
          September 12, 1994,  between  American Express  Receivables  Financing
          Corporation,   as  purchaser,  and  American  Express  Travel  Related
          Services  Company,  Inc.,  as seller  (incorporated  by  reference  to
          Exhibit 4 of Form 8-K of the  registrant,  dated as of  September  12,
          1994, File No. 33-47812).

10.3      Amendment No. 2 to Receivable Purchase  Agreement,  dated as of August
          7, 1997, between American Express Receivables  Financing  Corporation,
          as purchaser,  and American Express Travel Related  Services  Company,
          Inc., as seller (incorporated by reference to Exhibit 20.3 of Form 8-K
          of the registrant dated August 14, 1997, File No. 33-47812).

24.1*     Power of Attorney for Centurion.

24.2*     Power of Attorney for RFC.

99.1*     Annual Servicing Statement Delivered to the Trustee.

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

99.3*     Annual Report Containing Aggregate Information for the Fiscal Year.