UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended JuneSeptember 30, 2021
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. 1-6908
AMERICAN EXPRESS CREDIT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware11-1988350
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York10285
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 640-2000
None
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
0.625 percent Senior Notes, due November 22, 2021NoneAXP/21N/ANew York Stock ExchangeN/A

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND HAS THEREFORE OMITTED CERTAIN ITEMS FROM THIS REPORT IN ACCORDANCE WITH THE REDUCED DISCLOSURE FORMAT PERMITTED UNDER GENERAL INSTRUCTION H(2).
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.                                                
þ Yes    o 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).
þ Yes  o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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☐
Non-accelerated filer☑Smaller reporting company☐
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.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).         
☐ Yes    þ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at August 5,October 28, 2021
Common Stock (par value $0.10 per share)1,504,938 Shares

    

Table of Contents

AMERICAN EXPRESS CREDIT CORPORATION
FORM 10-Q
INDEX
Page No.
11 
12 
13 
14 
15 
16 
1 
28 
29 
30 
31 
Throughout this report the term “Credco” refer to American Express Credit Corporation and its subsidiaries on a consolidated basis, and the term “American Express” refers to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties.


Table of Contents


PART I. FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

Overview
Credco is a wholly owned subsidiary of American Express Travel Related Services Company, Inc. (TRS), which is a wholly owned subsidiary of American Express Company (American Express). Both American Express and TRS are bank holding companies.
Credco is engaged in the business of financing certain non-interest-earning Card Member receivables arising from the use of the American Express charge cards issued in the United States and in certain countries outside the United States. Credco also finances certain interest-earning revolving loans generated by Card Member spending on American Express credit cards issued in non-U.S. markets. Credco relies on intercompany borrowing as a primary source of funding for these activities.
Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section.

Business Environment
Management’s discussion of Credco’s results should be read in the context of the wider business environment for American Express. American Express’ results for the secondthird quarter reflect an acceleration of the improvementstrong growth momentum that it has seen in its core business over the last several quarters as well as continued strong credit performance.quarters. American Express believescontinues to see positive results from the stepsincreased investments it has takenmade to manage through the pandemicdrive customer acquisition, engagement and its strategy of investing to rebuild its growth momentum are helping it to make sustainable progress towards its longer-term financial objectives. The pace of improvement towards pre-pandemicretention. American Express’ network volumes that started during the second half of last year has continued with overall spending volumes exceedingto accelerate on a sequential basis and exceeded pre-pandemic levels in June. Atfor the same time, certain international countriesquarter and credit metrics remained around the globe continue to face challenges with renewed lockdowns and travel restrictions and there remains uncertainty relating to the ongoing spread and severity of the virus. To the extent that the pandemic continues to have negative impacts on economies, American Express’ results will be affected.historic lows.
AmericanAmerican Express experienced significant adverse impacts during the prior year due to the COVID-19 pandemic and the resulting containment measures such as lockdowns and travel restrictions implemented by local and national authorities. Year-over-year comparisons for the three-month period reflect the peak of the pandemic impact on its business in 2020, with less of an impact for the six-monthnine-month period due to the pre-pandemic results for the first two months in the prior year. While the economy has continued to improve, there remains uncertainty related to ongoing effects of the pandemic on the global macroeconomic environment.
American Express’ worldwide network volumes for the secondthird quarter increased 5029 percent year-over-year (46 percent on an FX-adjusted basis1) and were down 1 percent (2 percent on an FX-adjusted basis1) from pre-pandemic levels. Whileexceeded levels in the third quarter of 2019 (pre-pandemic levels) by 5 percent. U.S. network volumesbilled business increased 5332 percent versus the prior year and exceeded pre-pandemic levels by 9 percent. While international network volumesbilled business grew 4228 percent (32versus the prior year, it remained 8 percent on an FX-adjusted basis1). International volumes are recovering more slowly due to the slower pacebelow pre-pandemic levels, as American Express has historically had a higher mix of travel and entertainment (T&E) spendingspend in its international markets, and it is seeing a slower pace of recovery from the pandemic in certain international countries, combined with the historical greater reliance on T&E spending outside the U.S.spend.
American Express continued to see different paces of recovery trends for Goods & Services (G&S) and T&E spend. G&S spend, which accounts for the majority of American Express’ volumes, increased year-over-year and continued to strengthen,grow sequentially versus the prior quarter and growth exceededgrew on a year-over-year basis, and is now above pre-pandemic levels. T&E spend more than tripleddoubled versus the prior year, with a significant acceleration in year-over-yearcontinued sequential growth compared to the first quarter; however, T&E spendingsecond quarter, though it remained well below the pre-pandemic levels. T&E spend represents spend on travel and entertainment, which primarily includes airline, cruise, lodging and dining merchant categories, and G&S spend represents transactions in all other merchant categories.

1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
1


Table of Content
American Express’ Card Member loans increased 811 percent, which was lower than the growth in its billed business also due to the higher paydown rates.rates driven in part by the continued liquidity and financial strength of its customer base. American Express expects recovery in loan balances and Net interest income to continue to lag the improvement in spend volumes. The total balance

1


Table of loans and receivables in Content
American Express’ financial relief programs saw a significant reduction as compared to the prior quarter and the prior year; however, they remain higher than pre-pandemic levels.
Provisions for credit losses decreased and resulted in a net benefit, primarily due to lower net write-offs and a higher reserve release in the current year versus a reserve build in the prior year and lower net write-offs. American Express does not expect to see a material increase in write-off rates in the remainder of this year. The reserve release in the current quarter was driven by strong credit performanceimproved portfolio quality and a somewhat improvedstrengthening macroeconomic outlook, which was partially offset by an increase in the outstanding balance of loans and receivables.receivables in the current year. Credco’s provisions for credit losses also decreased and resulted in a net benefit. Refer to “Results of Operations” in MD&A and Note 3 to the “Consolidated Financial Statements” for additional information. The improved credit performance was driven by American Express’ strong risk management practices and the current record levels of government stimulus and the broad availability of forbearance programs that are beginning to taper off.
See “Cautionary Note Regarding Forward-Looking Statements” for information on legislative and regulatory changes, additional impacts of the COVID-19 pandemic and other matters that could have a material adverse effect on Credco’s results of operations and financial condition.
Results of Operations for the SixNine Months Ended JuneSeptember 30, 2021 and 2020
Net income depends largely on the volume of Card Member receivables and Card Member loans purchased, the discount rate used to determine purchase price, interest earned, interest expense, collectability of purchased Card Member receivables and Card Member loans, and income taxes. These discussions should be read in conjunction with the discussion under “Business Environment,” which contains further information on the COVID-19 pandemic and the related impacts on Credco’s results of operations.
Credco’s consolidated net income increased by $172$235 million to $276$365 million, as compared to net income of $104$130 million for the same period in 2020. The year-over-year increase was primarily driven by a decline in provision for credit losses and interest expense, as well as an increase in interest income, partially offset by lower discount revenue earned from Card Member receivables.

Table 1: Total Revenues Summary
Six Months Ended June 30,Change
Nine Months Ended September 30,Nine Months Ended September 30,Change
(Millions, except percentages)(Millions, except percentages)2021 2020 2021 vs. 2020(Millions, except percentages)2021 2020 2021 vs. 2020
Discount revenue earned from purchasedDiscount revenue earned from purchasedDiscount revenue earned from purchased
 Card Member receivables and Card Member loans$135 $524 $(389)(74)% Card Member receivables and Card Member loans$212 $562 $(350)(62)%
Interest income from affiliates and otherInterest income from affiliates and other182 47 135 #Interest income from affiliates and other270 66 204 #
Finance revenueFinance revenue33 44 (11)(25)Finance revenue47 63 (16)(25)
Total revenuesTotal revenues$350 $615 $(265)(43)%Total revenues$529 $691 $(162)(23)%
# Denotes a variance of 100 percent or more
Total revenues
Discount revenue decreased due to lower discount rates on Card Member receivables purchased driven by improvements in the credit environment.
Interest income increased, reflecting a higher expectation as to the collectability of collateralized loan arrangements as a result of improvements in the credit environment.
Finance revenue decreased, primarily due to lower average outstanding Card Member loan balances.

Table 2: Total Expenses Summary
Nine Months Ended September 30,Change
(Millions, except percentages)202120202021 vs. 2020
Provisions for credit losses$(9)$264 $(273)       #
Interest expense82 169 (87)(51)%
Interest expense to affiliates10 70 (60)(86)
Other, net9 (14)23         #
Total expenses$92 $489 $(397)(81)%
# Denotes a variance of 100 percent or more
2

Table of Content
Table 2: Total Expenses Summary
Six Months Ended June 30,Change
(Millions, except percentages)202120202021 vs. 2020
Provisions for credit losses$(38)$276 $(314)       #
Interest expense57 132 (75)(57)%
Interest expense to affiliates6 65 (59)(91)
Other, net6 (14)20         #
Total expenses$31 $459 $(428)(93)%
# Denotes a variance of 100 percent or more
Total expenses
Provisions for credit losses decreased and resulted in a net benefit due to reserve releases in the current period versus reserve builds in the prior period and lower net write-offs. The reserve releases in the current period were driven by improving macroeconomic outlooks,outlook, which were partially offset by a reserve build related to an increase in the outstanding balance of receivables. The significant reserve builds in the prior period were due to the deterioration of the global macroeconomic outlook as a result of the COVID-19 pandemic, partially offset by decreasesa decrease in the outstanding balancesbalance of receivables and loans.
Interest expense decreased, primarily due to scheduled debt maturities and lower interest rates during the period.
Interest expense to affiliates decreased, primarily due to decrease in average debt balances and lower interest rates.
Other, net expenses increased, primarily driven by lower forward point gains.

