# EDGAR Filing Document

**Accession Number:** 0001003509
**File Stem:** 0001104659-26-032692
**Filing Date:** 2026-3
**Character Count:** 61342
**Document Hash:** b55ec4a956f00a4ff73fa0e254ec0f7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-032692.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001104659-26-032692

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
- **CENTRAL INDEX KEY:** 0001003509
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-20787-07
- **FILM NUMBER:** 26778212

**BUSINESS ADDRESS:**
- **STREET 1:** 115 WEST TOWNE RIDGE PARKWAY
- **CITY:** SANDY
- **STATE:** UT
- **ZIP:** 84070
- **BUSINESS PHONE:** 212-640-2000

**MAIL ADDRESS:**
- **STREET 1:** 115 WEST TOWNE RIDGE PARKWAY
- **CITY:** SANDY
- **STATE:** UT
- **ZIP:** 84070

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 10-K

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025 or

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from to

Commission File Number of Issuing Entity: 000-20787-07

Central Index Key Number of Issuing Entity: 0001003509

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

(Exact name of Issuing Entity as specified in its charter)

Commission File Number of Depositor: 333-113579-02

Central Index Key Number of Depositor: 0001283434

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC

(Exact name of Depositor as specified in its charter)

Central Index Key Number of Sponsor: 0000949348

AMERICAN EXPRESS NATIONAL BANK

(Exact name of Sponsor as specified in its charter)

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| | |
|:---|:---|
| New York <br> (State or other Jurisdiction of Incorporation or Organization of the Issuing Entity)  | Not Applicable <br> (I.R.S. Employer Identification Number of the Issuing Entity)  |
| c/o The Bank of New York Mellon 240 Greenwich Street, Floor 7 East New York, New York <br> (Address of the Principal Executive Offices of the Issuing Entity)  | 10286 <br> (Zip Code of the Issuing Entity)  |

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(212) 815-2483

(Telephone Number, including area code of the Issuing Entity)

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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ☐ NO ☒

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 ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting fi rm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

Documents incorporated by reference: None

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#### PART I

#### The following Items have been omitted in accordance with General Instruction J to Form 10-K:
Item 1.

Business.

Item 1A.

Risk Factors.

Item 1C.

Cybersecurity.

Item 2.

Properties.

Item 3.

Legal Proceedings.

#### Item 1B.

#### Unresolved Staff Comments.
Not Applicable.

#### Item 4.

#### Mine Safety Disclosures.
Not Applicable.

#### Substitute Information provided in accordance with General Instruction J to Form 10-K:

#### Item 1112(b) of Regulation AB: Significant obligors of pool assets (Financial information).
The pool assets held by the American Express Credit Account Master Trust (the "Trust") do not include any significant obligors.

#### Item 1114(b)(2) of Regulation AB: Credit enhancement and other support, except for certain derivatives instruments (Financial information).
Based on the standards set forth in Item 1114(b) of Regulation AB, no information is required in response to this Item.

#### Item 1115(b) of Regulation AB: Certain derivatives instruments (Financial information).
Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.

#### Item 1117 of Regulation AB: Legal proceedings.
In the ordinary course of business, American Express Company and its subsidiaries ("American Express") are subject to various pending and potential legal actions, arbitration proceedings, claims, investigations, examinations, regulatory proceedings, information gathering requests, subpoenas, inquiries and matters relating to compliance with laws and regulations (collectively, legal proceedings).

Based on American Express' current knowledge, and taking into consideration its litigation-related liabilities, American Express does not believe it is a party to, nor are any of its properties the subject of, any legal proceeding that would have a material adverse effect on its consolidated financial condition or liquidity. However, in light of the uncertainties involved in such matters, including the fact that some pending legal proceedings are at preliminary stages or seek an indeterminate amount of damages, penalties or fines, it is possible that the outcome of legal proceedings could have a material impact on its results of operations. Certain legal proceedings involving American Express or its subsidiaries are described below.

