===============================================================================
                   SECURITIES AND EXCHANGE COMMISSION

                         Washington, D. C. 20549

                                 FORM 8-K
                              CURRENT REPORT

                    Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported) May 15, 2001

                 American Express Credit Account Master Trust
                          (Issuer in respect of the
           Class A Series 1996-1 6.80% Asset Backed Certificates,
           Class B Series 1996-1 6.95% Asset Backed Certificates,
           Class A Series 1997-1 6.40% Asset Backed Certificates,
           Class B Series 1997-1 6.55% Asset Backed Certificates,
           Class A Series 1998-1 Floating Rate Asset Backed Certificates,
           Class B Series 1998-1 Floating Rate Asset Backed Certificates,
           Class A Series 1999-1 5.60% Asset Backed Certificates,
           Class B Series 1999-1 5.85% Asset Backed Certificates,
           Class A Series 1999-2 5.95% Asset Backed Certificates,
           Class B Series 1999-2 6.10% Asset Backed Certificates,
           Class A Series 1999-3 Floating Rate Asset Backed Certificates,
           Class B Series 1999-3 Floating Rate Asset Backed Certificates,
           Class A Series 1999-4 Floating Rate Asset Backed Certificates,
           Class B Series 1999-4 Floating Rate Asset Backed Certificates,
           Class A Series 1999-5 Floating Rate Asset Backed Certificates,
           Class B Series 1999-5 Floating Rate Asset Backed Certificates,
           Class A Series 1999-6 Floating Rate Asset Backed Certificates,
           Class B Series 1999-6 Floating Rate Asset Backed Certificates,
           Class A Series 2000-1 7.20% Asset Backed Certificates,
           Class B Series 2000-1 7.40% Asset Backed Certificates,
           Class A Series 2000-2 Floating Rate Asset Backed Certificates,
           Class B Series 2000-2 Floating Rate Asset Backed Certificates,
           Class A Series 2000-3 Floating Rate Asset Backed Certificates,
           Class B Series 2000-3 Floating Rate Asset Backed Certificates,
           Class A Series 2000-4 Floating Rate Asset Backed Certificates,
           Class B Series 2000-4 Floating Rate Asset Backed Certificates,
           Class A Series 2000-5 Floating Rate Asset Backed Certificates,
           Class B Series 2000-5 Floating Rate Asset Backed Certificates,
           Class A Series 2001-1 Floating Rate Asset Backed Certificates,
           Class B Series 2001-1 Floating Rate Asset Backed Certificates,
           Class A Series 2001-2 5.53% Asset Backed Certificates,
           Class B Series 2001-2 5.83% Asset Backed Certificates,
           Class A Series 2001-3 Floating Rate Asset Backed Certificates,
           Class B Series 2001-3 Floating Rate Asset Backed Certificates,
           Class A Series 2001-4 Floating Rate Asset Backed Certificates and
           Class B Series 2001-4 Floating Rate Asset Backed Certificates)
      -------------------------------------------------------------------------

                        American Express Centurion Bank
                 Co-Originator of the Trust and a Transferor
            -----------------------------------------------------
            (Exact name of registrant as specified in its charter)

                                  33-95784
                                 333-67567
                                 000-20787-01
         Utah                    333-91473-01           11-2869526
----------------------------     ------------           ----------
(State or other jurisdiction     (Commission            (IRS Employer
    of incorporation)            File Numbers)       Identification No.)

6985 Union Park Center, Midvale, Utah                      84047
----------------------------------------                 ----------
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code     (801) 565-5000
                                                        -------------

            American Express Receivables Financing Corporation II
                 Co-Originator of the Trust and a Transferor
           ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

                                 000-20787
           Delaware              333-91473              13-3854638
----------------------------     -----------            ----------
(State or other jurisdiction     (Commission            (IRS Employer
    of incorporation)            File Numbers)       Identification No.)

200 Vesey Street, New York, New York                       10285
---------------------------------------                  --------
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code     (212) 640-4473
                                                       --------------
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<PAGE>


Item 5.  Other Events

A.       Monthly Servicers Certificate.

     Information  concerning  the American  Express  Credit Account Master Trust
(the "Trust") is contained in the Monthly  Servicer's  Certificate,  dated as of
May 10, 2001 for the  Distribution  Date  occurring  on May 15,  2001,  covering
activity  from March 27, 2001 through April 25, 2001 and provided to the Bank of
New York as Trustee under the Pooling and Servicing  Agreement,  dated as of May
16,  1996,  as amended  by the First  Amendment  to the  Pooling  and  Servicing
Agreement,  (the  "Agreement"),  dated  as  of  March  30,  2001.  Such  Monthly
Servicer's  Certificate is attached  hereto as Exhibit 20.1 and is  incorporated
herein by reference.

     On May 16, 1996, the Trust issued  $865,000,000 Class A Series 1996-1 6.80%
Asset Backed  Certificates  and  $60,000,000  Class B Series  1996-1 6.95% Asset
Backed  Certificates  (the "1996-1 Class A Certificates" and the "1996-1 Class B
Certificates",    respectively,    and   collectively,    the   "Series   1996-1
Certificates"), offered pursuant to a Prospectus Supplement dated May 9, 1996 to
a Prospectus  dated May 9, 1996 and issued under the  Agreement,  and the Series
1996-1  Supplement dated as of May 16, 1996 to the Agreement (the "Series 1996-1
Supplement").  Interest on the Series 1996-1  Certificates  accrues from May 16,
1996 and is  payable  on July 16,  1996 and on the  fifteenth  day of each month
thereafter  (or, if such  fifteenth day is not a business  day, the  immediately
succeeding business day) (each, a "Distribution  Date").  Principal with respect
to the  Series  1996-1  Class A  Certificates  and  the  Series  1996-1  Class B
Certificates is scheduled to be distributed on the May 2001  Distribution  Date,
but may be paid earlier or later certain  limited  circumstances  as provided in
the Agreement and Series 1996-1 Supplement.

     On August 7, 1997,  the Trust  issued  $865,000,000  Class A Series  1997-1
6.40% Asset Backed  Certificates  and  $60,000,000  Class B Series  1997-1 6.55%
Asset Backed  Certificates  (the "1997-1 Class A  Certificates"  and the "1997-1
Class B  Certificates" ,  respectively,  and  collectively,  the " Series 1997-1
Certificates"),  offered  pursuant to a Prospectus  Supplement  dated August 21,
1997 to a Prospectus  dated August 21, 1997 and issued under the Agreement,  and
the Series 1997-1  Supplement  dated as of August 7, 1997 to the Agreement  (the
"Series 1997-1 Supplement").  Interest on the Series 1997-1 Certificates accrues
from August 28, 1997 and is payable on October 15, 1997 and on the fifteenth day
of each month  thereafter - which is the  Distribution  Date as described above.
Principal with respect to the Series 1997-1 Class A Certificates  and the Series
1997-1 Class B Certificates is scheduled to be distributed on the September 2002
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 1997-1 Supplement.