Table 3: Provisions for Credit Losses Summary
Six Months Ended June 30,Change
Nine Months Ended September 30,Nine Months Ended September 30,Change
(Millions, except percentages)(Millions, except percentages)202120202021 vs. 2020(Millions, except percentages)202120202021 vs. 2020
Card Member receivablesCard Member receivablesCard Member receivables
Net write-offsNet write-offs$28 $101 $(73)(72)%Net write-offs$39 $160 $(121)(76)%
Reserve (release) build (a)
Reserve (release) build (a)
(74)163 (237)#
Reserve (release) build (a)
(60)88 (148)#
TotalTotal(46)264 (310)#Total(21)248 (269)#
Card Member loansCard Member loansCard Member loans
Net write-offsNet write-offs7 6 1 17Net write-offs9 11 (2)(18)
Reserve build (a)
Reserve build (a)
1 6 (5)(83)
Reserve build (a)
3 5 (2)(40)
TotalTotal8 12 (4)(33)%Total12 16 (4)(25)%
Total provisions for credit lossesTotal provisions for credit losses$(38)$276 $(314)#Total provisions for credit losses$(9)$264 $(273)#
# Denotes a variance of 100 percent or more
(a)Reserve build (release) represents the portion of the provisions for credit losses for the period, related to increasing or decreasing reserves for credit losses as a result of, among other things, changes in volume, macroeconomic outlook, portfolio composition and credit quality of portfolios. Reserve build represents the amount by which the provision for credit losses exceeds net write-offs, while reserve release represents the amount by which net write-offs exceeds the provision for credit losses.
Refer to Note 3 to the “Consolidated Financial Statements” for the range of key variables in the macroeconomic scenarios utilized for the computation of Credco’s reserves for credit losses and factors contributing to the debit reserve balance for Card Member receivables as of June 30, 2021.losses.
Income taxes
The effective tax rate was 13.924.6 percent and 28.143.5 percent for the three months ended JuneSeptember 30, 2021 and 2020, respectively, and 13.516.5 percent and 33.335.6 percent for the sixnine months ended JuneSeptember 30, 2021 and 2020, respectively. The decrease in the effective tax rate for both the periodsthree month period primarily reflected changes in the impactlevel and geographic mix of pretax income. The decrease in the effective tax rate for the nine month period primarily reflected a discrete tax charges and lower pretax incomecharge of $33 million in the prior year.period. Refer to Note 7 to the “Consolidated Financial Statements” for additional information.
3

Table of Content
Card Member receivables and Card Member loans
As of JuneSeptember 30, 2021 and December 31, 2020, Credco owned $12.9$13.6 billion and $12.2 billion, respectively, of gross Card Member receivables. Card Member receivables represent amounts due on American Express charge card products and are recorded at the time they are purchased from the seller. Included in Card Member receivables are Credco Receivables Corporation’s (CRC) purchases of participation interests from American Express Receivables Financing Corporation VIII LLC (RFC VIII) in conjunction with TRS’ securitization program. As of JuneSeptember 30, 2021 and December 31, 2020, CRC owned approximately $4.7$5.0 billion and $4.2 billion, respectively, of such participation interests.
The net volume of Card Member receivables and Card Member loans purchased during the sixnine months ended JuneSeptember 30, 2021 and 2020 was approximately $81$127.3 billion and $75$111.9 billion, respectively.
3

Table of Content
As of JuneSeptember 30, 2021 and December 31, 2020, Credco owned gross Card Member loans totaling $479$474 million and $500 million, respectively. These loans generally represent revolving amounts due on American Express lending card products.
The following table summarizes selected information related to the Card Member receivables portfolio as of JuneSeptember 30:
Table 4: Selected Information Related to Card Member Receivables
(Millions, except percentages and where indicated)(Millions, except percentages and where indicated) 2021  2020 (Millions, except percentages and where indicated) 2021  2020 
Total gross Card Member receivables (a)
Total gross Card Member receivables (a)
$12,868  $10,109  
Total gross Card Member receivables (a)
$13,618  $10,987  
Credit loss reserves - Card Member receivables (a)
Credit loss reserves - Card Member receivables (a)
$(4) $184  
Credit loss reserves - Card Member receivables (a)
$10  $110  
Credit loss reserves as a % of receivablesCredit loss reserves as a % of receivables (0.03)% 1.82 %Credit loss reserves as a % of receivables 0.1 % 1.0 %
Average life of Card Member receivables (# in days) (b)
Average life of Card Member receivables (# in days) (b)
 27  37  
Average life of Card Member receivables (# in days) (b)
 26  33  
(a)Refer to Notes 2 and 3 to the “Consolidated Financial Statements” for further discussion.
(b)Represents the average life of Card Member receivables owned by Credco, based upon the ratio of the average amount of both billed and unbilled receivables owned by Credco at the end of each month, during the periods indicated, to the volume of Card Member receivables purchased by Credco.
Loans to Affiliates and Other
Credco’s loans to affiliates and other represent interest-bearing borrowings by American Express Company, wholly owned subsidiaries of TRS and the joint ventures that issue American Express cards in certain countries.
The components of loans to affiliates and other as of JuneSeptember 30, 2021 and December 31, 2020 were as follows:
Table 5: Loans to Affiliates and Other
(Millions)(Millions)20212020(Millions)20212020
American Express Services Europe LimitedAmerican Express Services Europe Limited$3,173$2,881American Express Services Europe Limited$3,489$2,881
American Express Australia LimitedAmerican Express Australia Limited1,8101,745American Express Australia Limited1,5531,745
Amex Global Holdings C.V.Amex Global Holdings C.V.1,4301,430Amex Global Holdings C.V.1,4301,430
Amex Bank of CanadaAmex Bank of Canada959857Amex Bank of Canada1,008857
American Express Company (Mexico) S.A. de C.V.American Express Company (Mexico) S.A. de C.V.559540American Express Company (Mexico) S.A. de C.V.965540
American Express Company3762,772
American Express International, Inc., Singapore BranchAmerican Express International, Inc., Singapore Branch267303American Express International, Inc., Singapore Branch279303
American Express Bank (Mexico) S.A.American Express Bank (Mexico) S.A.266257American Express Bank (Mexico) S.A.266257
American Express Saudi Arabia (C) JSCAmerican Express Saudi Arabia (C) JSC5924
Alpha Card S.C.R.L./C.V.B.A.Alpha Card S.C.R.L./C.V.B.A.5225
American Express International (NZ), Inc.American Express International (NZ), Inc.5256American Express International (NZ), Inc.5056
Alpha Card S.C.R.L./C.V.B.A.4225
American Express Saudi Arabia (C) JSC3624
American Express CompanyAmerican Express Company—2,772
Total (a)
Total (a)
$8,970$10,890
Total (a)
$9,151$10,890
(a)As of Juneboth September 30, 2021 and December 31, 2020, approximately $6.8 billion and $6.4 billion respectively, were collateralized by the underlying Card Member receivables and Card Member loans transferred with recourse.
4

Table of Content
Due from/to Affiliates
As of JuneSeptember 30, 2021 and December 31, 2020, amounts due from affiliates were $7$2 million and $6 million, respectively. As of JuneSeptember 30, 2021 and December 31, 2020, amounts due to affiliates were $4.2$4.8 billion and $4.3 billion, respectively. These amounts relate primarily to timing differences from the purchase of Card Member receivables, net of remittances from TRS and its subsidiaries, as well as from operating activities. As of both JuneSeptember 30, 2021 and December 31, 2020, due to affiliates also includes an amount pertaining to a tax liability related to the Tax Cuts and Jobs Act of 2017.

4

Table of Content
Cash and Cash Equivalents
Deposits with Affiliates
As of JuneSeptember 30, 2021 and December 31, 2020, the amount of deposits was $130$230 million and $451 million, respectively, which represents cash deposited with American Express National Bank (AENB).
Restricted Cash with Affiliates
As of JuneSeptember 30, 2021 and December 31, 2020, the amount of interest-bearing restricted cash was $68$119 million and $120 million, respectively, which represents cash deposited with Amex Bank of Canada relating to the purchase of Card Member receivables and the collateralized loan arrangement for transfer of Card Member loans.

Short-term Debt to Affiliates
Short-term debt to affiliates consists primarily of interest-bearing master notes payable on demand. Components of short-term debt to affiliates as of JuneSeptember 30, 2021 and December 31, 2020 were as follows:
Table 6: Short-term Debt to Affiliates
(Millions)(Millions)20212020(Millions)20212020
American Express Travel Related Services Company, Inc.American Express Travel Related Services Company, Inc.$7,073 $7,073 American Express Travel Related Services Company, Inc.$7,073 $7,073 
AE Exposure Management LimitedAE Exposure Management Limited1,433 1,193 AE Exposure Management Limited1,731 1,193 
American Express Holdings Netherlands CVAmerican Express Holdings Netherlands CV192 192 American Express Holdings Netherlands CV192 192 
Accertify, Inc.Accertify, Inc.129 107 Accertify, Inc.141 107 
American Express Swiss Holdings GmbHAmerican Express Swiss Holdings GmbH28 4 American Express Swiss Holdings GmbH1 4 
TotalTotal$8,855 $8,569 Total$9,138 $8,569 

Long-term Debt to Affiliates
Long-term debt to affiliates consists primarily of master note agreements with original contractual maturity dates of one year or greater and are not payable on demand. Components of long-term debt to affiliates as of JuneSeptember 30, 2021 and December 31, 2020 were as follows:
Table 7: Long-term Debt to Affiliates
(Millions)(Millions)20212020(Millions)20212020
American Express Company (a)
American Express Company (a)
$559 $454 
American Express Company (a)
$967 $454 
Amex Funding Management (Europe) Limited (b)
Amex Funding Management (Europe) Limited (b)
359 368 
Amex Funding Management (Europe) Limited (b)
352 368 
TotalTotal$918 $822 Total$1,319 $822 
(a)Amounts payable by November 2023.
(b)Amounts payable by September 2021.2024.




5

Table of Content
Service Fees to Affiliates
Credco’s affiliates do not explicitly charge Credco a service fee for the servicing of receivables purchased. Instead Credco receives a lower discount rate on the receivables purchased than would be the case if servicing fees were charged. If a servicing fee had been charged by these affiliates from which Credco purchases receivables, fees to affiliates for servicing receivables would have been approximately $123$186 million and $125 million for both the sixnine months ended JuneSeptember 30, 2021 and 2020, respectively.2020. Correspondingly, discount revenue would have increased by approximately the same amounts in these periods.



5

Table of Content
CONSOLIDATED CAPITAL RESOURCES AND LIQUIDITY
Credco’s balance sheet management objectives are to maintain:
•A broad, deep and diverse set of funding sources to finance its assets and meet operating requirements; and
•Liquidity programs that enable Credco to continuously meet expected future financing obligations and business requirements for at least a twelve-month period in the event it is unable to continue to raise new funds under its traditionalregular funding programs during a substantial weakening in economic conditions.
Credco is monitoring the changing macroeconomic environment and is managing its balance sheet to reflect evolving circumstances.
Funding Strategy
American Express has in place an enterprise-wide funding policy. The principal funding objective is to maintain broad and well-diversified funding sources to allow American Express, including Credco, to meet its maturing obligations, cost-effectively finance asset growth in its global businesses as well as to maintain a strong liquidity profile.
These funding sources include, but are not limited to, unsecured debt, asset securitization, and deposits. For unsecured debt, American Express has been the primary issuer of senior unsecured debt since the second half of 2017, and Credco has historically reliedbeen the primary issuer of commercial paper.
As of September 30, 2021, Credco maintained a $3.5 billion syndicated credit facility, with any undrawn portion on intercompany borrowingsthis facility serving as a backstop for Credco’s commercial paper issuance.
To simplify American Express’ funding and reporting structure, American Express and TRS established a new $3.5 billion credit facility on October 1, 2021 as co-borrowers and co-obligors. Subsequently on October 5, 2021, TRS established a new commercial paper program. The new credit facility will serve as a backstop for the debt capital marketsnew TRS commercial paper program. Funding raised through these new arrangements can be deployed to fulfill a substantial amount ofAmerican Express and its funding needs. It hassubsidiaries, including Credco, through a variety of intercompany funding sources available to accesschannels.
Concurrent with the debt capital markets, including senior unsecured debtestablishment of the aforementioned new commercial paper program and credit facility, Credco’s credit facility and commercial paper.paper program were terminated. At the time of termination, there were no outstanding balances on the Credco’s credit facility or commercial paper program. Subsequent to the termination, Credco continues to assesswill rely on intercompany borrowing as its funding needs and investor demand and could change the mixprimary source of its existing sources as well as add new sources to its funding mix. funding.
Credco’s funding plans can vary due to various risks and uncertainties, such as the disruption of financial markets or reductions in market capacity and demand for securities offered by Credco as well as any regulatory changes or changes in its long-term or short-term credit ratings. Many of these risks and uncertainties are beyond Credco’s control.
Credco’s funding strategy is designed, among other things, to maintain appropriate and stable unsecured debt ratings from the major credit rating agencies: Fitch Ratings (Fitch), Moody’s Investor Services (Moody’s) and Standard & Poor’s (S&P). Such ratings help support Credco’s access to cost-effective unsecured funding as part of its overall funding strategy.
Table 8: Unsecured Debt Ratings
Credit AgencyShort-Term RatingsLong-Term RatingsOutlook
FitchF1N/AAStable
Moody’sPrime-1A2Stable
S&PA-2N/AA-Stable
These ratings are not a recommendation to buy or hold any of Credco’s securities and they may be revised or revoked at any time at the sole discretion of the rating organization.
Downgrades in the ratings of Credco’s unsecured debt could result in higher funding costs, as well as higher fees related to borrowings under its unused credit facilities. Declines in credit ratings could also reduce Credco’s borrowing capacity in the unsecured term debt and commercial paper markets. The overall level of the funding provided by Credco to other American Express affiliates is impacted by a variety of factors, among them Credco’s ratings. To the extent that Credco is subject to a higher cost of funds, whether due to an adverse ratings action or otherwise, the affiliates could continue to use, or could increase their use of, alternative sources of funding for their receivables that offer better pricing.