On September 30, 2024, American Express was named as a defendant in a case filed in the United States District Court for the District of Massachusetts, captioned <u>Pizza Hazel, Inc., et al. v. American Express Co., et al.,</u> in which plaintiffs allege that the anti-steering and non-discrimination provisions in American Express' merchant agreements violate federal antitrust law and that the arbitration provision in American Express' merchant agreements violates federal antitrust law to the extent it prevents antitrust challenges to its

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anti-steering and non-discrimination provisions. Plaintiffs seek, on behalf of themselves and a class of merchants that accept through the OptBlue Program, unspecified damages and an injunction prohibiting American Express from enforcing its anti-steering and non-discrimination provisions and prohibiting American Express from enforcing its arbitration provision to the extent the arbitration provision prevents antitrust challenges to its anti-steering and non-discrimination provisions. The court rejected American Express' motion to compel the case to arbitration; American Express has appealed the decision to the Court of Appeals for the First Circuit.

On March 21, 2024, American Express was named as a defendant in a case filed in the United States District Court for the District of Rhode Island, captioned <u>5-Star General Store aka Bento LLC, et al. v. American Express Co., et al.</u>, in which plaintiffs allege that the anti-steering and non-discrimination provisions in American Express' merchant agreements violate federal antitrust law and seek, on behalf of themselves and a class of merchants, an injunction prohibiting American Express from enforcing its anti-steering and non-discrimination provisions and a declaration that American Express has violated antitrust laws. The court rejected American Express' motion to compel the case to arbitration; American Express has appealed the decision to the Court of Appeals for the First Circuit.

On January 29, 2019, American Express was named in a putative class action brought in the United States District Court for the Eastern District of New York, captioned <u>David Moskowitz, et al. (formerly Oliver) v. American Express Company and American Express Travel Related Services Company Inc.</u>, in which the plaintiffs are holders of MasterCard, Visa and/or Discover credit and/or debit cards (but not American Express cards) and allege they paid higher prices as a result of the anti-steering and non-discrimination provisions in American Express' merchant agreements in violation of federal antitrust law and the antitrust and consumer laws of various states. Plaintiffs seek unspecified damages and other forms of relief. The court dismissed plaintiffs' federal antitrust claim, numerous state antitrust and consumer protection claims and their unjust enrichment claim. For the remaining state antitrust or consumer protection claims, the court certified classes for (i) holders of Visa and MasterCard debit cards in eight states and Washington, D.C.; and (ii) holders of Visa, MasterCard and Discover credit cards that do not offer rewards or charge an annual fee in two states and Washington, D.C. After trial in August 2025, the jury returned a verdict finding in favor of American Express on all claims except an Illinois consumer law claim for the class of non-rewards credit card holders in Illinois for which the jury awarded $12.5 million in damages. American Express has reached an agreement with the class representatives to settle all claims in this action, which is subject to court approval.

On March 8, 2016, plaintiffs B&R Supermarket, Inc. d/b/a Milam's Market and Grove Liquors LLC, on behalf of themselves and others, filed a suit, captioned <u>B&R Supermarket, Inc. d/b/a Milam's Market, et al. v. Visa Inc., et al.</u>, for violations of the Sherman Antitrust Act, the Clayton Antitrust Act, California's Cartwright Act and unjust enrichment in the United States District Court for the Northern District of California, against American Express Company, other credit and charge card networks, other issuing banks and EMVCo, LLC. Plaintiffs allege that the defendants, through EMVCo, conspired to shift liability for fraudulent, faulty and otherwise rejected consumer credit card transactions from themselves to merchants after the implementation of EMV chip payment terminals. Plaintiffs seek damages and injunctive relief. On May 4, 2017, the California court transferred the case to the United States District Court for the Eastern District of New York. On August 28, 2020, the court granted plaintiffs' motion for class certification. On August 14, 2024, the court granted American Express' motion to compel arbitration as to class members who are subject to American Express' merchant agreements, but did not stay the claims pending arbitration. On November 15, 2024, American Express appealed to the Court of Appeals for the Second Circuit requesting a stay of all claims against American Express that are subject to arbitration. On March 31, 2025, American Express reached an agreement with the class representatives to settle this action, which is subject to court approval.

#### Legal Proceedings Involving The Bank of New York Mellon
In the ordinary course of business, The Bank of New York Mellon is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization ("RMBS") transactions, The Bank of New York Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing

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agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously.

The Bank of New York Mellon has provided us with the information in the paragraph immediately above in response to the requirements of Regulation AB. American Express is not a party to any such litigation. Other than the above paragraph and the information concerning The Bank of New York Mellon specified in this Form 10-K under the caption "Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria" and in Exhibits 33.2 and 34.2 to this Form 10-K, The Bank of New York Mellon has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-K.