     On June 23,  1998,  the Trust  issued  $825,000,000  Class A Series  1998-1
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.09% per
annum above the London interbank offered rate for one month United States dollar
deposits  ("LIBOR"),  and $80,000,000  Class B Series 1998-1 Floating Rate Asset
Backed  Certificates,  bearing a  certificate  rate of 0.25% per annum above one
month  LIBOR  (the  "1998-1  Class  A  Certificates"  and  the  "1998-1  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1998-1
Certificates"),  offered pursuant to a Prospectus Supplement dated June 17, 1998
to a  Prospectus  dated June 17, 1998 and issued  under the  Agreement,  and the
Series 1998-1 Supplement dated as of June 23, 1998 to the Agreement (the "Series
1998-1  Supplement").  Interest on the Series 1998-1  Certificates  accrues from
June 23, 1998 and is payable on July 14, 1998 and on the  fifteenth  day of each
month thereafter - which is the Distribution Date as described above.  Principal
with respect to the Series  1998-1 Class A  Certificates  and the Series  1998-1
Class  B  Certificates   is  scheduled  to  be  distributed  on  the  June  2003
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 1998-1 Supplement.


     On April 21, 1999,  the Trust  issued  $865,000,000  Class A Series  1999-1
5.60% Asset Backed  Certificates  and  $60,000,000  Class B Series  1999-1 5.85%
Asset Backed  Certificates  (the "1999-1 Class A  Certificates"  and the "1999-1
Class B  Certificates",  respectively,  and  collectively,  the  "Series  1999-1
Certificates"), offered pursuant to a Prospectus Supplement dated April 13, 1999
to a  Prospectus  dated April 13, 1999 and issued under the  Agreement,  and the
Series  1999-1  Supplement  dated as of April  21,  1999 to the  Agreement  (the
"Series 1999-1 Supplement").  Interest on the Series 1999-1 Certificates accrues
from April 21, 1999 and is payable on May 17, 1999,  and on the fifteenth day of
each  month  thereafter  - which  is a  Distribution  Date as  described  above.
Principal with respect to the Series 1999-1 Class A Certificates  and the Series
1999-1 Class B  Certificates  is scheduled to be  distributed  on the April 2004
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 1999-1 Supplement.
<PAGE>


     On May 19, 1999, the Trust issued  $432,000,000 Class A Series 1999-2 5.95%
Asset Backed  Certificates  and  $30,000,000  Class B Series  1999-2 6.10% Asset
Backed  Certificates  (the "1999-2 Class A Certificates" and the "1999-2 Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-2
Certificates"),  offered pursuant to a Prospectus  Supplement dated May 14, 1999
to a  Prospectus  dated May 14,  1999 and issued  under the  Agreement,  and the
Series 1999-2  Supplement dated as of May 19, 1999 to the Agreement (the "Series
1999-2 Supplement"). Interest on the Series 1999-2 Certificates accrues from May
19, 1999 and is payable on June 15, 1999, and on the fifteenth day of each month
thereafter - which is the Distribution  Date as described above.  Principal with
respect to the Series 1999-2 Class A Certificates  and the Series 1999-2 Class B
Certificates is scheduled to be distributed on the May 2004  Distribution  Date,
but may be paid earlier or later under certain limited circumstances as provided
in the Agreement and Series 1999-2 Supplement.

     On May 19,  1999,  the  Trust  issued  $825,000,000  Class A Series  1999-3
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.14% per
annum above one month LIBOR, and $80,000,000 Class B Series 1999-3 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.34% per annum above
one month LIBOR (the  "1999-3  Class A  Certificates"  and the  "1999-3  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-3
Certificates"),  offered pursuant to a Prospectus  Supplement dated May 14, 1999
to a  Prospectus  dated May 14,  1999 and issued  under the  Agreement,  and the
Series 1999-3  Supplement dated as of May 19, 1999 to the Agreement (the "Series
1999-3 Supplement"). Interest on the Series 1999-3 Certificates accrues from May
19, 1999 and is payable on June 15, 1999 and on the  fifteenth day of each month
thereafter - which is the Distribution  Date as described above.  Principal with
respect to the Series 1999-3 Class A Certificates  and the Series 1999-3 Class B
Certificates is scheduled to be distributed on the May 2004  Distribution  Date,
but may be paid earlier or later under certain limited circumstances as provided
in the Agreement and Series 1999-3 Supplement.

     On August 17, 1999,  the Trust issued  $412,500,000  Class A Series  1999-4
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.17% per
annum above one month LIBOR, and $40,000,000 Class B Series 1999-4 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.42% per annum above
one month LIBOR (the  "1999-4  Class A  Certificates"  and the  "1999-4  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-4
Certificates"), offered pursuant to a Prospectus Supplement dated August 9, 1999
to a Prospectus  dated August 9, 1999 and issued  under the  Agreement,  and the
Series  1999-4  Supplement  dated as of August 17,  1999 to the  Agreement  (the
"Series 1999-4 Supplement").  Interest on the Series 1999-4 Certificates accrues
from August 17, 1999 and is payable on September  15, 1999 and on the  fifteenth
day of each  month  thereafter  - which is the  Distribution  Date as  described
above.  Principal with respect to the Series 1999-4 Class A Certificates and the
Series 1999-4 Class B  Certificates  is scheduled to be  distributed on the July
2002  Distribution  Date, but may be paid earlier or later under certain limited
circumstances as provided in the Agreement and Series 1999-4 Supplement.

     On August 17, 1999,  the Trust issued  $412,500,000  Class A Series  1999-5
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.24% per
annum above one month LIBOR, and $40,000,000 Class B Series 1999-5 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.48% per annum above
one month LIBOR (the  "1999-5  Class A  Certificates"  and the  "1999-5  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-5
Certificates"), offered pursuant to a Prospectus Supplement dated August 9, 1999
to a Prospectus  dated August 9, 1999 and issued  under the  Agreement,  and the
Series  1999-5  Supplement  dated as of August 17,  1999 to the  Agreement  (the
"Series 1999-5 Supplement").  Interest on the Series 1999-5 Certificates accrues
from August 17, 1999 and is payable on September  15, 1999 and on the  fifteenth
day of each  month  thereafter  - which is the  Distribution  Date as  described
above.  Principal with respect to the Series 1999-5 Class A Certificates and the
Series 1999-5 Class B  Certificates  is scheduled to be  distributed on the July
2004  Distribution  Date, but may be paid earlier or later under certain limited
circumstances as provided in the Agreement and Series 1999-5 Supplement.
<PAGE>

     On September 16, 1999, the Trust issued  $412,500,000 Class A Series 1999-6
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.20% per
annum above one month LIBOR, and $40,000,000 Class B Series 1999-6 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.43% per annum above
one month LIBOR (the  "1999-6  Class A  Certificates"  and the  "1999-6  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-6
Certificates"),  offered pursuant to a Prospectus Supplement dated September 10,
1999 to a Prospectus  dated  September 10, 1999 and issued under the  Agreement,
and the Series 1999-6 Supplement dated as of September 16, 1999 to the Agreement
(the "Series  1999-6  Supplement").  Interest on the Series 1999-6  Certificates
accrues  from  September  16, 1999 and is payable on October 15, 1999 and on the
fifteenth  day of each  month  thereafter  - which is the  Distribution  Date as
described   above.   Principal  with  respect  to  the  Series  1999-6  Class  A
Certificates  and the Series  1999-6  Class B  Certificates  is  scheduled to be
distributed  on the August 2002  Distribution  Date,  but may be paid earlier or
later under  certain  limited  circumstances  as provided in the  Agreement  and
Series 1999-6 Supplement.