6

Table of Content
Short-term Funding Programs
Short-term borrowings, such as commercial paper, is defined as debt with an original contractual maturity of twelve months or less. Credco’s issuance and sale ofAs mentioned above, effective October 5, 2021, Credco has terminated its commercial paper is primarily utilized for working capital needs. The amount of short-term borrowings issued in the future will depend on Credco’s funding strategy, its needs and market conditions. program.
Credco had nilno commercial paper outstanding as of both JuneSeptember 30, 2021 and December 31, 2020. The average commercial paper outstanding was nil and $0.6 billion for the sixnine months ended JuneSeptember 30, 2021 and the year ended December 31, 2020, respectively.

6

Table of Content
Long-term Debt Programs
Long-term debt is raised through the offering of debt securities both in and outside the United States. Long-term debt is generally defined as any debt with an original contractual maturity greater than twelve months. During the sixnine months ended JuneSeptember 30, 2021, Credco did not issue any unsecured debt securities.
Credco had the following long-term debt outstanding as of JuneSeptember 30, 2021 and December 31, 2020:
Table 9: Long-Term Debt Outstanding
(Billions)(Billions)20212020(Billions)20212020
Long-term debt outstanding (a)
Long-term debt outstanding (a)
$5.2 $7.0 
Long-term debt outstanding (a)
$5.2 $7.0 
Average long-term debt (b)
Average long-term debt (b)
$6.2 $9.1 
Average long-term debt (b)
$5.8 $9.1 
(a)The outstanding balances include (i) unamortized discount, (ii) the impact of movements in exchange rates on foreign currency denominated debt and (iii) the impact of fair value hedge accounting on certain fixed-rate notes that have been swapped to floating rate through the use of interest rate swaps.
(b)Average long-term debt outstanding during the sixnine months ended JuneSeptember 30, 2021 and the year ended December 31, 2020, respectively.
As of JuneSeptember 30, 2021 and December 31, 2020, Credco had $5.2 billion and $7.0 billion of debt securities outstanding, respectively. Credco may redeem from time to timetime-to-time certain debt securities prior to the original contractual maturity dates in accordance with the optional redemption provisions of those debt securities. On October 22, 2021, Credco redeemed $1.2 billion of its 0.625 percent Senior Notes, with an original contractual maturity date of November 22, 2021.
The covenants of debt instruments issued by Credco impose the requirement that Credco maintain a minimum consolidated net worth (as defined in the debt securities indenture) of $50 million, which limits the amount of dividends Credco can pay to TRS, its parent company. During the sixnine months ended JuneSeptember 30, 2021 and 2020, Credco did not pay any dividends to TRS. When considering the amount of dividends it pays, Credco takes into account the amount of capital required to maintain capital strength, support business growth and meet the expectations of debt investors. To the extent excess capital is available, it may be distributed to TRS, via dividends. There are no significant restrictions on the ability of Credco to obtain funds from its subsidiaries by dividend or loan. Additionally, there are no limitations on the amount of debt that can be issued by Credco, provided it maintains the minimum fixed charge coverage ratio (FCCR) of 1.25. As of JuneSeptember 30, 2021 Credco was in compliance with all restrictive covenants contained in its debt agreements.
Liquidity Management
The liquidity objective of American Express and its subsidiaries, including Credco, is to maintain access to a diverse set of on-and off-balance sheet liquidity sources and seek to maintain liquidity sources in amounts sufficient to meet their expected future financial obligations and business requirements for liquidity for a period of at least twelve months in the event they are unable to raise new funds under their regular funding programs during a substantial weakening in economic conditions.
The liquidity management strategy includes a number of elements, including, but not limited to:
•Maintaining diversified funding sources;
•Maintaining unencumbered liquid assets and off-balance sheet liquidity sources;
•Projecting cash inflows and outflows under a variety of economic and market scenarios; and
•Establishing clear objectives for liquidity risk management, including compliance with regulatory requirements.

7

Table of Content
Credco believes that it currently maintains sufficient liquidity to meet all internal and regulatory liquidity requirements. As of JuneSeptember 30, 2021, Credco had Cash and cash equivalents of approximately $234$684 million, which primarily represents the amount depositeddeposits with AENB.AENB and reverse repurchase agreements. In addition to its actual holdings of Cash and cash equivalents, Credco maintains access to additional liquidity, in the form of Cash and cash equivalents held by certain affiliates, through intercompany loan agreements, and access to securitization of Card Member receivables through sales of receivables to TRS for securitization by RFC VIII and American Express Issuance Trust II, and a committed bank credit facility.II.


7

Table of Content
Committed Bank Credit Facility
Credco maintained a U.S. dollar-denominated committed syndicated bank credit facility as of JuneSeptember 30, 2021 of $3.5 billion with a maturity date of October 15, 2022. As of JuneSeptember 30, 2021, no amounts were drawn on this facility. Credco may, from time to time, use this facility in the ordinary course of business to fund working capital needs. Any undrawn portion of this facility could serve as backstop for the amount of commercial paper outstanding. The availability of this facility iswas subject to compliance with certain covenants that requirerequired maintenance of a 1.25 minimum FCCR.fixed charge coverage ratio (FCCR). FCCR is the ratio of earnings available for fixed charges (interest expenses including interest expense to affiliates) to fixed charges for the applicable period. Earnings available for fixed charges are defined as net income before fixed charges and income tax provision plus, effective the fourth quarter of 2020, certain capital contributions, if any, made by TRS to Credco.
The committed syndicated bank credit As mentioned above, effective October 1, 2021, this facility does not contain a material adverse change clause, which might otherwise preclude borrowing underhas been terminated and the credit facility, norFCCR covenant is it dependent on Credco’s credit rating.no longer in effect.
Computations for fixed charge coverage ratio were as follows:
Table 10: Computation in support of fixed charge coverage ratio
(Dollars in Millions)(Dollars in Millions)Six Months Ended
June 30, 2021		Years Ended December 31,(Dollars in Millions)Nine Months Ended
September 30, 2021		Years Ended December 31,
202020192018202020192018
Earnings:Earnings:Earnings:
Net incomeNet income$276 $201 $418 $387 Net income$365 $201 $418 $387 
Income tax provisionIncome tax provision43 121 94 29 Income tax provision72 121 94 29 
Interest expense including interest expense to affiliatesInterest expense including interest expense to affiliates63 276 954 851 Interest expense including interest expense to affiliates92 276 954 851 
Capital contributions from TRS (a)
Capital contributions from TRS (a)
— — N/AN/A
Capital contributions from TRS (a)
— — N/AN/A
Earnings available for fixed chargesEarnings available for fixed charges$382 $598 $1,466 $1,267 Earnings available for fixed charges$529 $598 $1,466 $1,267 
Fixed charges - Interest expense including interest expense to affiliatesFixed charges - Interest expense including interest expense to affiliates$63 $276 $954 $851 Fixed charges - Interest expense including interest expense to affiliates$92 $276 $954 $851 
Fixed charge coverage ratioFixed charge coverage ratio6.06 2.17 1.54 1.49 Fixed charge coverage ratio5.75 2.17 1.54 1.49 
(a) Effective fourth quarter of 2020, capital contributions from TRS is part of earnings available for fixed charges.
OTHER MATTERS
Cautionary Note Regarding Forward-Looking Statements
Various statements have been made in this Quarterly Report on Form 10-Q that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may also be made in Credco’s other reports filed with or furnished to the Securities and Exchange Commission (SEC) and in other documents. In addition, from time to time, Credco, through its management, may make oral forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from such statements. The words “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “estimate,” “predict,” “potential,” “continue” and similar expressions are intended to identify forward-looking statements. Credco cautions you that the risk factors described below as well as those in Credco’s Annual Report on Form 10-K for the year ended December 31, 2020 are not exclusive. There may also be other risks that Credco is unable to predict at this time that may cause actual results to differ materially from those in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Credco undertakes no obligation to update or revise any forward-looking statements.





8

Table of Content
Factors that could cause actual results to differ materially from Credco’s forward-looking statements include, but are not limited to, the following:
•American Express’ ability to continue building growth momentum and improve its financial performance, which will depend in part on spending volumes and therefore on economies continuing to re-open, vaccination rates increasing, travel restrictions lifting, consumers continuing to spend online and on G&S, and the general public feeling comfortable traveling, shopping and dining out again; credit performance and reserve levels; identifying attractive investment opportunities to continue building growth momentum, including customer retention and acquisition efforts; its ability to control operating expenses; the effective tax rate remaining consistent with current levels; and its ability to continue its share repurchase program; any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs;
•American Express’ ability to grow volumes, revenues and EPS, which could be impacted by, among other things, uncertainty regarding the continued spread of COVID-19 (including new variants) and the availability, distribution and use of effective treatments and vaccines; a further deterioration in global economic and business conditions; consumer and business spending not growing in line with expectations, including G&S spending not continuing to growshow strong growth and T&E spending not rebounding to aroundreaching 80 percent of 2019 levels by the endfourth quarter of 2021; an inability or unwillingness of Card Members to pay amounts owed to American Express; insufficientthe termination of government support and relief programs to address the ongoing impact of the pandemic;programs; prolonged measures to contain the spread of COVID-19 (including travel restrictions) or premature easing of such containment measures, both of which could further exacerbate the effects on business activity and American Express’ Card Members, partners and merchants; health concerns associated with the pandemic continuing to affect consumer behavior, spending levels and preferences, and travel patterns and demand even after government restrictions are lifted and economies re-open; American Express’ and Credco’s inability to effectively manage risk in an uncertain environment; market volatility, changes in capital and credit market conditions and the availability and cost of capital; issues impacting brand perceptions and its reputation; the amount and efficacy of investments in share, scale and relevance; an inability of business partners to meet their obligations to American Express and its customers due to slowdowns or disruptions in their businesses, bankruptcy or liquidation, or otherwise; the impact of any future contingencies, including, but not limited to, restructurings, impairments, changes in reserves, legal costs, the imposition of fines or civil money penalties and increases in Card Member reimbursements; and the impact of regulation and litigation, which could affect the profitability of American Express’ business activities, limit its ability to pursue business opportunities, require changes to business practices or alter its relationships with partners, merchants and Card Members;
•future credit performance, the level of future delinquencies and write-off rates and the amount and timing of future credit reserve builds and releases, which will depend in part on changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates) and delinquency rates;; macroeconomic factors such as unemployment rates, gross domestic product (GDP) and the volume of bankruptcies; the performance of accounts as they graduate and exit from financial relief programs; collections capabilities and recoveries of previously written-off loans and receivables; the enrollment in, and effectiveness of, hardship programs and troubled debt restructurings; continued government support for the economy; and governmental actions that provide forms of relief with respect to certain loans and fees, such as limiting debt collections efforts and encouraging or requiring extensions, modifications or forbearance;
•the growth rate of receivables and loans outstanding being higher or lower than current expectations, which will depend on the behavior of Card Members and their actual spending, borrowing and paydown patterns; government stimulus, liquidity and financial strength in American Express’ customer base and the availability of forbearance programs; American Express’ ability to effectively manage risk and enhance Card Member value propositions; credit actions, including line size and other adjustments to credit availability; and the effectiveness of its strategies to capture a greater share of existing Card Members’ spending and borrowings, reduce Card Member attrition and attract new customers;
•factors beyond Credco’s control such as continued waves of COVID-19 cases, whether and when populations achieve herd immunity, severe weather conditions, natural disasters, power loss, disruptions in telecommunications, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, Card Member receivable and Card Member loan balances and other aspects of its business and results of operations or disrupt its global network systems and ability to process transactions;
9