#### PART II

#### The following Items have been omitted in accordance with General Instruction J to Form 10-K:
Item 5.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Item 6.

[Reserved]

Item 7.

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

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

Item 8.

Financial Statements and Supplementary Data.

Item 9.

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

Item 9A.

Controls and Procedures.

#### Item 9B.

#### Other Information.
None.

#### Item 9C.

#### Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not Applicable.

#### PART III

#### The following Items have been omitted in accordance with General Instruction J to Form 10-K:
Item 10.

Directors, Executive Officers and Corporate Governance.

Item 11.

Executive Compensation.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

Item 14.

Principal Accountant Fees and Services.

#### Substitute Information provided in accordance with General Instruction J to Form 10-K:

#### Item 1119 of Regulation AB: Affiliations and Certain Relationships and Related Transactions.
Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

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#### Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria.
Each of American Express Travel Related Services Company, Inc. ("TRS") (for itself and on behalf of its wholly owned subsidiary, American Express National Bank ("AENB")), and The Bank of New York Mellon (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by the Trust for all or a portion of the period covered by this Form 10-K.

Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") as of and for the year ended December 31, 2025, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an "Attestation Report") by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K. American Express has not independently verified the accuracy of The Bank of New York Mellon's assertions or the related attestations of its registered independent public accounting firm.

 *Vendors* 

A Servicing Participant may engage one or more vendors, who are not considered servicers for purposes of Regulation AB, to perform specific and limited, or scripted activities that address all or a portion of one or more servicing criteria applicable to such Servicing Participant. Generally in these cases, the Servicing Participant has instituted policies and procedures to monitor whether such vendors' activities comply in all material respects with such servicing criteria, and may elect to take responsibility for assessing compliance with the servicing criteria applicable to such vendors' activities in such Servicing Participant's Report on Assessment.

Where the Servicing Participant has not instituted such policies and procedures, or where the Servicing Participant does not otherwise elect to take responsibility for assessing its vendors' activities, the vendor is itself treated as a Servicing Participant and is required to provide its own Report on Assessment and related Attestation Report.

No Report on Assessment or related Attestation Report has identified (i) any material instance of noncompliance with the servicing criteria identified in such Report on Assessment as applicable to the related Servicing Participant or (ii) any material deficiency in such Servicing Participant's policies and procedures to monitor vendor compliance.

 *Platform Level Reports* 

Regulations of the Securities and Exchange Commission ("SEC") require that each Servicing Participant complete a Report on Assessment at a "platform" level, meaning that the transactions covered by the Report on Assessment should include all asset-backed securities transactions involving such Servicing Participant that are backed by the same asset type. Further guidance from the SEC staff identifies additional parameters which a Servicing Participant may apply to define and further limit its platform. For example, a Servicing Participant may define its platform to include only transactions that were completed on or after January 1, 2006 (the effective date of Regulation AB) and that were registered with the SEC pursuant to the Securities Act of 1933. Each Servicing Participant is responsible for defining its own platform, and each platform will naturally differ based on various factors, including the Servicing Participant's business model, the transactions in which it is involved and the range of activities performed in those transactions.

In its Report on Assessment attached as Exhibit 33.1 to this Form 10-K, TRS defines its platform to include all asset-backed securities transactions backed by credit and charge card receivables issued by the American Express Credit Account Master Trust and the American Express Issuance Trust II for which TRS acted as Servicer, where the related asset-backed securities were outstanding during the Reporting Period. During 2025, TRS' activities with respect to the platform included paper payment remittance processing services and billing dispute services performed through TRS' proprietary facilities.

The Bank of New York Mellon is Trustee of the Trust. In its Report on Assessment attached as Exhibit 33.2 to this Form 10-K, The Bank of New York Mellon defines its platform to include publicly

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issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which The Bank of New York Mellon provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities.

Neither TRS nor the Trust is an affiliate of The Bank of New York Mellon.

#### Item 1123 of Regulation AB: Servicer Compliance Statement.
Each of TRS and AENB has been identified by the registrant as a servicer or subservicer with respect to the pool assets held by the Trust for the period covered by this Form 10-K. Each of them has provided a Statement of Compliance for the period covered by this Form 10-K (a "Compliance Statement"), in each case signed by an authorized officer thereof. Each Compliance Statement is attached as an exhibit to this Form 10-K.

#### PART IV

#### Item 15.

#### Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Exhibits

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#### 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).