     On February 16, 2000, the Trust issued  $432,500,000  Class A Series 2000-1
7.20% Asset Backed  Certificates  and  $30,000,000  Class B Series  2000-1 7.40%
Asset Backed  Certificates  (the "2000-1 Class A  Certificates"  and the "2000-1
Class B  Certificates",  respectively,  and  collectively,  the  "Series  2000-1
Certificates"),  offered  pursuant to a Prospectus  Supplement dated February 8,
2000, to a Prospectus dated February 8, 2000 and issued under the Agreement, and
the Series 2000-1 Supplement dated as of February 16, 2000 to the Agreement (the
"Series 2000-1 Supplement").  Interest on the Series 2000-1 Certificates accrues
from  February 16, 2000 and is payable on March 15, 2000,  and on the  fifteenth
day of each  month  thereafter  - which is the  Distribution  Date as  described
above.  Principal with respect to the Series 2000-1 Class A Certificates and the
Series  2000-1  Class B  Certificates  is  scheduled  to be  distributed  on the
February 2005 Distribution  Date, but may be paid earlier or later under certain
limited circumstances as provided in the Agreement and Series 2000-1 Supplement.

     On February 16, 2000, the Trust issued  $412,500,000  Class A Series 2000-2
Floating Rate Asset Backed  Certificates,  bearing a certificate  rate of 0.165%
per annum above one month LIBOR, and $40,000,000  Class B Series 2000-2 Floating
Rate Asset Backed  Certificates,  bearing a certificate rate of 0.350% per annum
above one month LIBOR (the "2000-2 Class A Certificates" and the "2000-2 Class B
Certificates",    respectively,    and   collectively,    the   "Series   2000-2
Certificates"),  offered  pursuant to a Prospectus  Supplement dated February 8,
2000 to a Prospectus dated February 8, 2000 and issued under the Agreement,  and
the Series 2000-2 Supplement dated as of February 16, 2000 to the Agreement (the
"Series 2000-2 Supplement").  Interest on the Series 2000-2 Certificates accrues
from February 16, 2000 and is payable on March 15, 2000 and on the fifteenth day
of each month  thereafter - which is the  Distribution  Date as described above.
Principal with respect to the Series 2000-2 Class A Certificates  and the Series
2000-2 Class B Certificates  is scheduled to be distributed on the February 2005
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 2000-2 Supplement.

     On May 3,  2000,  the  Trust  issued  $825,000,000  Class A  Series  2000-3
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.16% per
annum above one month LIBOR, and $80,000,000 Class B Series 2000-3 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.35% per annum above
one month LIBOR (the  "2000-3  Class A  Certificates"  and the  "2000-3  Class B
Certificates",    respectively,    and   collectively,    the   "Series   2000-3
Certificates"), offered pursuant to a Prospectus Supplement dated April 27, 2000
to a  Prospectus  dated April 27, 2000 and issued under the  Agreement,  and the
Series 2000-3  Supplement  dated as of May 3, 2000 to the Agreement (the "Series
2000-3 Supplement"). Interest on the Series 2000-3 Certificates accrues from May
3, 2000 and is payable on June 15, 2000 and on the  fifteenth  day of each month
thereafter - which is the Distribution  Date as described above.  Principal with
respect to the Series 2000-3 Class A Certificates  and the Series 2000-3 Class B
Certificates  is scheduled to be distributed on the April 15, 2005  Distribution
Date, but may be paid earlier or later under certain  limited  circumstances  as
provided in the Agreement and Series 2000-3 Supplement.
<PAGE>

     On June 22, 2000,  the Trust issued  $1,000,000,000  Class A Series  2000-4
Floating Rate Asset Backed  Certificates,  bearing a certificate  rate of 0.125%
per  annum  above  three-month  LIBOR,  and  $96,970,000  Class B Series  2000-4
Floating Rate Asset Backed  Certificates,  bearing a certificate  rate of 0.350%
per annum above  three-month  LIBOR (the "2000-4 Class A  Certificates"  and the
"2000-4  Class B  Certificates",  respectively,  and  collectively,  the "Series
2000-4  Certificates"),  offered pursuant to a Prospectus  Supplement dated June
13, 2000 to a Prospectus dated June 13, 2000 and issued under the Agreement, and
the Series 2000-4  Supplement  dated as of June 22, 2000 to the  Agreement  (the
"Series 2000-4 Supplement").  Interest on the Series 2000-4 Certificates accrues
from June 22, 2000 and is payable on September 15, 2000 and on the fifteenth day
of each March,  June,  September and December - which are the Distribution Dates
as  described  above.  Principal  with  respect  to the  Series  2000-4  Class A
Certificates  and the Series  2000-4  Class B  Certificates  is  scheduled to be
distributed on the September 15, 2005 Distribution Date, but may be paid earlier
or later under certain  limited  circumstances  as provided in the Agreement and
Series 2000-4 Supplement.

     On September 15, 2000, the Trust issued  $650,000,000 Class A Series 2000-5
Floating Rate Asset Backed  Certificates,  bearing a certificate  rate of 0.140%
per annum above one month LIBOR, and $63,030,000  Class B Series 2000-5 Floating
Rate Asset Backed  Certificates,  bearing a certificate rate of 0.380% per annum
above one month LIBOR (the "2000-5 Class A Certificates" and the "2000-5 Class B
Certificates",    respectively,    and   collectively,    the   "Series   2000-5
Certificates"),  offered pursuant to a Prospectus  Supplement dated September 8,
2000 to a Prospectus dated September 8, 2000 and issued under the Agreement, and
the Series  2000-5  Supplement  dated as of September  15, 2000 to the Agreement
(the "Series  2000-5  Supplement").  Interest on the Series 2000-5  Certificates
accrues  from  September  15, 2000 and is payable on October 16, 2000 and on the
fifteenth  day of each  month  thereafter  - which is the  Distribution  Date as
described   above.   Principal  with  respect  to  the  Series  2000-5  Class  A
Certificates  and the Series  2000-5  Class B  Certificates  is  scheduled to be
distributed on the September 15, 2005 Distribution Date, but may be paid earlier
or later under certain  limited  circumstances  as provided in the Agreement and
Series 2000-5 Supplement.