Table of Content
•credit trends, which will depend in part on the economic environment, including, among other things, the rate of bankruptcies and the unemployment rate, which can affect spending on card products and debt payments by individual and corporate customers;
•the effectiveness of Credco’s risk management policies and procedures, including Credco’s ability to accurately estimate the provisions for losses in Credco’s outstanding portfolio of Card Member receivables and Card Member loans, and operational risk;
•fluctuations in foreign currency exchange rates;
•negative changes in Credco’s credit ratings, which could result in decreased liquidity and higher borrowing costs;
•changes in laws or government regulations affecting American Express’ business, including the potential impact of regulations adopted by regulators relating to certain credit and charge card practices;
•the effect of fluctuating interest rates, which could affect Credco’s borrowing costs and have an adverse effect on the market price of notes issued by Credco;
•the impact on American Express’ business of changes in the substantial and increasing worldwide competition in the payments industry;
•the impact on American Express’ business resulting from a failure in or breach of operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm;
•the impact on American Express’ business that could result from litigation such as class actions or from government regulation or supervision;
•Credco’s ability to satisfy its liquidity needs and execute on its funding plans, which will depend on, among other things, Credco’s future business growth, the impact of global economic, political and other events on market capacity, Credco’s credit ratings, demand for securities offered by Credco, performance by Credco’s counterparties under its bank credit facilities and other lending facilities,intercompany loan arrangements, and regulatory changes;
•Credco’s tax rate not remaining consistent with current levels, which could be impacted by, among other things, further changes in tax laws and regulation, its geographic mix of income, unfavorable tax audits and other unanticipated tax items;
•American Express’ ability to increase Card Member acquisition activities, provide additional value to Card Members and refresh its premium products, which will be impacted in part by competition, brand perceptions and reputation, and its ability to develop and market value propositions that appeal to Card Members and new customers and offer attractive services and rewards programs, which will depend in part on ongoing investments in Card Member acquisition efforts, addressing changing customer behaviors, new product innovation and development, and enrollment processes, including through digital channels, and infrastructure to support new products, services and benefits;
•American Express’ ability to innovate and strengthen its global network, which will depend in part on its ability to update its systems and platforms, the amount American Express invests in the network and its ability to make funds available for such investments, its ability to execute on its plans in China, and technological developments, including capabilities that allow greater digital integration;
•American Express’ ability to introduce new and expanded digital capabilities, which will depend on its success in evolving its products and processes for the digital environment, developing new features in the Amex app and enhancing its digital channels, building partnerships and executing programs with other companies, effectively utilizing artificial intelligence to address servicing and other customer needs, and supporting the use of its products as a means of payment through online and mobile channels, all of which will be impacted by investment levels, new product innovation and development and infrastructure to support new products, services and benefits; and
•Credco’s funding plan being implemented in a manner inconsistent with current expectations, which will depend on various factors such as future business growth, the impact of global economic, political and other events on market capacity, demand for securities Credco offers, regulatory changes, ability to securitize and sell receivables and loans and the performance of receivables and loans previously sold in securitization transactions.
A further description of these uncertainties and other risks can be found in the 2020 Form 10-K, the Quarterly ReportReports on Form 10-Q for the quarterquarters ended March 31, 2021 and June 30, 2021, and other reports filed with the SEC.
10

Table of Content

ITEM 1. FINANCIAL STATEMENTS
AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
MillionsMillions2021202020212020Millions2021202020212020
RevenuesRevenuesRevenues
Discount revenue earned from purchased Card Member receivables and
Card Member loans		Discount revenue earned from purchased Card Member receivables and
Card Member loans		$70 $317 $135 $524 Discount revenue earned from purchased Card Member receivables and
Card Member loans		$77 $38 $212 $562 
Interest income from affiliates and otherInterest income from affiliates and other80 10 182 47 Interest income from affiliates and other88 19 270 66 
Finance revenueFinance revenue16 22 33 44 Finance revenue14 19 47 63 
Total revenuesTotal revenues166 349 350 615 Total revenues179 76 529 691 
ExpensesExpensesExpenses
Provisions for credit lossesProvisions for credit losses(24)173 (38)276 Provisions for credit losses29 (12)(9)264 
Interest expenseInterest expense24 53 57 132 Interest expense25 37 82 169 
Interest expense to affiliatesInterest expense to affiliates4 12 6 65 Interest expense to affiliates4 5 10 70 
Other, netOther, net4 (3)6 (14)Other, net3 — 9 (14)
Total expensesTotal expenses8 235 31 459 Total expenses61 30 92 489 
Pretax incomePretax income158 114 319 156 Pretax income118 46 437 202 
Income tax provisionIncome tax provision22 32 43 52 Income tax provision29 20 72 72 
Net incomeNet income$136 $82 $276 $104 Net income$89 $26 $365 $130 

See Notes to Consolidated Financial Statements.
11

Table of Content

AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
MillionsMillions2021202020212020Millions2021202020212020
Net incomeNet income$136 $82 $276 $104 Net income$89 $26 $365 $130 
Other comprehensive income (loss):Other comprehensive income (loss):Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxForeign currency translation adjustments, net of tax2 59 (7)(78)Foreign currency translation adjustments, net of tax(37)10 (44)(68)
Other comprehensive income (loss)Other comprehensive income (loss)2 59 (7)(78)Other comprehensive income (loss)(37)10 (44)(68)
Comprehensive incomeComprehensive income$138 $141 $269 $26 Comprehensive income$52 $36 $321 $62 
See Notes to Consolidated Financial Statements.
12

Table of Content
AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions, except share data)(Millions, except share data)June 30,
2021		December 31,
2020		(Millions, except share data)September 30,
2021		December 31,
2020
AssetsAssetsAssets
Cash and cash equivalentsCash and cash equivalents$234 $601 Cash and cash equivalents$684 $601 
Card Member receivables, less reserves for credit losses: 2021, $(4); 2020, $7012,872 12,087 
Card Member loans, less reserves for credit losses: 2021, $21; 2020, $20458 480 
Card Member receivables, less reserves for credit losses: 2021, $10; 2020, $70Card Member receivables, less reserves for credit losses: 2021, $10; 2020, $7013,608 12,087 
Card Member loans, less reserves for credit losses: 2021, $23; 2020, $20Card Member loans, less reserves for credit losses: 2021, $23; 2020, $20451 480 
Loans to affiliates and otherLoans to affiliates and other8,970 10,890 Loans to affiliates and other9,151 10,890 
Due from affiliatesDue from affiliates7 6 Due from affiliates2 6 
Other assetsOther assets285 244 Other assets253 244 
Total assetsTotal assets$22,826 $24,308 Total assets$24,149 $24,308 
Liabilities and Shareholder’s EquityLiabilities and Shareholder’s EquityLiabilities and Shareholder’s Equity
LiabilitiesLiabilitiesLiabilities
Short-term debt to affiliatesShort-term debt to affiliates$8,855 $8,569 Short-term debt to affiliates$9,138 $8,569 
Long-term debtLong-term debt5,242 7,037 Long-term debt5,210 7,037 
Long-term debt to affiliatesLong-term debt to affiliates918 822 Long-term debt to affiliates1,319 822 
Total debtTotal debt15,015 16,428 Total debt15,667 16,428 
Due to affiliatesDue to affiliates4,213 4,344 Due to affiliates4,847 4,344 
Accrued interest and other liabilitiesAccrued interest and other liabilities434 641 Accrued interest and other liabilities419 641 
Total liabilitiesTotal liabilities$19,662 $21,413 Total liabilities$20,933 $21,413 
Shareholder’s EquityShareholder’s EquityShareholder’s Equity
Common stock, $0.10 par value, authorized 3 million shares; issued and
outstanding 1.5 million shares as of June 30, 2021 and December 31, 2020
0 0 
Common stock, $0.10 par value, authorized 3 million shares; issued and
outstanding 1.5 million shares as of September 30, 2021 and December 31, 2020
Common stock, $0.10 par value, authorized 3 million shares; issued and
outstanding 1.5 million shares as of September 30, 2021 and December 31, 2020
— — 
Additional paid-in capitalAdditional paid-in capital161 161 Additional paid-in capital161 161 
Retained earningsRetained earnings4,109 3,833 Retained earnings4,198 3,833 
Accumulated other comprehensive income (loss)Accumulated other comprehensive income (loss)Accumulated other comprehensive income (loss)
Foreign currency translation adjustments, net of tax of: 2021, $(1); 2020, $5(1,106)(1,099)
Foreign currency translation adjustments, net of tax of: 2021, $26; 2020, $5Foreign currency translation adjustments, net of tax of: 2021, $26; 2020, $5(1,143)(1,099)
Total accumulated other comprehensive income (loss)Total accumulated other comprehensive income (loss)(1,106)(1,099)Total accumulated other comprehensive income (loss)(1,143)(1,099)
Total shareholder’s equityTotal shareholder’s equity3,164 2,895 Total shareholder’s equity3,216 2,895 
Total liabilities and shareholder’s equityTotal liabilities and shareholder’s equity$22,826 $24,308 Total liabilities and shareholder’s equity$24,149 $24,308 