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| | |
|:---|:---|
| **Exhibit <br> Number**  | **Description**  |
| 3.1  | [Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 3.1 of Form S-3/A, filed April 20, 2004, File No. 333-113579).](http://www.sec.gov/Archives/edgar/data/949349/000112528204001644/b331276_ex3-1.txt) |
| 3.2  | [Amendment Number One to the Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC, dated as of April 1, 2018 (incorporated herein by reference to Exhibit 3.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex31.htm) |
| 4.1  | [Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, as Transferor, American Express Travel Related Services Company, Inc., as Servicer, and The Bank of New York Mellon, as Trustee and Securities Intermediary (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex41.htm) |
| 4.2  | [Amended and Restated Receivables Purchase Agreement, dated as of April 1, 2018, between American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.3 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex43.htm) |
| 4.3  | [Series 2023-1 Supplement, dated as of June 14, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated June 14, 2023, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312523166669/d498226dex41.htm) |
| 4.4  | [Series 2023-2 Supplement, dated as of June 14, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated June 14, 2023, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312523166669/d498226dex42.htm) |
| 4.5  | [Series 2023-3 Supplement, dated as of September 19, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated September 19, 2023, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312523237460/d536530dex41.htm) |
| 4.6  | [Series 2023-4 Supplement, dated as of September 19, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated September 19, 2023, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312523237460/d536530dex42.htm) |
| 4.7  | [Series 2024-1 Supplement, dated as of April 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated April 23, 2024, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312524106544/d825192dex41.htm) |
| 4.8  | [Series 2024-2 Supplement, dated as of April 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated April 23, 2024, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312524106544/d825192dex42.htm) |
| 4.9  | [Series 2024-3 Supplement, dated as of July 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated July 23, 2024, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312524182717/d87408dex41.htm) |

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| | |
|:---|:---|
| **Exhibit <br> Number**  | **Description**  |
| 4.10  | [Series 2025-1 Supplement, dated as of February 11, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated February 11, 2025, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312525024209/d897322dex41.htm) |
| 4.11  | [Series 2025-2 Supplement, dated as of May 13, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated May 13, 2025, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312525118613/d95970dex41.htm) |
| 4.12  | [Series 2025-3 Supplement, dated as of May 13, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated May 13, 2025, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312525118613/d95970dex42.htm) |
| 4.13  | [Series 2025-4 Supplement, dated as of July 22, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated July 22, 2025, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312525162357/d17282dex41.htm) |
| 4.14  | [Series 2025-5 Supplement, dated as of July 22, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated July 22, 2025, File No. 000-20787-07).](https://www.sec.gov/Archives/edgar/data/1003509/000119312525162357/d17282dex42.htm) |
| 4.15  | [Omnibus Amendment to Group II Series Supplements, dated as of October 2, 2009, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.3 of Form 8-K, dated October 2, 2009, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/949349/000095012309049021/y79626exv4w3.htm) |
| 4.16  | [Omnibus Amendment to Series Supplements, dated as of January 29, 2014, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated January 29, 2014, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/949349/000119312514028672/d666210dex42.htm) |
| 4.17  | [Omnibus Amendment to Series Supplements, dated as of July 20, 2016, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated July 20, 2016, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312516653879/d173084dex42.htm) |
| 4.18  | [Omnibus Amendment to Series Supplements, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex42.htm) |
| 10.1  | [Amended and Restated Asset Representations Review Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and Clayton Fixed Income Services LLC (incorporated herein by reference to Exhibit 10.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex101.htm) |
| 31.1\*  | [Certification of Christa Marvelli pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the period from and including January 1, 2025 to and including December 31, 2025.](tm269166d2_ex31-1.htm) |
| 33.1\*  | [Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc. and American Express National Bank.](tm269166d2_ex33-1.htm) |

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| | |
|:---|:---|
| **Exhibit <br> Number**  | **Description**  |
| 33.2\*  | [Report on Assessment of Compliance with Servicing Criteria of The Bank of New York Mellon.](tm269166d2_ex33-2.htm)  |
| 34.1\*  | [Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to American Express Travel Related Services Company, Inc.](tm269166d2_ex34-1.htm)  |
| 34.2\*  | [Attestation Report of KPMG on Assessment of Compliance with Servicing Criteria relating to The Bank of New York Mellon.](tm269166d2_ex34-2.htm)  |
| 35.1\*  | [Servicer Compliance Statement of American Express Travel Related Services Company, Inc.](tm269166d2_ex35-1.htm)  |
| 35.2\*  | [Servicer Compliance Statement of American Express National Bank.](tm269166d2_ex35-2.htm)  |
| 99.1  | [Third Amended and Restated Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.4 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex44.htm) |
| 99.2  | [Second Amended and Restated Defaulted Receivables Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.5 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex45.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

Not applicable.

