<PAGE>


                                  UNITED STATES
                       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) September 15, 2006


                         AMERICAN EXPRESS ISSUANCE TRUST
                     --------------------------------------
                    (Issuing Entity in respect of the Notes)


            American Express Receivables Financing Corporation V LLC
                               as Depositor of the
                         American Express Issuance Trust
            --------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                   333-121895-02           20-2007139
---------------------------------     -------------           ----------
 (State or other jurisdiction          (Commission         (I.R.S. Employer
of incorporation or organization)      File Number)       Identification No.)

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

        Registrant's telephone number, including area code (212) 640-2000

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14A-12 under the Exchange Act
      (17 CFR 240.14a.12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>


Item 8.01     Other Events

Information  concerning  the American  Express  Issuance  Trust (the "Trust") is
contained in the Monthly Servicer's Certificate, dated as of September 12, 2006,
for the Distribution  Date occurring on September 15, 2006 and the preceding Due
Period from July 26, 2006 to August 24, 2006, and is provided to the Bank of New
York, as Indenture Trustee,  under the Indenture,  dated as of May 19, 2005 (the
"Indenture").  Such Monthly Servicer's Certificate is attached hereto as Exhibit
99 and is  incorporated  herein by reference.  Information  concerning  interest
distributions made on the Series 2005-1 Notes,  occurring on September 15, 2006,
is  contained  in the Monthly  Statement  provided to the holders of such Notes.
Information  concerning interest  distributions made on the Series 2005-2 Notes,
occurring on September 15, 2006, is contained in the Monthly Statement  provided
to the holders of such Notes.  Such Monthly  Statements  are attached  hereto as
Exhibits 20.1 and 20.2, respectively, and incorporated herein by reference.


Item 9.01     Financial Statements and Exhibits

Exhibit No.         Description
-----------         -----------

Exhibit 20.1        Monthly Statement relating to interest distributions on the
                    2005-1 Notes, occurring on September 15, 2006.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on September 15, 2006.

Exhibit 99          Monthly Servicer's Certificate, dated  as  of  September 12,
                    2006, for  the  Distribution Date occurring on September 15,
                    2006, and  the  preceding  Due  Period  from  July  26, 2006
                    to  August 24, 2006,  provided  to  the  Bank of  New  York,
                    as Indenture Trustee, under the Indenture for  the  American
                    Express Issuance Trust.


<PAGE>


                                    SIGNATURE


     Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, as
amended,  the  registrants  have duly  caused  this report to be signed on their
behalf by the undersigned hereunto duly authorized.



September 15, 2006


                                            American Express Receivables
                                            Financing Corporation V LLC,
                                            as Depositor of the
                                            American Express Issuance Trust


                                            By:     /s/ Maureen Ryan
                                                    ----------------------------
                                            Name:   Maureen Ryan
                                            Title:  Vice President and Treasurer






<PAGE>


                                  EXHIBIT INDEX


Designation         Description
-----------         -----------

Exhibit 20.1        Monthly Statement relating to interest distributions on the
                    2005-1 Notes, occurring on September 15, 2006.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on September 15, 2006.

Exhibit 99          Monthly Servicer's Certificate, dated  as  of  September 12,
                    2006, for  the  Distribution Date occurring on September 15,
                    2006, and  the  preceding  Due  Period  from  July  26, 2006
                    to  August 24, 2006,  provided  to  the  Bank of  New  York,
                    as Indenture Trustee, under the Indenture for  the  American
                    Express Issuance Trust.
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[{"company-data": {"conformed-name": "American Express Issuance Trust", "cik": "0001330769", "assigned-sic": "6189", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-121895-03", "film-number": "061092759"}, "business-address": {"street1": "200 VESEY STREET", "city": "NEW YORK", "state": "NY", "zip": "10285", "phone": "212-640-2000"}, "mail-address": {"street1": "200 VESEY STREET", "city": "NEW YORK", "state": "NY", "zip": "10285"}}, {"company-data": {"conformed-name": "American Express Receivables Financing CORP V LLC", "cik": "0001311824", "assigned-sic": "6189", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-121895-02", "film-number": "061092760"}, "business-address": {"street1": "WORLD FINANCIAL CENTER", "street2": "200 VESEY STREET", "city": "NEW YORK", "state": "NY", "zip": "10285", "phone": "212 640 2000"}, "mail-address": {"street1": "WORLD FINANCIAL CENTER", "street2": "200 VESEY STREET", "city": "NEW YORK", "state": "NY", "zip": "10285"}}]
UNITED STATES
                       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) September 15, 2006