See Notes to Consolidated Financial Statements.
13

Table of Content
AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30 (Millions)
20212020
Nine Months Ended September 30 (Millions)
Nine Months Ended September 30 (Millions)
20212020
Cash Flows from Operating ActivitiesCash Flows from Operating ActivitiesCash Flows from Operating Activities
Net incomeNet income$276 $104 Net income$365 $130 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit lossesProvisions for credit losses(38)276 Provisions for credit losses(9)264 
Amortization of underwriting expenseAmortization of underwriting expense4 7 Amortization of underwriting expense6 10 
Deferred taxesDeferred taxes18 (44)Deferred taxes23 (31)
Changes in operating assets and liabilities:Changes in operating assets and liabilities:Changes in operating assets and liabilities:
Interest, taxes and other amounts due to/from affiliatesInterest, taxes and other amounts due to/from affiliates55 11 Interest, taxes and other amounts due to/from affiliates50 (11)
Other operating assets and liabilitiesOther operating assets and liabilities(458)433 Other operating assets and liabilities(294)428 
Net cash (used in) provided by operating activities(143)787 
Net cash provided by operating activitiesNet cash provided by operating activities141 790 
Cash Flows from Investing ActivitiesCash Flows from Investing ActivitiesCash Flows from Investing Activities
Net (increase) decrease in Card Member receivables and Card Member loans (a)
Net (increase) decrease in Card Member receivables and Card Member loans (a)
(688)10,019 
Net (increase) decrease in Card Member receivables and Card Member loans (a)
(1,560)9,081 
Net decrease (increase) in loans to affiliates and other (a)
2,049 (1,812)
Net (decrease) increase in due to/from affiliates(230)1,918 
Net decrease in loans to affiliates and other (a)
Net decrease in loans to affiliates and other (a)
1,690 48 
Net increase in due to/from affiliatesNet increase in due to/from affiliates479 1,854 
Net cash provided by investing activitiesNet cash provided by investing activities1,131 10,125 Net cash provided by investing activities609 10,983 
Cash Flows from Financing ActivitiesCash Flows from Financing ActivitiesCash Flows from Financing Activities
Net decrease in short-term debtNet decrease in short-term debt0 (3,216)Net decrease in short-term debt— (3,216)
Net increase in short-term debt to affiliatesNet increase in short-term debt to affiliates286 2,397 Net increase in short-term debt to affiliates569 2,344 
Proceeds from long-term debtProceeds from long-term debt20 — 
Principal payments of long-term debtPrincipal payments of long-term debt(1,750)(4,600)Principal payments of long-term debt(1,770)(6,600)
Proceeds from long-term debt to affiliatesProceeds from long-term debt to affiliates105 8,006 Proceeds from long-term debt to affiliates663 8,006 
Principal payments of long-term debt to affiliates (a)
Principal payments of long-term debt to affiliates (a)
0 (11,251)
Principal payments of long-term debt to affiliates (a)
(150)(11,320)
Net cash used in financing activitiesNet cash used in financing activities(1,359)(8,664)Net cash used in financing activities(668)(10,786)
Effect of foreign currency exchange rates on cash and cash equivalentsEffect of foreign currency exchange rates on cash and cash equivalents4 (5)Effect of foreign currency exchange rates on cash and cash equivalents1 (3)
Net (decrease) increase in cash and cash equivalents(367)2,243 
Net increase in cash and cash equivalentsNet increase in cash and cash equivalents83 984 
Cash and cash equivalents at beginning of periodCash and cash equivalents at beginning of period601 149 Cash and cash equivalents at beginning of period601 149 
Cash and cash equivalents at end of periodCash and cash equivalents at end of period$234 $2,392 Cash and cash equivalents at end of period$684 $1,133 
Cash and cash equivalents reconciliationCash and cash equivalents reconciliationJun-21Dec-20Jun-20Dec-19Cash and cash equivalents reconciliationSep-21Dec-20Sep-20Dec-19
Cash and cash equivalents per Consolidated Balance SheetsCash and cash equivalents per Consolidated Balance Sheets$234 $601 $2,392 $149 Cash and cash equivalents per Consolidated Balance Sheets$684 $601 $1,133 $149 
Restricted cash included in Cash and cash equivalents (b)
Restricted cash included in Cash and cash equivalents (b)
68 120 112 116 
Restricted cash included in Cash and cash equivalents (b)
119 120 114 116 
Total cash and cash equivalents excluding restricted cash (c)
Total cash and cash equivalents excluding restricted cash (c)
$166 $481 $2,280 $33 
Total cash and cash equivalents excluding restricted cash (c)
$565 $481 $1,019 $33 
Supplemental cash flow informationSupplemental cash flow information20212020Supplemental cash flow information20212020
Non-cash Investing activitiesNon-cash Investing activitiesNon-cash Investing activities
Sales of U.S. Corporate Card Member receivables to TRS (a)
Sales of U.S. Corporate Card Member receivables to TRS (a)
$0 $5,493 
Sales of U.S. Corporate Card Member receivables to TRS (a)
$— $5,493 
Lending to American Express Company (a)
Lending to American Express Company (a)
0 (416)
Lending to American Express Company (a)
— (416)
Non-cash Financing activitiesNon-cash Financing activitiesNon-cash Financing activities
Settlement of borrowings with American Express Company (a)
Settlement of borrowings with American Express Company (a)
$0 $(5,077)
Settlement of borrowings with American Express Company (a)
$— $(5,077)
(a)During the sixnine months ended JuneSeptember 30, 2020, American Express Travel Related Services Company, Inc. (TRS) removed U.S. Consumer and Small Business Card Member receivables from the American Express Issuance Trust II (the Charge Trust) and substantially replaced them with U.S. Corporate Card Member receivables. To effect this change, on January 7, 2020, Credco sold $5.2 billion of U.S. Corporate Card Member receivables to TRS. Settlement of this transaction was undertaken through borrowings from American Express Company.
(b)Represents cash deposited with Amex Bank of Canada relating to the purchase of Card Member receivables and the collateralized loan arrangement for transfer of Card Member loans.
(c)Primarily includesIncludes deposits with American Express National Bank (AENB).and as of September 30,2021, also includes reverse repurchase agreements.
See Notes to Consolidated Financial Statements.
14

Table of Content
AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY
(Unaudited)
Three months ended June 30, 2021 (Millions)
TotalCommon
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive Income
(Loss)		Retained
Earnings
Balances as of March 31, 2021$3,026 $0 $161 $(1,108)$3,973 
Net income136 — — — 136 
Other comprehensive income2 — — 2 — 
Balances as of June 30, 2021$3,164 $0 $161 $(1,106)$4,109 
Three months ended September 30, 2021 (Millions)
TotalCommon
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive Income
(Loss)		Retained
Earnings
Balances as of June 30, 2021$3,164 $— $161 $(1,106)$4,109 
Net income89 — — — 89 
Other comprehensive loss(37)— — (37)— 
Balances as of September 30, 2021$3,216 $— $161 $(1,143)$4,198 

Six months ended June 30, 2021 (Millions)
TotalCommon
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive Income
(Loss)		Retained
Earnings
Nine months ended September 30, 2021 (Millions)
Nine months ended September 30, 2021 (Millions)
TotalCommon
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive Income
(Loss)		Retained
Earnings
Balances as of December 31, 2020Balances as of December 31, 2020$2,895 $0 $161 $(1,099)$3,833 Balances as of December 31, 2020$2,895 $— $161 $(1,099)$3,833 
Net incomeNet income276 — — — 276 Net income365 — — — 365 
Other comprehensive lossOther comprehensive loss(7)— — (7)— Other comprehensive loss(44)— — (44)— 
Balances as of June 30, 2021$3,164 $0 $161 $(1,106)$4,109 
Balances as of September 30, 2021Balances as of September 30, 2021$3,216 $— $161 $(1,143)$4,198 

Three months ended June 30, 2020 (Millions)
TotalCommon
 Stock		Additional
 Paid-in
 Capital		Accumulated
Other
Comprehensive Income
(Loss)		Retained
 Earnings
Balances as of March 31, 2020$2,591 $0 $161 $(1,224)$3,654 
Three months ended September 30, 2020 (Millions)
Three months ended September 30, 2020 (Millions)
TotalCommon
 Stock		Additional
 Paid-in
 Capital		Accumulated
Other
Comprehensive Income
(Loss)		Retained
 Earnings
Balances as of June 30, 2020Balances as of June 30, 2020$2,732 $— $161 $(1,165)$3,736 
Net incomeNet income82 — — — 82 Net income26 — — — 26 
Other comprehensive incomeOther comprehensive income59 — — 59 — Other comprehensive income10 — — 10 — 
Balances as of June 30, 2020$2,732 $0 $161 $(1,165)$3,736 
Balances as of September 30, 2020Balances as of September 30, 2020$2,768 $— $161 $(1,155)$3,762 

Six months ended June 30, 2020 (Millions)
TotalCommon
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive Income
(Loss)		Retained
Earnings
Nine months ended September 30, 2020 (Millions)
Nine months ended September 30, 2020 (Millions)
TotalCommon
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive Income
(Loss)		Retained
Earnings
Balances as of December 31, 2019Balances as of December 31, 2019$2,587 $0 $161 $(1,087)$3,513 Balances as of December 31, 2019$2,587 $— $161 $(1,087)$3,513 
Cumulative effect of change in accounting principle - Reserves for Credit losses (a)
Cumulative effect of change in accounting principle - Reserves for Credit losses (a)
119 — — — 119 
Cumulative effect of change in accounting principle - Reserves for Credit losses (a)
119 — — — 119 
Net incomeNet income104 — — — 104 Net income130 — — — 130 
Other comprehensive lossOther comprehensive loss(78)— (78)— Other comprehensive loss(68)— (68)— 
Balances as of June 30, 2020$2,732 $0 $161 $(1,165)$3,736 
Balances as of September 30, 2020Balances as of September 30, 2020$2,768 $— $161 $(1,155)$3,762 
(a)Represents $140 million, net of tax of $21 million, related to the impact as of January 1, 2020, of adopting the Current Expected Credit Loss (CECL) Methodology for the recognition of credit losses on certain financial instruments.
See Notes to Consolidated Financial Statements.
15
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation
The Company
American Express Credit Corporation (Credco) is a wholly owned subsidiary of TRS, which is a wholly owned subsidiary of American Express Company (American Express).
Credco is engaged in the business of financing certain non-interest-earning Card Member receivables arising from the use of the American Express charge cards issued in the United States and in certain countries outside the United States. Credco also finances certain interest-earning revolving loans generated by Card Member spending on American Express credit cards issued in non-U.S. markets.
Credco executes material transactions with its affiliates. The agreements between Credco and its affiliates provide that the parties intend that the transactions thereunder be conducted on an arm’s-length basis and the price at which receivables are sold to Credco be at fair value.
Credco maintains its fixed charge coverage ratio (FCCR) at a minimum of 1.25. The FCCR is achieved by charging appropriateEach monthly period, the discountrates on the purchase of receivables Credco makes from, and the interest rates on the loans Credco provides to, TRS and other American Express subsidiaries. Each monthly period, the discount and interest ratessubsidiaries are determined to generate income for Credcoensure that is sufficient to maintain its minimum FCCR, whilst complying with the parties’ intention for these transactions to occur on an arm’s-length basis. Should it be required, TRS would provide Credco with financial support in the form of capital contributions with respect to maintenance of its 1.25 minimum FCCR as required in its committed bank credit facility. The revenue earned by Credco from purchasing Card Member receivables and Card Member loans at a discount is reported as Discount revenue earned from purchased Card Member receivables and Card Member loans on the Consolidated Statements of Income.
The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in Credco’s Annual Report on Form 10-K for the year ended December 31, 2020. If not materially different, certain note disclosures included therein have been omitted from these Consolidated Financial Statements.
The interim Consolidated Financial Statements included in this report have not been audited. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made. Results of operations reported for interim periods are not necessarily indicative of results for the entire year.
The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These accounting estimates reflect the best judgment of management, but actual results could differ.
Other Information
As of September 30, 2021, Credco maintained a $3.5 billion syndicated credit facility, with any undrawn portion serving as a backstop for Credco’s commercial paper issuance. To simplify American Express’ funding and reporting structure, Credco terminated its credit facility and commercial paper program on October 1, 2021 and October 5, 2021, respectively. At the time of termination, there were no outstanding balances on the Credco’s credit facility or commercial paper program.