#### Item 16.

#### Form 10-K Summary.
Not applicable.

------

#### 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, hereunto duly authorized.

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

By:

AMERICAN EXPRESS RECEIVABLES

FINANCING CORPORATION III LLC,

Depositor

By:

/s/ Christa Marvelli

Name: Christa Marvelli

Title:

President

(Senior officer in charge of securitization)

Dated: March 20, 2026

------

## Exhibit 31.1

**EXHIBIT 31.1** 

**Certification** 

I, Christa Marvelli, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of the American Express Credit Account Master Trust (the "Exchange Act periodic reports");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do 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 with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, all of the distribution, servicing or other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: The Bank of New York Mellon.

---

| | |
|:---|:---|
| Date: March 20, 2026 | Date: March 20, 2026 |
| By: | /s/ Christa Marvelli |
| Name: | Christa Marvelli |
| Title: | President, |
|  | American Express Receivables Financing Corporation III LLC |
|  | (Senior officer in charge of securitization) |

---

## Exhibit 33.1

**EXHIBIT 33.1** 

**Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc. and American Express National Bank** 

&nbsp;&nbsp;&nbsp;&nbsp;1. American Express Travel Related Services Company, Inc. (the "Asserting Party") is responsible for assessing compliance
as of December 31, 2025 and for the period from January 1, 2025 through December 31, 2025 (the "Reporting Period"),
with the servicing criteria applicable to the Asserting Party under paragraph (d) of Item 1122 of Regulation AB, as set forth in
Appendix A hereto (such servicing criteria, excluding the criteria listed in the column titled "Inapplicable Servicing Criteria"
on Appendix A hereto, the "Applicable Servicing Criteria"). The transactions covered by this report include all asset-backed
securities transactions backed by credit and charge card receivables issued by the American Express Credit Account Master Trust and the
American Express Issuance Trust II for which transactions the Asserting Party acted as Servicer, where the related asset-backed securities
were outstanding during the Reporting Period (the "Platform"), as listed in Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;2. Except as set forth in paragraph 3 below, the Asserting Party used the criteria set forth in paragraph (d) of Item 1122 of Regulation
AB to assess the compliance by the Asserting Party with the Applicable Servicing Criteria as of December 31, 2025 and for the Reporting
Period with respect to the Platform taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;3. The criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix A hereto are inapplicable to the
Asserting Party based on the activities it performs (directly or through its wholly owned subsidiaries), and American Express National
Bank, with respect to the Platform taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Asserting Party has assessed compliance with the Applicable Servicing Criteria by each of the Asserting Party and American Express
National Bank for the Reporting Period and has concluded that it and each such party has complied, in all material respects, with the
Applicable Servicing Criteria as of December 31, 2025 and for the Reporting Period with respect to the Platform taken as a whole;
and

&nbsp;&nbsp;&nbsp;&nbsp;5. PricewaterhouseCoopers LLP, an independent registered public accounting firm, has issued an attestation report for the Platform on
the Asserting Party's assessment of compliance with the Applicable Servicing Criteria as of December 31, 2025 and for the Reporting
Period.

---

| | |
|:---|:---|
| By: | /s/ Gwyneth Gittings |
| Name: | Gwyneth Gittings |
| Title: | Vice President, American Express Travel Related Services Company, Inc. |
| Date: | March 20, 2026 |