     On February 23, 2001, the Trust issued  $618,750,000  Class A Series 2001-1
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.14% per
annum above one month LIBOR, and $60,000,000 Class B Series 2001-1 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.42% per annum above
one month LIBOR (the  "2001-1  Class A  Certificates"  and the  "2001-1  Class B
Certificates",    respectively,    and   collectively,    the   "Series   2001-1
Certificates"),  offered pursuant to a Prospectus  Supplement dated February 13,
2001 to a Prospectus dated February 13, 2001 and issued under the Agreement, and
the Series 2001-1 Supplement dated as of February 16, 2001 to the Agreement (the
"Series 2001-1 Supplement").  Interest on the Series 2001-1 Certificates accrues
from February 23, 2001 and is payable on April 16, 2001 and on the fifteenth day
of each month  thereafter - which is the  Distribution  Date as described above.
Principal with respect to the Series 2001-1 Class A Certificates  and the Series
2001-1 Class B  Certificates  is scheduled to be distributed on the February 16,
2006  Distribution  Date, but may be paid earlier or later under certain limited
circumstances as provided in the Agreement and Series 2001-1 Supplement.

     On March 23, 2001,  the Trust  issued  $216,250,000  Class A Series  2001-2
5.53% Asset Backed  Certificates  and  $15,000,000  Class B Series  2001-2 5.83%
Asset Backed  Certificates  (the "2001-2 Class A  Certificates"  and the "2001-2
Class B  Certificates",  respectively,  and  collectively,  the  "Series  2001-2
Certificates"), offered pursuant to a Prospectus Supplement dated March 15, 2001
to a  Prospectus  dated March 15, 2001 and issued under the  Agreement,  and the
Series  2001-2  Supplement  dated as of March  23,  2001 to the  Agreement  (the
"Series 2001-2 Supplement").  Interest on the Series 2001-2 Certificates accrues
from March 23, 2001 and is payable on April 16, 2001 and on the fifteenth day of
each month  thereafter  - which is the  Distribution  Date as  described  above.
Principal with respect to the Series 2001-2 Class A Certificates  and the Series
2001-2 Class B Certificates is scheduled to be distributed on the March 15, 2006
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 2001-2 Supplement.
<PAGE>

     On April 3,  2001,  the Trust  issued  $618,750,000  Class A Series  2001-3
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.13% per
annum above one month LIBOR, and $60,000,000 Class B Series 2001-3 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.38% per annum above
one month LIBOR (the  "2001-3  Class A  Certificates"  and the  "2001-3  Class B
Certificates",    respectively,    and   collectively,    the   "Series   2001-3
Certificates"), offered pursuant to a Prospectus Supplement dated March 15, 2001
to a  Prospectus  dated March 15, 2001 and issued under the  Agreement,  and the
Series 2001-3 Supplement dated as of April 3, 2001 to the Agreement (the "Series
2001-3  Supplement").  Interest on the Series 2001-3  Certificates  accrues from
April 3, 2001 and is payable on May 15,  2001 and on the  fifteenth  day of each
month thereafter - which is the Distribution Date as described above.  Principal
with respect to the Series  2001-3 Class A  Certificates  and the Series  2001-3
Class B  Certificates  is  scheduled  to be  distributed  on the March 15,  2006
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 2001-3 Supplement.

     On April 19, 2001,  the Trust  issued  $598,125,000  Class A Series  2001-4
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.13% per
annum above one month LIBOR, and $58,000,000 Class B Series 2001-4 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.38% per annum above
one month LIBOR (the  "2001-4  Class A  Certificates"  and the  "2001-4  Class B
Certificates",    respectively,    and   collectively,    the   "Series   2001-4
Certificates"), offered pursuant to a Prospectus Supplement dated April 12, 2001
to a  Prospectus  dated April 12, 2001 and issued under the  Agreement,  and the
Series  2001-4  Supplement  dated as of April  19,  2001 to the  Agreement  (the
"Series 2001-4 Supplement").  Interest on the Series 2001-4 Certificates accrues
from April 19, 2001 and is payable on May 15, 2001 and on the  fifteenth  day of
each month  thereafter  - which is the  Distribution  Date as  described  above.
Principal with respect to the Series 2001-4 Class A Certificates  and the Series
2001-4 Class B Certificates is scheduled to be distributed on the April 17, 2006
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 2001-4 Supplement.


Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits:

         20.1     Series'  1996-1,  1997-1,  1998-1,  1999-1,  1999-2,  1999-3,
                  1999-4,  1999-5,  1999-6,  2000-1,  2000-2,  2000-3,  2000-4,
                  2000-5,  2001-1,  2001-2,  2001-3  and  2001-4  Monthly
                  Servicer's Certificate dated  May 10, 2001  for  the  May  15,
                  2001 Distribution Date.


<PAGE>


                           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 on the date indicated.




Dated: May 15, 2001



                           AMERICAN EXPRESS CREDIT ACCOUNT
                           MASTER TRUST


                           AMERICAN EXPRESS CENTURION BANK,
                           Transferor

                           By:     /s/ Rhonda Halpern
                                   -------------------------------------
                           Name:   Rhonda Halpern
                           Title:  Chief Financial Officer and Treasurer



                           AMERICAN EXPRESS RECEIVABLES
                           FINANCING CORPORATION II,
                           Transferor

                           By:     /s/ Leslie R. Scharfstein
                                   -------------------------------------
                           Name:   Leslie R. Scharfstein
                           Title:  President


<PAGE>


                     EXHIBIT INDEX
                     -------------


Designation          Description                                          Page
------------         -----------                                          ----

Exhibit 20.1         Series' 1996-1, 1997-1, 1998-1, 1999-1, 1999-2,        10
                     1999-3, 1999-4, 1999-5, 1999-6, 2000-1, 2000-2,
                     2000-3, 2000-4, 2000-5, 2001-1, 2001-2, 2001-3
                     and 2001-4 Monthly Servicer's Certificate dated
                     May 10, 2001  for the May 15, 2001 Distribution
                     Date.
[{"type": "8-K", "sequence": "1", "filename": "cvrmay15.txt", "description": "FORM 8-K WRAP PAGES", "secsgml_size_bytes": 30712}]
[{"company-data": {"conformed-name": "AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST", "cik": "0001003509", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-20787-07", "film-number": "1640289"}, "business-address": {"street1": "6985 UNION PARK CENTER", "city": "MIDVALE", "state": "UT", "zip": "84047", "phone": "8015655000"}, "mail-address": {"street1": "6985 UNION PARK CENTER", "city": "MIDVALE", "state": "UT", "zip": "84047"}}, {"company-data": {"conformed-name": "AMERICAN EXPRESS CENTURION BANK", "cik": "0000949348", "assigned-sic": "6189", "irs-number": "112869526", "state-of-incorporation": "UT", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-20787-01", "film-number": "1640290"}, "business-address": {"street1": "6985 UNION PARK CENTER", "city": "MIVALE", "state": "UT", "zip": "84047", "phone": "8015655000"}, "mail-address": {"street1": "6985 UNION PARK CENTER", "city": "MIDVALE", "state": "UT", "zip": "84047"}}, {"company-data": {"conformed-name": "AMERICAN EXPRESS RECEIVABLES FINANCING CORP II", "cik": "0000949349", "assigned-sic": "6189", "irs-number": "133854638", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-21424-04", "film-number": "1640291"}, "business-address": {"street1": "WORLD FINANCIAL CENTER", "street2": "AMERICAN EXPRESS TOWER 200 VESEY ST", "city": "NEW YORK", "state": "NY", "zip": "10285", "phone": "2126402000"}, "mail-address": {"street1": "WORLD FINANCIAL CENTER", "street2": "AMERICAN EXPRESS TOWER 200 VESEY ST", "city": "NEW YORK", "state": "NY", "zip": "10285"}}]
===============================================================================
                   SECURITIES AND EXCHANGE COMMISSION