16
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2. Card Member Receivables and Card Member Loans
American Express’ charge and lending payment card products result in the generation of Card Member receivables and Card Member loans.
Card Member receivables as of JuneSeptember 30, 2021 and December 31, 2020 consisted of:
(Millions)20212020
Global Consumer Services Group (a)
$2,169 $2,157 
Global Commercial Services10,699 10,000 
Card Member receivables (b)
12,868 12,157 
Less: Reserves for credit losses(4)70 
Card Member receivables, net (c)
$12,872 $12,087 


16
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Millions)20212020
Global Consumer Services Group (a)
$2,271 $2,157 
Global Commercial Services11,347 10,000 
Card Member receivables (b)
13,618 12,157 
Less: Reserves for credit losses10 70 
Card Member receivables, net (c)
$13,608 $12,087 
(a)Comprised of International Consumer Services.
(b)Net of deferred discount revenue totaling $20 million and $19 million as of Juneboth September 30, 2021 and December 31, 2020, respectively.2020.
(c)Card Member receivables modified in a troubled debt restructuring (TDR) program were immaterial.
Card Member loans as of JuneSeptember 30, 2021 and December 31, 2020 consisted of:
(Millions)(Millions)20212020(Millions)20212020
Global Consumer Services Group (a)
Global Consumer Services Group (a)
$479 $500 
Global Consumer Services Group (a)
$474 $500 
Less: Reserves for credit lossesLess: Reserves for credit losses21 20 Less: Reserves for credit losses23 20 
Card Member loans, net (b)
Card Member loans, net (b)
$458 $480 
Card Member loans, net (b)
$451 $480 
(a)Comprised of International Consumer Services.
(b)Card Member loans modified in a TDR program were immaterial.
Card Member Receivables and Card Member Loans Aging
Generally, a Card Member account is considered past due if payment is not received within 30 days after the billing statement date. The following table presents the aging of Card Member receivables and Card Member loans as of JuneSeptember 30, 2021 and December 31, 2020:
2021 (Millions)
2021 (Millions)
Current30-59
Days
Past Due		60-89
Days
Past Due		90+
Days
Past Due		Total
2021 (Millions)
Current30-59
Days
Past Due		60-89
Days
Past Due		90+
Days
Past Due		Total
Card Member Receivables:Card Member Receivables:Card Member Receivables:
Global Consumer Services GroupGlobal Consumer Services Group$2,157 $3 $2 $7 $2,169 Global Consumer Services Group$2,258 $4 $3 $6 $2,271 
Global Commercial ServicesGlobal Commercial ServicesGlobal Commercial Services
Global Small Business ServicesGlobal Small Business Services1,101 3 1 4 1,109 Global Small Business Services1,158 3 2 3 1,166 
Global Corporate Payments (a)
Global Corporate Payments (a)
(b)(b)(b)24 9,590 
Global Corporate Payments (a)
(b)(b)(b)27 10,181 
Card Member Loans:Card Member Loans:Card Member Loans:
Global Consumer Services GroupGlobal Consumer Services Group$474 $1 $1 $3 $479 Global Consumer Services Group$470 $1 $1 $2 $474 

17
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2020 (Millions)
Current30-59
Days
Past Due		60-89
Days
Past Due		90+
Days
Past Due		Total
Card Member Receivables:
Global Consumer Services Group$2,139 $5 $4 $9 $2,157 
Global Commercial Services
Global Small Business Services1,047 3 2 5 1,057 
Global Corporate Payments (a)
(b)(b)(b)32 8,943 
Card Member Loans:
Global Consumer Services Group$493 $2 $1 $4 $500 
(a)Global Corporate Payments (GCP) reflects global, large and middle market corporate accounts. Delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if collection procedures are initiated on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. These amounts are shown above as 90+ Days Past Due for presentation purposes. See also (b).
(b)Delinquency data for periods other than 90+ days past billing is not available due to system constraints. Therefore, such data has not been utilized for risk management purposes. The balances that are current to 89 days past due can be derived as the difference between the Total and the 90+ Days Past Due balances.
17
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Credit Quality Indicators for Card Member Receivables and Card Member Loans
The following tables present the key credit quality indicators as of or for the sixnine months ended JuneSeptember 30:
2021202020212020
Net Write-Off Rate (a)
30+ Days Past Due as a % of Total
Net Write-Off Rate (a)
30+ Days Past Due as a % of Total
Net Write-Off Rate (a)
30+ Days Past Due as a % of Total
Net Write-Off Rate (a)
30+ Days Past Due as a % of Total
Card Member Receivables:Card Member Receivables:Card Member Receivables:
Global Consumer Services GroupGlobal Consumer Services Group0.84 %0.55 %1.45 %1.89 %Global Consumer Services Group0.73 %0.57 %1.62 %1.10 %
Global Small Business ServicesGlobal Small Business Services1.34 %0.72 %2.13 %1.39 %Global Small Business Services1.38 %0.69 %2.14 %1.08 %
Global Corporate PaymentsGlobal Corporate Payments0.31 %(b)1.26 %(b)Global Corporate Payments0.24 %(b)1.49 %(b)
Card Member Loans:Card Member Loans:Card Member Loans:
Global Consumer Services GroupGlobal Consumer Services Group3.07 %1.04 %2.03 %2.18 %Global Consumer Services Group2.62 %0.84 %2.66 %1.77 %
(a)Represents the amount of Card Member receivables or Card Member loans owned by Credco that are written off, net of recoveries, expressed as a percentage of the average Card Member receivable or Card Member loan balances in each of the periods indicated.
(b)For GCP Card Member receivables, delinquency data is tracked based on days past billing status rather than days past due. Delinquency data for periods other than 90+ days past billing is not available due to system constraints. 90+ Days Past Billing as a % of total is 0.25%0.27% and 1.98%0.64% as of JuneSeptember 30, 2021 and 2020, respectively.

Refer to Note 3 for additional indicators, including external environmental qualitative factors, American Express considers in its evaluation process for reserves for credit losses.
18
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
3. Reserves for Credit Losses
American Express has in place an enterprise-wide credit risk management process and manages the overall credit risk exposure associated with the Card Member receivables and Card Member loans, including those purchased by Credco. Reserves for credit losses represent Credco’s best estimate of the expected credit losses in Credco’s outstanding portfolio of Card Member receivables and Card Member loans, as of the balance sheet date. The CECL methodology, requires Credco’s management to estimate lifetime expected credit losses by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period (R&S Period), which is approximately three years, beyond the balance sheet date. American Express makes various judgments combined with historical loss experience to determine a reserve rate that is applied to the outstanding loan or receivable balance to produce a reserve for expected credit losses. American Express uses a combination of statistically-based models that incorporate current and future economic conditions throughout the R&S Period. The process of estimating expected credit losses is based on several key models: Probability of Default (PD), Exposure at Default (EAD), and future recoveries for each month of the R&S Period. Beyond the R&S Period, American Express estimates expected credit losses by immediately reverting to long-term average loss rates.
• PD models are used to estimate the likelihood an account will be written-off.
• EAD models are used to estimate the balance of an account at the time of write-off. This includes balances less expected repayments based on historical payment and revolve behavior, which vary by customer. Due to the nature of revolving loan portfolios, the EAD models are complex and involve assumptions regarding the relationship between future spend and payment behaviors.
• Recovery models are used to estimate amounts that are expected to be received from Card Members after default occurs, typically as a result of collection efforts. Future recoveries are estimated taking into consideration the time of default, time elapsed since default and macroeconomic conditions.
American Express also estimates the likelihood and magnitude of recovery of previously written off accounts considering how long ago the account was written off and future economic conditions. American Express models are developed using historical loss experience covering the economic cycle and consider the impact of account characteristics on expected losses.
Future economic conditions that are incorporated over the R&S Period include multiple macroeconomic scenarios provided to American Express by an independent third party. American Express reviews these economic scenarios and applies judgment to weight them in order to reflect the uncertainty surrounding these scenarios. These macroeconomic scenarios contain certain variables, including unemployment rates and real gross domestic product (GDP), that are significant to American Express’ models.
American Express also evaluates whether to include qualitative reserves to cover losses that are expected but, in its assessment, may not be adequately represented in the quantitative methods or the economic assumptions. American Express considers whether to adjust the quantitative reserves (higher or lower) to address possible limitations within the models or factors not included within the models, such as external conditions, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, or American Express’ risk actions.
Lifetime losses for most of Credco’s Card Member receivables and Card Member loans are evaluated at an appropriate level of granularity, including assessment on a pooled basis where financial assets share similar risk characteristics, such as past spend and remittance behaviors, credit bureau scores where available, delinquency status, tenure of balance outstanding, amongst others. Credit losses on accrued interest are measured and presented as part of Reserves for credit losses on the Consolidated Balance Sheets and within the Provisions for credit losses in the Consolidated Statements of Income, rather than reversing interest income.
Card Member receivable and Card Member loan balances are written off when American Express considers amounts to be uncollectible, which is generally determined by the number of days past due and is typically no later than 180 days past due for pay in full or revolving loans. Card Member receivables and Card Member loans in bankruptcy or owed by deceased individuals are generally written off upon notification.
19
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table reflects the range of macroeconomic scenario key variables used in conjunction with other inputs, to calculate reserves for credit losses:
U.S. Unemployment Rate
U.S. GDP Growth (Contraction) (a)
U.S. Unemployment Rate
U.S. GDP Growth (Contraction) (a)
June 30, 2021December 31, 2020June 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Second quarter of 20216%8% - 10%11%4% - (4)%
Third quarter of 2021Third quarter of 20215%7% - 11%8%3% - (3)%
Fourth quarter of 2021Fourth quarter of 20214% - 8%7% - 11%7% - (3)%6% - (2)%Fourth quarter of 20215% - 7%7% - 11%6% - (4)%6% - (2)%
Fourth quarter of 2022Fourth quarter of 20224% - 9%6% - 12%2%4% - 3%Fourth quarter of 20224% - 9%6% - 12%2% -1%4% - 3%
Fourth quarter of 2023Fourth quarter of 20233% - 7%4% - 10%3% - 2%5% - 3%Fourth quarter of 20233% - 7%4% - 10%4% - 3%5% - 3%
(a)Real GDP quarter over quarter percentage change seasonally adjusted to annualized rates.

Changes in Card Member Receivables Reserve for Credit Losses
Card Member receivables reserve for credit losses decreased and ended in a debit reserve balanceincreased for the three and six months ended JuneSeptember 30, 2021, driven by reserve releases due to improving macroeconomic outlooks, which resultedhigher delinquencies in the GCP portfolio and an expectation that recoveries will more than off-set write-offs. These reserve releases wereincrease in the outstanding balance of receivables, partially offset by aimproved macroeconomic outlook.
Card Member receivables reserve build related tofor credit losses decreased for the nine months ended September 30, 2021, driven by improved macroeconomic outlook, partially offset by an increase in the outstanding balance of receivables.