---

APPENDIX A

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SERVICING CRITERIA** | &nbsp;&nbsp;**SERVICING CRITERIA** | &nbsp;&nbsp;**APPLICABLE <br> SERVICING CRITERIA** | &nbsp;&nbsp;**APPLICABLE <br> SERVICING CRITERIA** | &nbsp;&nbsp;**INAPPLICABLE<br> SERVICING <br> CRITERIA** |
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Performed <br> Directly by<br> Asserting<br> Party** | &nbsp;&nbsp;**Performed by<br> Vendor(s) for <br> which<br> Asserting<br> Party is the<br> Responsible<br> Party** |  |
|  | &nbsp;&nbsp;**General Servicing Considerations** |  |  |  |
| &nbsp;&nbsp;1122(d)(1)(i) | &nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(1)(ii) | &nbsp;&nbsp;If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(1)(iii) | &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(1)(iv) | &nbsp;&nbsp;A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(1)(v) | &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | &nbsp;&nbsp;**X** |  |  |
|  | &nbsp;&nbsp;**Cash Collection and Administration** |  |  |  |
| &nbsp;&nbsp;1122(d)(2)(i) | &nbsp;&nbsp;Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(2)(ii) | &nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(2)(iii) | &nbsp;&nbsp;Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(2)(iv) | &nbsp;&nbsp;The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(2)(v) | &nbsp;&nbsp;Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. |  |  | &nbsp;&nbsp;**X** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SERVICING CRITERIA** | &nbsp;&nbsp;**SERVICING CRITERIA** | &nbsp;&nbsp;**APPLICABLE <br> SERVICING CRITERIA** | &nbsp;&nbsp;**APPLICABLE <br> SERVICING CRITERIA** | &nbsp;&nbsp;**INAPPLICABLE<br> SERVICING <br> CRITERIA** |
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Performed <br> Directly by<br> Asserting<br> Party** | &nbsp;&nbsp;**Performed by<br> Vendor(s) for <br> which<br> Asserting<br> Party is the<br> Responsible<br> Party** |  |
| &nbsp;&nbsp;1122(d)(2)(vii) | &nbsp;&nbsp;Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
|  | &nbsp;&nbsp;**Investor Remittances and Reporting** |  |  |  |
| &nbsp;&nbsp;1122(d)(3)(i) | &nbsp;&nbsp;Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(3)(ii) | &nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(3)(iii) | &nbsp;&nbsp;Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(3)(iv) | &nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | &nbsp;&nbsp;**X** |  |  |
|  | &nbsp;&nbsp;**Pool Asset Administration** |  |  |  |
| &nbsp;&nbsp;1122(d)(4)(i) | &nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(ii) | &nbsp;&nbsp;Pool assets and related documents are safeguarded as required by the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(4)(iii) | &nbsp;&nbsp;Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(4)(iv) | &nbsp;&nbsp;Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(4)(v) | &nbsp;&nbsp;The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. | &nbsp;&nbsp;**X** |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SERVICING CRITERIA** | &nbsp;&nbsp;**SERVICING CRITERIA** | &nbsp;&nbsp;**APPLICABLE <br> SERVICING CRITERIA** | &nbsp;&nbsp;**APPLICABLE <br> SERVICING CRITERIA** | &nbsp;&nbsp;**INAPPLICABLE<br> SERVICING <br> CRITERIA** |
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Performed <br> Directly <br> by<br> Asserting<br> Party** | &nbsp;&nbsp;**Performed by<br> Vendor(s) for <br> which<br> Asserting<br> Party is the<br> Responsible<br> Party** |  |
| &nbsp;&nbsp;1122(d)(4)(vi) | &nbsp;&nbsp;Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-aging) are made, reviewed, and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(4)(vii) | &nbsp;&nbsp;Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(4)(viii) | &nbsp;&nbsp;Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(4)(ix) | &nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(4)(x) | &nbsp;&nbsp;Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xi) | &nbsp;&nbsp;Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xii) | &nbsp;&nbsp;Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xiii) | &nbsp;&nbsp;Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the Servicer, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xiv) | &nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(4)(xv) | &nbsp;&nbsp;Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  |  | &nbsp;&nbsp;**X** |

---

Appendix B

American Express Travel Related Services Company, Inc.

Regulation AB Platform Transactions

Reporting Period January 1, 2025 through December 31, 2025

<u>American Express Issuance Trust II</u> 

Class A, B and C Floating Rate Asset Backed Notes of the following Series:

2013-A

<u>American Express Credit Account Master Trust</u> 

Class A and B Asset Backed Certificates of the following Series:

2012-A

2022-1\*

2022-2\*

2022-3\*

2022-4\*

2023-1

2023-2

2023-3

2023-4

2024-1

2024-2

2024-3

2025-1

2025-2

2025-3

2025-4

2025-5

\*Series matured during the Reporting Period.