                         AMERICAN EXPRESS ISSUANCE TRUST
                     --------------------------------------
                    (Issuing Entity in respect of the Notes)

            American Express Receivables Financing Corporation V LLC
                               as Depositor of the
                         American Express Issuance Trust
            --------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                   333-121895-02           20-2007139
---------------------------------     -------------           ----------
 (State or other jurisdiction          (Commission         (I.R.S. Employer
of incorporation or organization)      File Number)       Identification No.)

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

        Registrant's telephone number, including area code (212) 640-2000

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14A-12 under the Exchange Act
      (17 CFR 240.14a.12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
Item 8.01     Other Events

Information  concerning  the American  Express  Issuance  Trust (the "Trust") is
contained in the Monthly Servicer's Certificate, dated as of September 12, 2006,
for the Distribution  Date occurring on September 15, 2006 and the preceding Due
Period from July 26, 2006 to August 24, 2006, and is provided to the Bank of New
York, as Indenture Trustee,  under the Indenture,  dated as of May 19, 2005 (the
"Indenture").  Such Monthly Servicer's Certificate is attached hereto as Exhibit
99 and is  incorporated  herein by reference.  Information  concerning  interest
distributions made on the Series 2005-1 Notes,  occurring on September 15, 2006,
is  contained  in the Monthly  Statement  provided to the holders of such Notes.
Information  concerning interest  distributions made on the Series 2005-2 Notes,
occurring on September 15, 2006, is contained in the Monthly Statement  provided
to the holders of such Notes.  Such Monthly  Statements  are attached  hereto as
Exhibits 20.1 and 20.2, respectively, and incorporated herein by reference.

Item 9.01     Financial Statements and Exhibits

Exhibit No.         Description
-----------         -----------

Exhibit 20.1        Monthly Statement relating to interest distributions on the
                    2005-1 Notes, occurring on September 15, 2006.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on September 15, 2006.

Exhibit 99          Monthly Servicer's Certificate, dated  as  of  September 12,
                    2006, for  the  Distribution Date occurring on September 15,
                    2006, and  the  preceding  Due  Period  from  July  26, 2006
                    to  August 24, 2006,  provided  to  the  Bank of  New  York,
                    as Indenture Trustee, under the Indenture for  the  American
                    Express Issuance Trust.
SIGNATURE

     Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, as
amended,  the  registrants  have duly  caused  this report to be signed on their
behalf by the undersigned hereunto duly authorized.

September 15, 2006

                                            American Express Receivables
                                            Financing Corporation V LLC,
                                            as Depositor of the
                                            American Express Issuance Trust

                                            By:     /s/ Maureen Ryan
                                                    ----------------------------
                                            Name:   Maureen Ryan
                                            Title:  Vice President and Treasurer
EXHIBIT INDEX

Designation         Description
-----------         -----------

Exhibit 20.1        Monthly Statement relating to interest distributions on the
                    2005-1 Notes, occurring on September 15, 2006.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on September 15, 2006.

Exhibit 99          Monthly Servicer's Certificate, dated  as  of  September 12,
                    2006, for  the  Distribution Date occurring on September 15,
                    2006, and  the  preceding  Due  Period  from  July  26, 2006
                    to  August 24, 2006,  provided  to  the  Bank of  New  York,
                    as Indenture Trustee, under the Indenture for  the  American
                    Express Issuance Trust.