Card Member receivables reserve for credit losses decreased for the three months ended September 30, 2020, primarily driven by improved credit performance. Card Member receivables reserve for credit losses increased for the three and sixnine months ended JuneSeptember 30, 2020, primarily driven by the deterioration of the global macroeconomic outlook as a result of the COVID-19 pandemic. The increase for the six months ended June 30, 2020 waspandemic, partially offset by a decline in the outstanding balance of receivables.
The following table presents changes in the Card Member receivables reserve for credit losses for the three and sixnine months ended JuneSeptember 30:
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
(Millions)(Millions)2021202020212020(Millions)2021202020212020
Beginning BalanceBeginning Balance$30 $69 $70 $15 Beginning Balance$(4)$184 $70 $15 
Provisions (a)
Provisions (a)
(24)164 (46)264 
Provisions (a)
25 (16)(21)248 
Net write-offs (b)
Net write-offs (b)
(10)(51)(28)(101)
Net write-offs (b)
(11)(59)(39)(160)
Other adjustments (c)
Other adjustments (c)
0 2 0 6 
Other adjustments (c)
— 1 — 7 
Ending BalanceEnding Balance$(4)$184 $(4)$184 Ending Balance$10 $110 $10 $110 
(a)Provisions for credit losses includes reserve build (release) and replenishment for net write-offs.
(b)Net of recoveries of $17$14 million and $15$21 million for the three months ended JuneSeptember 30, 2021 and 2020, respectively and $38$52 million and $59 million for both the sixnine months ended JuneSeptember 30,, 2021 and 2020, respectively.
(c)For the sixnine months ended JuneSeptember 30, 2020 primarily includes reserve adjustments related to the removal of U.S. Consumer and Small Business Card Member receivables of $7.2 billion from the Charge Trust. For all the years presented, also includes foreign currency translation adjustments.
Changes in Card Member Loans Reserve for Credit Losses
Card Member loans reserve for credit losses decreasedmarginally increased for the three and nine months ended JuneSeptember 30, 2021, driven by improving macroeconomic outlooks, partially offset by an increase in the outstanding balance of loans.2021.
Card Member loans reserve for credit losses remained flat for the sixthree months ended JuneSeptember 30, 2021.2020.
Card Member loans reserve for credit losses increased for the three and sixnine months ended JuneSeptember 30, 2020, primarily driven by the deterioration of the global macroeconomic outlook as a result of the COVID-19 pandemic, and changes in portfolio mix, partially offset by a decline in the outstanding balance of loans.


20
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents changes in the Card Member loans reserve for credit losses for the three and sixnine months ended JuneSeptember 30:
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
(Millions)(Millions)2021202020212020(Millions)2021202020212020
Beginning BalanceBeginning Balance$24 $18 $20 $17 Beginning Balance$21 $23 $20 $17 
Provisions (a)
Provisions (a)
0 9 8 12 
Provisions (a)
4 4 12 16 
Net write-offs (b)
Net write-offs (b)
(3)(4)(7)(6)
Net write-offs (b)
(2)(5)(9)(11)
Ending BalanceEnding Balance$21 $23 $21 $23 Ending Balance$23 $22 $23 $22 
(a)Provisions for credit losses includes reserve build (release) and replenishment for net write-offs.
(b)Net of recoveries of $0.8$1.1 million and $0.5$0.6 million for the three months ended JuneSeptember 30, 2021 and 2020, respectively and $1.52.6 million and $1.0$2.0 million for the sixnine months ended JuneSeptember 30, 2021 and 2020, respectively.
21
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
4. Derivatives and Hedging Activities
Credco uses derivative financial instruments to manage exposures to various market risks. These instruments derive their value from an underlying variable or multiple variables, including interest rates and foreign exchange rates, and are carried at fair value on the Consolidated Balance Sheets. These instruments enable end users to increase, reduce or alter exposure to various market risks and, for that reason, are an integral component of Credco’s market risk management. Credco does not transact in derivatives for trading purposes.
A majority of Credco’s derivative assets and liabilities as of JuneSeptember 30, 2021 and December 31, 2020 are subject to master netting agreements with its derivative counterparties. Accordingly, where appropriate, Credco has elected to present derivative assets and liabilities with the same counterparty on a net basis in the Consolidated Balance Sheets.
In relation to Credco’s credit risk, certain of Credco’s bilateral derivative agreements include provisions that allow Credco’s counterparties to terminate the agreement in the event of a downgrade of Credco’s debt credit rating below investment grade and settle the outstanding net liability position. As of JuneSeptember 30, 2021, these derivatives were not in a material net liability position. Based on Credco’s assessment of the credit risk of its derivative counterparties and its own credit risk as of JuneSeptember 30, 2021 and December 31, 2020, no credit risk adjustment to the derivative portfolio was required.
The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of JuneSeptember 30, 2021 and December 31, 2020:
Other AssetsOther LiabilitiesOther AssetsOther Liabilities
Fair ValueFair ValueFair ValueFair Value
(Millions)(Millions)2021202020212020(Millions)2021202020212020
Derivatives designated as hedging instruments:Derivatives designated as hedging instruments:Derivatives designated as hedging instruments:
Fair value hedges - Interest rate contracts (a)
Fair value hedges - Interest rate contracts (a)
$0 $0 $0 $0 
Fair value hedges - Interest rate contracts (a)
$— $— $— $— 
Net investment hedges - Foreign exchange contracts Net investment hedges - Foreign exchange contracts44 1 17 195  Net investment hedges - Foreign exchange contracts34 1 8 195 
Total derivatives designated as hedging instrumentsTotal derivatives designated as hedging instruments44 1 17 195 Total derivatives designated as hedging instruments34 1 8 195 
Derivatives not designated as hedging instruments:Derivatives not designated as hedging instruments:Derivatives not designated as hedging instruments:
Foreign exchange contracts Foreign exchange contracts62 48 49 89  Foreign exchange contracts44 48 37 89 
Total derivatives, grossTotal derivatives, gross106 49 66 284 Total derivatives, gross78 49 45 284 
Derivative asset and derivative liability netting (b)
Derivative asset and derivative liability netting (b)
(22)(15)(22)(15)
Derivative asset and derivative liability netting (b)
(22)(15)(22)(15)
Total derivatives, netTotal derivatives, net$84 $34 $44 $269 Total derivatives, net$56 $34 $23 $269 
(a)For Credco’s centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral.
(b)Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparties under an enforceable master netting arrangement.
Credco posted $6$3 million and $12 million as of JuneSeptember 30, 2021 and December 31, 2020, respectively, as initial margin on its centrally cleared interest rate swaps; such amounts are recorded within Other assets in Credco’s Consolidated Balance Sheets and are not netted against the derivative balances.
Fair Value Hedges
Credco is exposed to interest rate risk associated with its fixed-rate debt obligations. At the time of issuance, certain fixed-rate long-term debt obligations are designated in fair value hedging relationships, using interest rate swaps, to economically convert the fixed interest rate to a floating interest rate. Credco had $1.8 billion and $3.5 billion of its fixed-rate debt obligations designated in fair value hedging relationships as of JuneSeptember 30, 2021 and December 31, 2020, respectively.




22
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the gains and losses recognized in Interest expense in the Consolidated Statements of Income associated with the fair value hedges of Credco’s fixed-rate long-term debt for the three and sixnine months ended June 30 :September 30:
Gains (losses)Gains (losses)
Three Months Ended
June 30,		Six Months Ended
June 30,		Three Months Ended
September 30,		Nine Months Ended
September 30,
(Millions)(Millions)2021202020212020(Millions)2021202020212020
Fixed-rate long-term debtFixed-rate long-term debt$10 $0 $21 $(66)Fixed-rate long-term debt$8 $12 $28 $(54)
Derivatives designated as hedging instrumentsDerivatives designated as hedging instruments(9)(7)(21)72 Derivatives designated as hedging instruments(7)(15)(29)57 
TotalTotal$1 $(7)$0 $6 Total$1 $(3)$(1)$3 
The carrying values of the hedged liabilities, recorded within Long-term debt on the Consolidated Balance Sheets, were $1.8 billion and $3.5 billion as of JuneSeptember 30, 2021 and December 31, 2020, respectively, including the cumulative amount of fair value hedging adjustments of $19$11 million and $40 million for the respective periods.
Credco recognized net decreases of $10$7 million and $14$15 million in Interest expense on Long-term debt for the three months ended JuneSeptember 30, 2021 and 2020, respectively, and net decreases of $22$29 million and $12$27 million for the sixnine months ended JuneSeptember 30, 2021 and 2020, respectively, primarily related to the net settlements (including interest accruals) on Credco’s interest rate derivatives designated as fair value hedges.
Net Investment Hedges
Credco primarily designates foreign currency derivatives as net investment hedges to reduce its exposure to changes in currency exchange rates on its investments in non-U.S. subsidiaries. Credco had notional amounts of approximately $3.2$3.6 billion and $2.9 billion of foreign currency derivatives designated as net investment hedges as of JuneSeptember 30, 2021 and December 31, 2020, respectively. The gain or loss on net investment hedges, net of taxes, recorded in AOCI as part of the cumulative translation adjustment was a gain of $88 million and a loss of $27 million and $216$59 million for the three months ended JuneSeptember 30, 2021 and 2020, respectively, and a lossgains of $21$67 million and a gain of $130$71 million for the sixnine months ended JuneSeptember 30, 2021 and 2020, respectively.
Derivatives Not Designated as Hedges
The changes in the fair value of derivatives that are not designated as hedges are intended to offset the related foreign exchange gains or losses of the underlying foreign currency exposures. Credco had notional amounts of approximately $7.5$8.3 billion and $6.7 billion as of JuneSeptember 30, 2021 and December 31, 2020, respectively. The changes in the fair value of the derivatives and the related underlying foreign currency exposures resulted in a net loss of $1$2 million and a net gain of $5$1 million for the three months ended JuneSeptember 30, 2021 and 2020, respectively, and a net loss of $2$4 million and a net gain of $16$17 million for the sixnine months ended JuneSeptember 30, 2021 and 2020, respectively, that are recognized in Other, net expenses in the Consolidated Statements of Income.















23
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
5. Fair Values
Financial Assets and Financial Liabilities Carried at Fair Value
The following table summarizes Credco’s financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s fair value hierarchy as Level 2, as of JuneSeptember 30, 2021 and December 31, 2020:
(Millions)(Millions)20212020(Millions)20212020
Assets:Assets:Assets:
Derivatives, gross (a)
Derivatives, gross (a)
$106 $49 
Derivatives, gross (a)
$78 $49 
Total AssetsTotal Assets106 49 Total Assets78 49 
Liabilities:Liabilities:Liabilities:
Derivatives, gross (a)
Derivatives, gross (a)
66 284 
Derivatives, gross (a)
45 284 
Total LiabilitiesTotal Liabilities$66 $284 Total Liabilities$45 $284 
(a)Refer to Note 4 for the fair values of derivative assets and liabilities, on a further disaggregated basis.
Financial Assets and Financial Liabilities Carried at Other Than Fair Value
The following table summarizes the estimated fair values of Credco’s financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of JuneSeptember 30, 2021 and December 31, 2020. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of JuneSeptember 30, 2021 and December 31, 2020 and require Credco’s judgment. These figures may not be indicative of future fair values, nor can the fair value of Credco be estimated by aggregating the amounts presented.
Carrying
Value		Corresponding Fair Value AmountCarrying
Value		Corresponding Fair Value Amount
2021 (Billions)
2021 (Billions)
TotalLevel 1Level 2Level 3
2021 (Billions)
TotalLevel 1Level 2Level 3
Financial Assets:Financial Assets:Financial Assets:
Financial assets for which carrying valuesFinancial assets for which carrying valuesFinancial assets for which carrying values
equal or approximate fair value equal or approximate fair value equal or approximate fair value
Cash and cash equivalents (a)
Cash and cash equivalents (a)
$0.2 $0.2 $0.2 $0 $0 
Cash and cash equivalents (a)
$0.7 $0.7 $0.4 $0.3 $— 
Other financial assets (b)
Other financial assets (b)
12.9 12.9 0 12.9 0 
Other financial assets (b)
13.6 13.6 — 13.6 — 
Financial assets carried at other than fair valueFinancial assets carried at other than fair valueFinancial assets carried at other than fair value
Card Member loans, less reserves for credit losses Card Member loans, less reserves for credit losses0.5 0.5 0 0 0.5  Card Member loans, less reserves for credit losses0.5 0.5 — — 0.5 
Loans to affiliates and other Loans to affiliates and other9.0 9.2 0 2.8 6.4  Loans to affiliates and other9.2 9.2 — 2.8 6.4 
Financial Liabilities:Financial Liabilities:Financial Liabilities:
Financial liabilities for which carrying values equalFinancial liabilities for which carrying values equalFinancial liabilities for which carrying values equal
or approximate fair value or approximate fair value12.7 12.7 0 12.7 0  or approximate fair value13.6 13.6 — 13.6 —��
Financial liabilities carried at other than fair valueFinancial liabilities carried at other than fair valueFinancial liabilities carried at other than fair value
Long-term debt Long-term debt5.2 5.5 0 5.5 0  Long-term debt5.2 5.5 — 5.5 — 
Long-term debt to affiliates Long-term debt to affiliates$0.9 $0.9 $0 $0.9 $0  Long-term debt to affiliates$1.3 $1.3 $— $1.3 $— 

