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) February 15, 2006

                         AMERICAN EXPRESS ISSUANCE TRUST
                            (Issuer in respect of the
            Class A Floating Rate Asset Backed Notes, Series 2005-1,
            Class B Floating Rate Asset Backed Notes, Series 2005-1,
            Class C Floating Rate Asset Backed Notes, Series 2005-1,
            Class A Floating Rate Asset Backed Notes, Series 2005-2,
            Class B Floating Rate Asset Backed Notes, Series 2005-2 and
            Class C Floating Rate Asset Backed Notes, Series 2005-2.)

            American Express Receivables Financing Corporation V LLC
                 as Originator, Co-Registrant and Transferor of
                         American Express Issuance Trust
             (Exact name of registrant as specified in its charter)

           Delaware                                            20-2007139
 (State or other jurisdiction                               (I.R.S. Employer
of incorporation or organization)                          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 February 13, 2006,
for the  Distribution  Date occurring on February 15, 2006 and the preceding Due
Period from  December 25, 2005 to January 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 February
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 February 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 February 16, 2006.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on February 16, 2006.

Exhibit 99          Monthly  Servicer's  Certificate,  dated as  of February 13,
                    2006, for  the  Distribution Date  occurring on February 15,
                    2006, and the  preceding  Due Period from December 25, 2005
                    to January 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.


                                            AMERICAN EXPRESS ISSUANCE TRUST,
                                            Registrant


                                            AMERICAN EXPRESS RECEIVABLES
                                            FINANCING CORPORATION V LLC,
                                            as Originator of the Trust and
                                            Co-Registrant and as Transferor
                                            on behalf of the Trust as
                                            Co-Registrant


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



February 15, 2006


<PAGE>


                                  EXHIBIT INDEX


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

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

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

Exhibit 99          Monthly  Servicer's  Certificate,  dated  as of February 13,
                    2006, for the  Distribution  Date occurring on February 15,
                    2006, and the  preceding Due Period  from December 25, 2005
                    to  January 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": "06621741"}, "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", "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": "06621742"}, "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) February 15, 2006

                         AMERICAN EXPRESS ISSUANCE TRUST
                            (Issuer in respect of the
            Class A Floating Rate Asset Backed Notes, Series 2005-1,
            Class B Floating Rate Asset Backed Notes, Series 2005-1,
            Class C Floating Rate Asset Backed Notes, Series 2005-1,
            Class A Floating Rate Asset Backed Notes, Series 2005-2,
            Class B Floating Rate Asset Backed Notes, Series 2005-2 and
            Class C Floating Rate Asset Backed Notes, Series 2005-2.)

            American Express Receivables Financing Corporation V LLC
                 as Originator, Co-Registrant and Transferor of
                         American Express Issuance Trust
             (Exact name of registrant as specified in its charter)

           Delaware                                            20-2007139
 (State or other jurisdiction                               (I.R.S. Employer
of incorporation or organization)                          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 February 13, 2006,
for the  Distribution  Date occurring on February 15, 2006 and the preceding Due
Period from  December 25, 2005 to January 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 February
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 February 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 February 16, 2006.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on February 16, 2006.

Exhibit 99          Monthly  Servicer's  Certificate,  dated as  of February 13,
                    2006, for  the  Distribution Date  occurring on February 15,
                    2006, and the  preceding  Due Period from December 25, 2005
                    to January 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.

                                            AMERICAN EXPRESS ISSUANCE TRUST,
                                            Registrant

                                            AMERICAN EXPRESS RECEIVABLES
                                            FINANCING CORPORATION V LLC,
                                            as Originator of the Trust and
                                            Co-Registrant and as Transferor
                                            on behalf of the Trust as
                                            Co-Registrant

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

February 15, 2006
EXHIBIT INDEX

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

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

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

Exhibit 99          Monthly  Servicer's  Certificate,  dated  as of February 13,
                    2006, for the  Distribution  Date occurring on February 15,
                    2006, and the  preceding Due Period  from December 25, 2005
                    to  January 24, 2006,  provided  to the Bank of New York, as
                    Indenture Trustee,  under  the Indenture  for  the American
                    Express Issuance Trust.