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AXP > SEC Filings for AXP > Form 8-K on 15-Oct-2013All Recent SEC Filings

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Form 8-K for AMERICAN EXPRESS CO


15-Oct-2013

Regulation FD Disclosure


Item 7.01 Regulation FD Disclosure

American Express Company (the "Company") is hereby furnishing below delinquency and write-off statistics for the lending portfolio of its U.S. Card Services ("USCS") operating segment for the months ended July 31, August 31 and September 30, 2013 and the three months ended September 30, 2013.

                            American Express Company
                               U.S. Card Services
                   Delinquency and Write-off Rate Statistics

As of and for the months ended July 31, August 31 and September 30, 2013 and the
                     three months ended September 30, 2013

(Billions, except percentages)
                                                                                                      (Preliminary)
                                                                                                   Three months ended
                                            July 31,      August 31,         (Preliminary)            September 30,
                                              2013           2013          September 30, 2013             2013
Cardmember lending:
Total loans                                $     54.6     $      55.0     $               54.5     $              54.5
30 days past due loans as a % of total            1.1 %           1.0 %                    1.1 %                   1.1 %
Average loans                              $     54.6     $      54.8     $               54.7     $              54.7
Net write-off rate - principal only (a)           1.8 %           1.7 %                    1.7 %                   1.7 %

(a) Net write-off rate based on principal only (i.e., excluding interest and /or fees).

Note: The statistics presented above are based on the USCS operating segment's total portfolio of cardmember loans determined in accordance with U.S. generally accepted accounting principles, which includes all securitized and non-securitized cardmember loans.

The statistics presented above provide information that is additional to the data reported by the American Express Credit Account Master Trust (the "Lending Trust") in its monthly Form 10-D report filed with the Securities and Exchange Commission (the "Commission"). The cardmember loans that have been securitized through the Lending Trust do not possess identical characteristics with those of the total portfolio of USCS loans, which reflects the aggregate of securitized and non-securitized loans. Thus, the reported credit performance of the Lending Trust may, on a month-to-month basis, be better or worse than the credit performance of the total portfolio. Reported differences may arise as a result of, among other things, differences in the mix and vintage of loans between the Lending Trust and the total portfolio (including, among other things, the larger proportion of small business loans in the non-securitized portion of the total portfolio), the number of days in the reporting period covered by the Form 10-D being filed by the Lending Trust, the use of end-of-period principal loan balances to calculate write-off statistics in the Lending Trust compared to the use of average loan balances over the reporting period used in the total portfolio statistics, as well as other mechanics of the calculation for the lending trust net write-off rate, which is impacted by any additions to the securitization trust within a particular period. In addition, the reporting period for the total portfolio is based on a calendar month, as compared to the reporting period covered by the Form 10-D reports for the Lending Trust, which is generally based on a monthly period beginning on or around the 25th day of each calendar month.

-2-

Set forth below is certain information regarding the credit performance of the Lending Trust for its three most recent monthly reporting periods, as reported in its Form 10-D report filed with respect to each such period.

                  American Express Credit Account Master Trust

(Billions, except percentages)

                                                                                               August 26,
                                                                                                  2013
                                                      June 25, 2013       July 26, 2013          through
                                                         through             through          September 24,
                                                      July 25, 2013      August 25, 2013          2013
Ending total principal balance                       $          29.4     $           29.5     $        29.0
Defaulted amount, net of recoveries                  $           0.1     $            0.1     $         0.1
Annualized default rate, net of recoveries                       1.9 %                1.8 %             1.8 %
Total 30+ days delinquent                            $           0.3     $            0.3     $         0.3

-3-

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