24
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Carrying
Value		Corresponding Fair Value AmountCarrying
Value		Corresponding Fair Value Amount
2020 (Billions)
2020 (Billions)
TotalLevel 1Level 2Level 3
2020 (Billions)
TotalLevel 1Level 2Level 3
Financial Assets:Financial Assets:Financial Assets:
Financial assets for which carrying valuesFinancial assets for which carrying valuesFinancial assets for which carrying values
equal or approximate fair value equal or approximate fair value equal or approximate fair value
Cash and cash equivalents (a)
Cash and cash equivalents (a)
$0.6 $0.6 $0.6 $0 $0 
Cash and cash equivalents (a)
$0.6 $0.6 $0.6 $— $— 
Other financial assets (b)
Other financial assets (b)
12.1 12.1 0 12.1 0 
Other financial assets (b)
12.1 12.1 — 12.1 — 
Financial assets carried at other than fair valueFinancial assets carried at other than fair valueFinancial assets carried at other than fair value
Card Member loans, less reserves for credit losses Card Member loans, less reserves for credit losses0.5 0.5 0 0 0.5  Card Member loans, less reserves for credit losses0.5 0.5 — — 0.5 
Loans to affiliates and other Loans to affiliates and other10.9 11.1 0 5.0 6.1  Loans to affiliates and other10.9 11.1 — 5.0 6.1 
Financial Liabilities:Financial Liabilities:Financial Liabilities:
Financial liabilities for which carrying values equalFinancial liabilities for which carrying values equalFinancial liabilities for which carrying values equal
or approximate fair value or approximate fair value12.6 12.6 0 12.6 0  or approximate fair value12.6 12.6 — 12.6 — 
Financial liabilities carried at other than fair valueFinancial liabilities carried at other than fair valueFinancial liabilities carried at other than fair value
Long-term debt Long-term debt7.0 7.4 0 7.4 0  Long-term debt7.0 7.4 — 7.4 — 
Long-term debt to affiliates Long-term debt to affiliates$0.8 $0.8 $0 $0.8 $0  Long-term debt to affiliates$0.8 $0.8 $— $0.8 $— 
(a)AmountsLevel 1 fair value amounts reflect interest-bearing deposits and interest-bearing restricted cash. Level 2 primarily includes reverse repurchase agreements.
(b)Level 2 fair value amounts primarily reflect Card Member receivables.
Nonrecurring Fair Value Measurements
During the sixnine months ended JuneSeptember 30, 2021 and the year ended December 31, 2020, Credco did 0tnot have any assets that were measured at fair value due to impairment on a nonrecurring basis.

25
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
6. Changes in Accumulated Other Comprehensive Income (Loss)
AOCI is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in Foreign Currency Translation Adjustments for the three and sixnine months ended JuneSeptember 30, 2021 and 2020 were as follows:
Three Months Ended JuneSeptember 30, 2021 (Millions), net of tax
Foreign Currency
Translation Adjustment Gains (Losses)
Balances as of March 31, 2021$(1,108)
Net translation on investments in foreign operations29
Net hedges of investments in foreign operations(27)
Net change in accumulated other comprehensive income (loss)2
Balances as of June 30, 2021$(1,106)
Net translation on investments in foreign operations(125)
Net hedges of investments in foreign operations88
Net change in accumulated other comprehensive income (loss)(37)
Balances as of September 30, 2021$(1,143)
SixNine Months Ended JuneSeptember 30, 2021 (Millions)(Millions), net of tax
Foreign Currency
Translation Adjustment Gains (Losses)
Balances as of December 31, 2020$(1,099)
Net translation on investments in foreign operations14(111)
Net hedges of investments in foreign operations(21)67
Net change in accumulated other comprehensive income (loss)(7)(44)
Balances as of JuneSeptember 30, 2021$(1,106)(1,143)
Three Months Ended JuneSeptember 30, 2020 (Millions)(Millions), net of tax
Foreign Currency
Translation Adjustment Gains (Losses)
Balances as of March 31,June 30, 2020$(1,224)(1,165)
Net translation on investments in foreign operations27569 
Net hedges of investments in foreign operations(216)(59)
Net change in accumulated other comprehensive income (loss)5910 
Balances as of JuneSeptember 30, 2020$(1,165)(1,155)

SixNine Months Ended JuneSeptember 30, 2020 (Millions)(Millions), net of tax
Foreign Currency
Translation Adjustment Gains (Losses)
Balances as of December 31, 2019$(1,087)
Net translation on investments in foreign operations(208)(139)
Net hedges of investments in foreign operations13071 
Net change in accumulated other comprehensive income (loss)(78)(68)
Balances as of JuneSeptember 30, 2020$(1,165)(1,155)

26
Table of Contents
AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table shows the tax impact for the three and sixnine months ended JuneSeptember 30 for the changes in Foreign Currency Translation Adjustments presented above:
Tax expense (benefit)Tax expense (benefit)
Three Months Ended
June 30,		Six Months Ended
June 30,		Three Months Ended
September 30,		Nine Months Ended
September 30,
(Millions)(Millions)2021202020212020(Millions)2021202020212020
Net translation on investments in foreign operationsNet translation on investments in foreign operations$0 $0 $0 $20 Net translation on investments in foreign operations$— $(1)$— $19 
Net hedges of investments in foreign operationsNet hedges of investments in foreign operations(8)(68)(6)41 Net hedges of investments in foreign operations27 (19)21 22 
Total tax impactTotal tax impact$(8)$(68)$(6)$61 Total tax impact$27 $(20)$21 $41 
NaNNo amounts were reclassified out of AOCI into the Consolidated Statements of Income for the three and sixnine months ended JuneSeptember 30, 2021 and 2020.

7. Income Taxes
The results of operations of Credco are included in the consolidated U.S. federal income tax return of American Express. Under an agreement with American Express, provision for income taxes is recognized on a separate company basis. If benefits for net operating losses, future tax deductions and foreign tax credits cannot be recognized on a separate company basis, such benefits are then recognized based upon a share, derived by formula, of those deductions and credits that are recognizable on an American Express consolidated reporting basis.
The effective tax rate was 13.924.6 percent and 28.143.5 percent for the three months ended JuneSeptember 30, 2021 and 2020, respectively, and 13.516.5 percent and 33.335.6 percent for the sixnine months ended JuneSeptember 30, 2021 and 2020, respectively. The decrease in the effective tax rate for both periodsthe three month period primarily reflected changes in the impactlevel and geographic mix of pretax income. The decrease in the effective tax rate for the nine month period primarily reflected a discrete tax charges and lower pretax incomecharge of $33 million in the prior year. The tax rate in each of the periods also reflected the favorable impact of Credco’s ongoing funding activities outside the United States.period.
Credco’s provision for income taxes for interim financial periods is not based on an estimated annual effective rate due to volatility in certain components of revenues and expenses that prevents Credco from projecting a reliable estimate of full year pretax income. A discrete calculation of the provision for income taxes is recorded for each interim period.
Credco is under continuous examination by the Internal Revenue Service (IRS) and tax authorities in other countries and states in which it has significant business operations. The tax years under examination and open for examination vary by jurisdiction. Credco is currently under examination by the IRS for the 2017 and 2018 tax years.
Credco believes it is reasonably possible that its unrecognized tax benefits could decrease by an immaterial amount within the next 12 months, principally as a result of potential resolutions of prior years’ tax items with various taxing authorities. The prior years’ tax items include unrecognized tax benefits relating to the deductibility of certain expenses or losses and the attribution of taxable income to a particular jurisdiction or jurisdictions. The resolution of such items would not have a material impact on Credco’s effective tax rate.








27
Table of Contents

ITEM 4. CONTROLS AND PROCEDURES
Credco’s management, with the participation of Credco’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of Credco’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this report. Based on such evaluation, Credco’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, Credco’s disclosure controls and procedures are effective and designed to ensure that the information required to be disclosed in Credco’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods specified in the applicable rules and forms, and that it is accumulated and communicated to Credco’s management, including Credco’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
There have not been any changes in Credco’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, Credco’s internal control over financial reporting.
28
Table of Contents

PART II. OTHER INFORMATION
ITEM 1A. RISK FACTORS
For a discussion of Credco’s risk factors, see Part I, Item 1A. “Risk Factors” of Credco’s Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Form 10-K). The risks and uncertainties that Credco faces are not limited to those set forth in the 2020 Form 10-K. Additional risks and uncertainties not presently known to Credco or that it currently believes to be immaterial may also adversely affect its business, particularly in light of the fast-changing nature of the COVID-19 pandemic, containment and stimulus measures, continued outbreaks and new variants, and the related impacts to economic and operating conditions.




29
Table of Contents
ITEM 6. EXHIBITS
The following exhibits are filed as part of this Quarterly Report:
Exhibit No.DescriptionHow Filed
31.1Electronically filed herewith.
31.2Electronically filed herewith.
32.1Electronically filed herewith.
32.2Electronically filed herewith.
101.INSXBRL Instance Document -The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema DocumentElectronically filed herewith.
101.CALXBRL Taxonomy Extension Calculation Linkbase DocumentElectronically filed herewith.
101.DEFXBRL Taxonomy Extension Definition Linkbase DocumentElectronically filed herewith.
101.LABXBRL Taxonomy Extension Label Linkbase DocumentElectronically filed herewith.
101.PREXBRL Taxonomy Extension Presentation Linkbase DocumentElectronically filed herewith.
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)Electronically filed herewith.


30
Table of Contents

SIGNATURES
Pursuant to the requirements 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 CREDIT CORPORATION
(Registrant)
Date: August 5,October 28, 2021 By/s/ David L. Yowan
 David L. Yowan
 Chief Executive Officer
Date: August 5,October 28, 2021By/s/ Leah A. SchwellerDavid L. Fabricant
Leah A. SchwellerDavid L Fabricant
Chief Accounting Officer


31