                         Washington, D. C. 20549

                                 FORM 8-K
                              CURRENT REPORT

                    Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported) May 15, 2001

                 American Express Credit Account Master Trust
                          (Issuer in respect of the
           Class A Series 1996-1 6.80% Asset Backed Certificates,
           Class B Series 1996-1 6.95% Asset Backed Certificates,
           Class A Series 1997-1 6.40% Asset Backed Certificates,
           Class B Series 1997-1 6.55% Asset Backed Certificates,
           Class A Series 1998-1 Floating Rate Asset Backed Certificates,
           Class B Series 1998-1 Floating Rate Asset Backed Certificates,
           Class A Series 1999-1 5.60% Asset Backed Certificates,
           Class B Series 1999-1 5.85% Asset Backed Certificates,
           Class A Series 1999-2 5.95% Asset Backed Certificates,
           Class B Series 1999-2 6.10% Asset Backed Certificates,
           Class A Series 1999-3 Floating Rate Asset Backed Certificates,
           Class B Series 1999-3 Floating Rate Asset Backed Certificates,
           Class A Series 1999-4 Floating Rate Asset Backed Certificates,
           Class B Series 1999-4 Floating Rate Asset Backed Certificates,
           Class A Series 1999-5 Floating Rate Asset Backed Certificates,
           Class B Series 1999-5 Floating Rate Asset Backed Certificates,
           Class A Series 1999-6 Floating Rate Asset Backed Certificates,
           Class B Series 1999-6 Floating Rate Asset Backed Certificates,
           Class A Series 2000-1 7.20% Asset Backed Certificates,
           Class B Series 2000-1 7.40% Asset Backed Certificates,
           Class A Series 2000-2 Floating Rate Asset Backed Certificates,
           Class B Series 2000-2 Floating Rate Asset Backed Certificates,
           Class A Series 2000-3 Floating Rate Asset Backed Certificates,
           Class B Series 2000-3 Floating Rate Asset Backed Certificates,
           Class A Series 2000-4 Floating Rate Asset Backed Certificates,
           Class B Series 2000-4 Floating Rate Asset Backed Certificates,
           Class A Series 2000-5 Floating Rate Asset Backed Certificates,
           Class B Series 2000-5 Floating Rate Asset Backed Certificates,
           Class A Series 2001-1 Floating Rate Asset Backed Certificates,
           Class B Series 2001-1 Floating Rate Asset Backed Certificates,
           Class A Series 2001-2 5.53% Asset Backed Certificates,
           Class B Series 2001-2 5.83% Asset Backed Certificates,
           Class A Series 2001-3 Floating Rate Asset Backed Certificates,
           Class B Series 2001-3 Floating Rate Asset Backed Certificates,
           Class A Series 2001-4 Floating Rate Asset Backed Certificates and
           Class B Series 2001-4 Floating Rate Asset Backed Certificates)
      -------------------------------------------------------------------------

                        American Express Centurion Bank
                 Co-Originator of the Trust and a Transferor
            -----------------------------------------------------
            (Exact name of registrant as specified in its charter)

                                  33-95784
                                 333-67567
                                 000-20787-01
         Utah                    333-91473-01           11-2869526
----------------------------     ------------           ----------
(State or other jurisdiction     (Commission            (IRS Employer
    of incorporation)            File Numbers)       Identification No.)

6985 Union Park Center, Midvale, Utah                      84047
----------------------------------------                 ----------
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code     (801) 565-5000
                                                        -------------

            American Express Receivables Financing Corporation II
                 Co-Originator of the Trust and a Transferor
           ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

                                 000-20787
           Delaware              333-91473              13-3854638
----------------------------     -----------            ----------
(State or other jurisdiction     (Commission            (IRS Employer
    of incorporation)            File Numbers)       Identification No.)

200 Vesey Street, New York, New York                       10285
---------------------------------------                  --------
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code     (212) 640-4473
                                                       --------------
===============================================================================
Item 5.  Other Events

A.       Monthly Servicers Certificate.

     Information  concerning  the American  Express  Credit Account Master Trust
(the "Trust") is contained in the Monthly  Servicer's  Certificate,  dated as of
May 10, 2001 for the  Distribution  Date  occurring  on May 15,  2001,  covering
activity  from March 27, 2001 through April 25, 2001 and provided to the Bank of
New York as Trustee under the Pooling and Servicing  Agreement,  dated as of May
16,  1996,  as amended  by the First  Amendment  to the  Pooling  and  Servicing
Agreement,  (the  "Agreement"),  dated  as  of  March  30,  2001.  Such  Monthly
Servicer's  Certificate is attached  hereto as Exhibit 20.1 and is  incorporated
herein by reference.

     On May 16, 1996, the Trust issued  $865,000,000 Class A Series 1996-1 6.80%
Asset Backed  Certificates  and  $60,000,000  Class B Series  1996-1 6.95% Asset
Backed  Certificates  (the "1996-1 Class A Certificates" and the "1996-1 Class B
Certificates",    respectively,    and   collectively,    the   "Series   1996-1
Certificates"), offered pursuant to a Prospectus Supplement dated May 9, 1996 to
a Prospectus  dated May 9, 1996 and issued under the  Agreement,  and the Series
1996-1  Supplement dated as of May 16, 1996 to the Agreement (the "Series 1996-1
Supplement").  Interest on the Series 1996-1  Certificates  accrues from May 16,
1996 and is  payable  on July 16,  1996 and on the  fifteenth  day of each month
thereafter  (or, if such  fifteenth day is not a business  day, the  immediately
succeeding business day) (each, a "Distribution  Date").  Principal with respect
to the  Series  1996-1  Class A  Certificates  and  the  Series  1996-1  Class B
Certificates is scheduled to be distributed on the May 2001  Distribution  Date,
but may be paid earlier or later certain  limited  circumstances  as provided in
the Agreement and Series 1996-1 Supplement.