## Exhibit 33.2

**Exhibit 33.2**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex33-2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex33-2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P3 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex33-2img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P4 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex33-2img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P5 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex33-2img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P6 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex33-2img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P7 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex33-2img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P8 |

---

## Exhibit 34.1

**Exhibit 34.1**

![](tm269166d2_ex34-1img01.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Management of American Express Travel Related Services Company, Inc.

We have examined management's assertion, included in the accompanying "Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc. and American Express National Bank", that American Express Travel Related Services Company, Inc. (the "Company", the "Asserting Party", or the "Servicer") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for all asset-backed securities transactions backed by credit and charge card receivables issued by the American Express Credit Account Master Trust and the American Express Issuance Trust II for which transactions the Asserting Party acted as Servicer (the "Platform"), as of December 31, 2025 and for the year then ended, excluding criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(3)(iii), 1122(d)(4)(i), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), and 1122(d)(4)(xv), which the Company has determined are not applicable to the servicing activities performed by it with respect to the Platform. Appendix B to management's assertion identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. The Company's management is responsible for its assertion and for the Company's compliance with the applicable servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the applicable servicing criteria based on our examination.

Our examination was conducted in accordance with the attestation standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the applicable servicing criteria is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of selected asset-backed transactions and securities that comprise the Platform, testing of selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the applicable servicing criteria. Our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to detect noncompliance arising from errors that may have occurred prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

---

| |
|:---|
| PricewaterhouseCoopers LLP |
| 300 Madison Avenue |
| New York, New York 10017 |
| (646) 471 3000 |

---

**www.pwc.com/us**

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement.

In our opinion, management's assertion that the Company complied with the aforementioned applicable servicing criteria as of and for the year ended December 31, 2025 for the Platform is fairly stated, in all material respects.

![](tm269166d2_ex34-1img02.jpg)

New York, New York

March 20, 2026

## Exhibit 34.2

**Exhibit 34.2**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex34-2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P11 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269166d2_ex34-2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-9166-2 C2.1 P12 |

---

## Exhibit 35.1

**EXHIBIT 35.1** 

**SERVICER COMPLIANCE STATEMENT** 

American Express Travel Related Services Company, Inc.

American Express Credit Account Master Trust

Reporting Period January 1, 2025 to December 31, 2025

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. ("TRS"), as Servicer pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as so amended and restated and as otherwise amended from time to time, the "Agreement"), among American Express Receivables Financing Corporation III LLC, as transferor, TRS, as servicer (in such capacity, the "Servicer"), and The Bank of New York Mellon, as trustee and securities intermediary, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. TRS is the Servicer under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. The undersigned is duly authorized as required pursuant to the Agreement to execute and deliver this Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;3. A review of the Servicer's activities during the reporting period and of its performance under the Agreement has been made under
my supervision.

&nbsp;&nbsp;&nbsp;&nbsp;4. To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreement in all material
respects throughout the reporting period.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 20<sup>th</sup> day of March, 2026.

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

---

| | |
|:---|:---|
| By: | /s/ Gwyneth Gittings |
| Name: | Gwyneth Gittings |
| Title: | Vice President |

---

## Exhibit 35.2

**EXHIBIT 35.2** 

**SERVICER COMPLIANCE STATEMENT** 

American Express National Bank

American Express Credit Account Master Trust

Reporting Period January 1, 2025 to December 31, 2025

The undersigned, a duly authorized officer of American Express National Bank ("AENB"), a wholly owned subsidiary of American Express Travel Related Services Company, Inc. ("TRS"), pursuant to the Third Amended and Restated Supplemental Servicing Agreement, dated as of April 1, 2018 (as so amended and restated and as otherwise amended from time to time, the "Agreement"), among TRS, AENB and American Express Receivables Financing Corporation III LLC, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. AENB performs certain servicing procedures on behalf of TRS under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. The undersigned is duly authorized to execute and deliver this Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;3. A review of AENB's activities during the reporting period and of its performance under the Agreement has been made under my
supervision.

&nbsp;&nbsp;&nbsp;&nbsp;4. To the best of my knowledge, based on such review, AENB has fulfilled all of its obligations under the Agreement in all material respects
throughout the reporting period.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 20<sup>th</sup> day of March, 2026.

---

| | |
|:---|:---|
| AMERICAN EXPRESS NATIONAL BANK | AMERICAN EXPRESS NATIONAL BANK |
| By: | /s/ Kerri Bernstein |
| Name: | Kerri Bernstein |
| Title: | Treasurer |

---