<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) May 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 May 10, 2006, for
the  Distribution  Date  occurring on May 15, 2006 and the  preceding Due Period
from March 26, 2005 to April 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 May 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 May 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 May 15, 2006.

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

Exhibit 99          Monthly Servicer's Certificate, dated  as  of  May   , 2006,
                    for  the  Distribution Date occurring  on  May 15, 2006, and
                    the  preceding Due Period  from  March 26, 2005 to April 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.



May 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 May 15, 2006.

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

Exhibit 99          Monthly Servicer's Certificate, dated as of  May  10, 2006,
                    for the Distribution Date  occurring  on  May 15, 2006, and
                    the  preceding Due Period from March 26, 2005 to  April 24,
                    2006,  provided  to  the  Bank  of  New York, as  Indenture
                    Trustee,  under  the  Indenture  for  the  American Express
                    Issuance Trust.
[{"type": "8-K", "sequence": "1", "filename": "b413221_8k.txt", "description": "FORM 8K", "secsgml_size_bytes": 5754}]
[{"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": "06838555"}, "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": "06838556"}, "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) May 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 May 10, 2006, for
the  Distribution  Date  occurring on May 15, 2006 and the  preceding Due Period
from March 26, 2005 to April 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 May 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 May 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 May 15, 2006.

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

Exhibit 99          Monthly Servicer's Certificate, dated  as  of  May   , 2006,
                    for  the  Distribution Date occurring  on  May 15, 2006, and
                    the  preceding Due Period  from  March 26, 2005 to April 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.

May 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 May 15, 2006.

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

Exhibit 99          Monthly Servicer's Certificate, dated as of  May  10, 2006,
                    for the Distribution Date  occurring  on  May 15, 2006, and
                    the  preceding Due Period from March 26, 2005 to  April 24,
                    2006,  provided  to  the  Bank  of  New York, as  Indenture
                    Trustee,  under  the  Indenture  for  the  American Express
                    Issuance Trust.