     On August 7, 1997,  the Trust  issued  $865,000,000  Class A Series  1997-1
6.40% Asset Backed  Certificates  and  $60,000,000  Class B Series  1997-1 6.55%
Asset Backed  Certificates  (the "1997-1 Class A  Certificates"  and the "1997-1
Class B  Certificates" ,  respectively,  and  collectively,  the " Series 1997-1
Certificates"),  offered  pursuant to a Prospectus  Supplement  dated August 21,
1997 to a Prospectus  dated August 21, 1997 and issued under the Agreement,  and
the Series 1997-1  Supplement  dated as of August 7, 1997 to the Agreement  (the
"Series 1997-1 Supplement").  Interest on the Series 1997-1 Certificates accrues
from August 28, 1997 and is payable on October 15, 1997 and on the fifteenth day
of each month  thereafter - which is the  Distribution  Date as described above.
Principal with respect to the Series 1997-1 Class A Certificates  and the Series
1997-1 Class B Certificates is scheduled to be distributed on the September 2002
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 1997-1 Supplement.

     On June 23,  1998,  the Trust  issued  $825,000,000  Class A Series  1998-1
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.09% per
annum above the London interbank offered rate for one month United States dollar
deposits  ("LIBOR"),  and $80,000,000  Class B Series 1998-1 Floating Rate Asset
Backed  Certificates,  bearing a  certificate  rate of 0.25% per annum above one
month  LIBOR  (the  "1998-1  Class  A  Certificates"  and  the  "1998-1  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1998-1
Certificates"),  offered pursuant to a Prospectus Supplement dated June 17, 1998
to a  Prospectus  dated June 17, 1998 and issued  under the  Agreement,  and the
Series 1998-1 Supplement dated as of June 23, 1998 to the Agreement (the "Series
1998-1  Supplement").  Interest on the Series 1998-1  Certificates  accrues from
June 23, 1998 and is payable on July 14, 1998 and on the  fifteenth  day of each
month thereafter - which is the Distribution Date as described above.  Principal
with respect to the Series  1998-1 Class A  Certificates  and the Series  1998-1
Class  B  Certificates   is  scheduled  to  be  distributed  on  the  June  2003
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 1998-1 Supplement.

     On April 21, 1999,  the Trust  issued  $865,000,000  Class A Series  1999-1
5.60% Asset Backed  Certificates  and  $60,000,000  Class B Series  1999-1 5.85%
Asset Backed  Certificates  (the "1999-1 Class A  Certificates"  and the "1999-1
Class B  Certificates",  respectively,  and  collectively,  the  "Series  1999-1
Certificates"), offered pursuant to a Prospectus Supplement dated April 13, 1999
to a  Prospectus  dated April 13, 1999 and issued under the  Agreement,  and the
Series  1999-1  Supplement  dated as of April  21,  1999 to the  Agreement  (the
"Series 1999-1 Supplement").  Interest on the Series 1999-1 Certificates accrues
from April 21, 1999 and is payable on May 17, 1999,  and on the fifteenth day of
each  month  thereafter  - which  is a  Distribution  Date as  described  above.
Principal with respect to the Series 1999-1 Class A Certificates  and the Series
1999-1 Class B  Certificates  is scheduled to be  distributed  on the April 2004
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 1999-1 Supplement.
On May 19, 1999, the Trust issued  $432,000,000 Class A Series 1999-2 5.95%
Asset Backed  Certificates  and  $30,000,000  Class B Series  1999-2 6.10% Asset
Backed  Certificates  (the "1999-2 Class A Certificates" and the "1999-2 Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-2
Certificates"),  offered pursuant to a Prospectus  Supplement dated May 14, 1999
to a  Prospectus  dated May 14,  1999 and issued  under the  Agreement,  and the
Series 1999-2  Supplement dated as of May 19, 1999 to the Agreement (the "Series
1999-2 Supplement"). Interest on the Series 1999-2 Certificates accrues from May
19, 1999 and is payable on June 15, 1999, and on the fifteenth day of each month
thereafter - which is the Distribution  Date as described above.  Principal with
respect to the Series 1999-2 Class A Certificates  and the Series 1999-2 Class B
Certificates is scheduled to be distributed on the May 2004  Distribution  Date,
but may be paid earlier or later under certain limited circumstances as provided
in the Agreement and Series 1999-2 Supplement.

     On May 19,  1999,  the  Trust  issued  $825,000,000  Class A Series  1999-3
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.14% per
annum above one month LIBOR, and $80,000,000 Class B Series 1999-3 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.34% per annum above
one month LIBOR (the  "1999-3  Class A  Certificates"  and the  "1999-3  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-3
Certificates"),  offered pursuant to a Prospectus  Supplement dated May 14, 1999
to a  Prospectus  dated May 14,  1999 and issued  under the  Agreement,  and the
Series 1999-3  Supplement dated as of May 19, 1999 to the Agreement (the "Series
1999-3 Supplement"). Interest on the Series 1999-3 Certificates accrues from May
19, 1999 and is payable on June 15, 1999 and on the  fifteenth day of each month
thereafter - which is the Distribution  Date as described above.  Principal with
respect to the Series 1999-3 Class A Certificates  and the Series 1999-3 Class B
Certificates is scheduled to be distributed on the May 2004  Distribution  Date,
but may be paid earlier or later under certain limited circumstances as provided
in the Agreement and Series 1999-3 Supplement.

     On August 17, 1999,  the Trust issued  $412,500,000  Class A Series  1999-4
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.17% per
annum above one month LIBOR, and $40,000,000 Class B Series 1999-4 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.42% per annum above
one month LIBOR (the  "1999-4  Class A  Certificates"  and the  "1999-4  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-4
Certificates"), offered pursuant to a Prospectus Supplement dated August 9, 1999
to a Prospectus  dated August 9, 1999 and issued  under the  Agreement,  and the
Series  1999-4  Supplement  dated as of August 17,  1999 to the  Agreement  (the
"Series 1999-4 Supplement").  Interest on the Series 1999-4 Certificates accrues
from August 17, 1999 and is payable on September  15, 1999 and on the  fifteenth
day of each  month  thereafter  - which is the  Distribution  Date as  described
above.  Principal with respect to the Series 1999-4 Class A Certificates and the
Series 1999-4 Class B  Certificates  is scheduled to be  distributed on the July
2002  Distribution  Date, but may be paid earlier or later under certain limited
circumstances as provided in the Agreement and Series 1999-4 Supplement.

     On August 17, 1999,  the Trust issued  $412,500,000  Class A Series  1999-5
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.24% per
annum above one month LIBOR, and $40,000,000 Class B Series 1999-5 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.48% per annum above
one month LIBOR (the  "1999-5  Class A  Certificates"  and the  "1999-5  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-5
Certificates"), offered pursuant to a Prospectus Supplement dated August 9, 1999
to a Prospectus  dated August 9, 1999 and issued  under the  Agreement,  and the
Series  1999-5  Supplement  dated as of August 17,  1999 to the  Agreement  (the
"Series 1999-5 Supplement").  Interest on the Series 1999-5 Certificates accrues
from August 17, 1999 and is payable on September  15, 1999 and on the  fifteenth
day of each  month  thereafter  - which is the  Distribution  Date as  described
above.  Principal with respect to the Series 1999-5 Class A Certificates and the
Series 1999-5 Class B  Certificates  is scheduled to be  distributed on the July
2004  Distribution  Date, but may be paid earlier or later under certain limited
circumstances as provided in the Agreement and Series 1999-5 Supplement.
On September 16, 1999, the Trust issued  $412,500,000 Class A Series 1999-6
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.20% per
annum above one month LIBOR, and $40,000,000 Class B Series 1999-6 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.43% per annum above
one month LIBOR (the  "1999-6  Class A  Certificates"  and the  "1999-6  Class B
Certificates",    respectively,    and   collectively,    the   "Series   1999-6
Certificates"),  offered pursuant to a Prospectus Supplement dated September 10,
1999 to a Prospectus  dated  September 10, 1999 and issued under the  Agreement,
and the Series 1999-6 Supplement dated as of September 16, 1999 to the Agreement
(the "Series  1999-6  Supplement").  Interest on the Series 1999-6  Certificates
accrues  from  September  16, 1999 and is payable on October 15, 1999 and on the
fifteenth  day of each  month  thereafter  - which is the  Distribution  Date as
described   above.   Principal  with  respect  to  the  Series  1999-6  Class  A
Certificates  and the Series  1999-6  Class B  Certificates  is  scheduled to be
distributed  on the August 2002  Distribution  Date,  but may be paid earlier or
later under  certain  limited  circumstances  as provided in the  Agreement  and
Series 1999-6 Supplement.

     On February 16, 2000, the Trust issued  $432,500,000  Class A Series 2000-1
7.20% Asset Backed  Certificates  and  $30,000,000  Class B Series  2000-1 7.40%
Asset Backed  Certificates  (the "2000-1 Class A  Certificates"  and the "2000-1
Class B  Certificates",  respectively,  and  collectively,  the  "Series  2000-1
Certificates"),  offered  pursuant to a Prospectus  Supplement dated February 8,
2000, to a Prospectus dated February 8, 2000 and issued under the Agreement, and
the Series 2000-1 Supplement dated as of February 16, 2000 to the Agreement (the
"Series 2000-1 Supplement").  Interest on the Series 2000-1 Certificates accrues
from  February 16, 2000 and is payable on March 15, 2000,  and on the  fifteenth
day of each  month  thereafter  - which is the  Distribution  Date as  described
above.  Principal with respect to the Series 2000-1 Class A Certificates and the
Series  2000-1  Class B  Certificates  is  scheduled  to be  distributed  on the
February 2005 Distribution  Date, but may be paid earlier or later under certain
limited circumstances as provided in the Agreement and Series 2000-1 Supplement.

     On February 16, 2000, the Trust issued  $412,500,000  Class A Series 2000-2
Floating Rate Asset Backed  Certificates,  bearing a certificate  rate of 0.165%
per annum above one month LIBOR, and $40,000,000  Class B Series 2000-2 Floating
Rate Asset Backed  Certificates,  bearing a certificate rate of 0.350% per annum
above one month LIBOR (the "2000-2 Class A Certificates" and the "2000-2 Class B
Certificates",    respectively,    and   collectively,    the   "Series   2000-2
Certificates"),  offered  pursuant to a Prospectus  Supplement dated February 8,
2000 to a Prospectus dated February 8, 2000 and issued under the Agreement,  and
the Series 2000-2 Supplement dated as of February 16, 2000 to the Agreement (the
"Series 2000-2 Supplement").  Interest on the Series 2000-2 Certificates accrues
from February 16, 2000 and is payable on March 15, 2000 and on the fifteenth day
of each month  thereafter - which is the  Distribution  Date as described above.
Principal with respect to the Series 2000-2 Class A Certificates  and the Series
2000-2 Class B Certificates  is scheduled to be distributed on the February 2005
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 2000-2 Supplement.

     On May 3,  2000,  the  Trust  issued  $825,000,000  Class A  Series  2000-3
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.16% per
annum above one month LIBOR, and $80,000,000 Class B Series 2000-3 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.35% per annum above
one month LIBOR (the  "2000-3  Class A  Certificates"  and the  "2000-3  Class B
Certificates",    respectively,    and   collectively,    the   "Series   2000-3
Certificates"), offered pursuant to a Prospectus Supplement dated April 27, 2000
to a  Prospectus  dated April 27, 2000 and issued under the  Agreement,  and the
Series 2000-3  Supplement  dated as of May 3, 2000 to the Agreement (the "Series
2000-3 Supplement"). Interest on the Series 2000-3 Certificates accrues from May
3, 2000 and is payable on June 15, 2000 and on the  fifteenth  day of each month
thereafter - which is the Distribution  Date as described above.  Principal with
respect to the Series 2000-3 Class A Certificates  and the Series 2000-3 Class B
Certificates  is scheduled to be distributed on the April 15, 2005  Distribution
Date, but may be paid earlier or later under certain  limited  circumstances  as
provided in the Agreement and Series 2000-3 Supplement.
On June 22, 2000,  the Trust issued  $1,000,000,000  Class A Series  2000-4
Floating Rate Asset Backed  Certificates,  bearing a certificate  rate of 0.125%
per  annum  above  three-month  LIBOR,  and  $96,970,000  Class B Series  2000-4
Floating Rate Asset Backed  Certificates,  bearing a certificate  rate of 0.350%
per annum above  three-month  LIBOR (the "2000-4 Class A  Certificates"  and the
"2000-4  Class B  Certificates",  respectively,  and  collectively,  the "Series
2000-4  Certificates"),  offered pursuant to a Prospectus  Supplement dated June
13, 2000 to a Prospectus dated June 13, 2000 and issued under the Agreement, and
the Series 2000-4  Supplement  dated as of June 22, 2000 to the  Agreement  (the
"Series 2000-4 Supplement").  Interest on the Series 2000-4 Certificates accrues
from June 22, 2000 and is payable on September 15, 2000 and on the fifteenth day
of each March,  June,  September and December - which are the Distribution Dates
as  described  above.  Principal  with  respect  to the  Series  2000-4  Class A
Certificates  and the Series  2000-4  Class B  Certificates  is  scheduled to be
distributed on the September 15, 2005 Distribution Date, but may be paid earlier
or later under certain  limited  circumstances  as provided in the Agreement and
Series 2000-4 Supplement.

     On September 15, 2000, the Trust issued  $650,000,000 Class A Series 2000-5
Floating Rate Asset Backed  Certificates,  bearing a certificate  rate of 0.140%
per annum above one month LIBOR, and $63,030,000  Class B Series 2000-5 Floating
Rate Asset Backed  Certificates,  bearing a certificate rate of 0.380% per annum
above one month LIBOR (the "2000-5 Class A Certificates" and the "2000-5 Class B
Certificates",    respectively,    and   collectively,    the   "Series   2000-5
Certificates"),  offered pursuant to a Prospectus  Supplement dated September 8,
2000 to a Prospectus dated September 8, 2000 and issued under the Agreement, and
the Series  2000-5  Supplement  dated as of September  15, 2000 to the Agreement
(the "Series  2000-5  Supplement").  Interest on the Series 2000-5  Certificates
accrues  from  September  15, 2000 and is payable on October 16, 2000 and on the
fifteenth  day of each  month  thereafter  - which is the  Distribution  Date as
described   above.   Principal  with  respect  to  the  Series  2000-5  Class  A
Certificates  and the Series  2000-5  Class B  Certificates  is  scheduled to be
distributed on the September 15, 2005 Distribution Date, but may be paid earlier
or later under certain  limited  circumstances  as provided in the Agreement and
Series 2000-5 Supplement.

     On February 23, 2001, the Trust issued  $618,750,000  Class A Series 2001-1
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.14% per
annum above one month LIBOR, and $60,000,000 Class B Series 2001-1 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.42% per annum above
one month LIBOR (the  "2001-1  Class A  Certificates"  and the  "2001-1  Class B
Certificates",    respectively,    and   collectively,    the   "Series   2001-1
Certificates"),  offered pursuant to a Prospectus  Supplement dated February 13,
2001 to a Prospectus dated February 13, 2001 and issued under the Agreement, and
the Series 2001-1 Supplement dated as of February 16, 2001 to the Agreement (the
"Series 2001-1 Supplement").  Interest on the Series 2001-1 Certificates accrues
from February 23, 2001 and is payable on April 16, 2001 and on the fifteenth day
of each month  thereafter - which is the  Distribution  Date as described above.
Principal with respect to the Series 2001-1 Class A Certificates  and the Series
2001-1 Class B  Certificates  is scheduled to be distributed on the February 16,
2006  Distribution  Date, but may be paid earlier or later under certain limited
circumstances as provided in the Agreement and Series 2001-1 Supplement.

     On March 23, 2001,  the Trust  issued  $216,250,000  Class A Series  2001-2
5.53% Asset Backed  Certificates  and  $15,000,000  Class B Series  2001-2 5.83%
Asset Backed  Certificates  (the "2001-2 Class A  Certificates"  and the "2001-2
Class B  Certificates",  respectively,  and  collectively,  the  "Series  2001-2
Certificates"), offered pursuant to a Prospectus Supplement dated March 15, 2001
to a  Prospectus  dated March 15, 2001 and issued under the  Agreement,  and the
Series  2001-2  Supplement  dated as of March  23,  2001 to the  Agreement  (the
"Series 2001-2 Supplement").  Interest on the Series 2001-2 Certificates accrues
from March 23, 2001 and is payable on April 16, 2001 and on the fifteenth day of
each month  thereafter  - which is the  Distribution  Date as  described  above.
Principal with respect to the Series 2001-2 Class A Certificates  and the Series
2001-2 Class B Certificates is scheduled to be distributed on the March 15, 2006
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 2001-2 Supplement.
On April 3,  2001,  the Trust  issued  $618,750,000  Class A Series  2001-3
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.13% per
annum above one month LIBOR, and $60,000,000 Class B Series 2001-3 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.38% per annum above
one month LIBOR (the  "2001-3  Class A  Certificates"  and the  "2001-3  Class B
Certificates",    respectively,    and   collectively,    the   "Series   2001-3
Certificates"), offered pursuant to a Prospectus Supplement dated March 15, 2001
to a  Prospectus  dated March 15, 2001 and issued under the  Agreement,  and the
Series 2001-3 Supplement dated as of April 3, 2001 to the Agreement (the "Series
2001-3  Supplement").  Interest on the Series 2001-3  Certificates  accrues from
April 3, 2001 and is payable on May 15,  2001 and on the  fifteenth  day of each
month thereafter - which is the Distribution Date as described above.  Principal
with respect to the Series  2001-3 Class A  Certificates  and the Series  2001-3
Class B  Certificates  is  scheduled  to be  distributed  on the March 15,  2006
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 2001-3 Supplement.

     On April 19, 2001,  the Trust  issued  $598,125,000  Class A Series  2001-4
Floating Rate Asset Backed Certificates, bearing a certificate rate of 0.13% per
annum above one month LIBOR, and $58,000,000 Class B Series 2001-4 Floating Rate
Asset Backed  Certificates,  bearing a certificate rate of 0.38% per annum above
one month LIBOR (the  "2001-4  Class A  Certificates"  and the  "2001-4  Class B
Certificates",    respectively,    and   collectively,    the   "Series   2001-4
Certificates"), offered pursuant to a Prospectus Supplement dated April 12, 2001
to a  Prospectus  dated April 12, 2001 and issued under the  Agreement,  and the
Series  2001-4  Supplement  dated as of April  19,  2001 to the  Agreement  (the
"Series 2001-4 Supplement").  Interest on the Series 2001-4 Certificates accrues
from April 19, 2001 and is payable on May 15, 2001 and on the  fifteenth  day of
each month  thereafter  - which is the  Distribution  Date as  described  above.
Principal with respect to the Series 2001-4 Class A Certificates  and the Series
2001-4 Class B Certificates is scheduled to be distributed on the April 17, 2006
Distribution  Date,  but may be paid  earlier  or later  under  certain  limited
circumstances as provided in the Agreement and Series 2001-4 Supplement.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits:

         20.1     Series'  1996-1,  1997-1,  1998-1,  1999-1,  1999-2,  1999-3,
                  1999-4,  1999-5,  1999-6,  2000-1,  2000-2,  2000-3,  2000-4,
                  2000-5,  2001-1,  2001-2,  2001-3  and  2001-4  Monthly
                  Servicer's Certificate dated  May 10, 2001  for  the  May  15,
                  2001 Distribution Date.
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 on the date indicated.

Dated: May 15, 2001

                           AMERICAN EXPRESS CREDIT ACCOUNT
                           MASTER TRUST

                           AMERICAN EXPRESS CENTURION BANK,
                           Transferor

                           By:     /s/ Rhonda Halpern
                                   -------------------------------------
                           Name:   Rhonda Halpern
                           Title:  Chief Financial Officer and Treasurer

                           AMERICAN EXPRESS RECEIVABLES
                           FINANCING CORPORATION II,
                           Transferor

                           By:     /s/ Leslie R. Scharfstein
                                   -------------------------------------
                           Name:   Leslie R. Scharfstein
                           Title:  President
EXHIBIT INDEX
                     -------------

Designation          Description                                          Page
------------         -----------                                          ----

Exhibit 20.1         Series' 1996-1, 1997-1, 1998-1, 1999-1, 1999-2,        10
                     1999-3, 1999-4, 1999-5, 1999-6, 2000-1, 2000-2,
                     2000-3, 2000-4, 2000-5, 2001-1, 2001-2, 2001-3
                     and 2001-4 Monthly Servicer's Certificate dated
                     May 10, 2001  for the May 15, 2001 Distribution
                     Date.