<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) October 17, 2005

                         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 October 12, 2005,
for the  Distribution  Date  occurring on October 17, 2005 and the preceding Due
Period from August 24, 2005 to September  23, 2005,  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 October 17,
2005,  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 October 17, 2005,  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 October 17, 2005.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on October 17, 2005.

Exhibit 99          Monthly  Servicer's  Certificate,  dated as of October 12,
                    2005, for  the  Distribution  Date occurring on October 17,
                    2005,  and  the  preceding  Due Period from August 24, 2005
                    to September 23, 2005,  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

Date: October 17, 2005


<PAGE>


                                  EXHIBIT INDEX


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

Exhibit 20.1        Monthly Statement relating to interest distributions on the
                    2005-1 Notes, occurring on October 17, 2005.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on October 17, 2005.

Exhibit 99          Monthly  Servicer's  Certificate,  dated  as  of October 12,
                    2005, for the  Distribution  Date occurring  on  October 17,
                    2005,  and the preceding  Due Period from August 24, 2005 to
                    September 23, 2005,  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 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": "051140942"}, "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"}}, {"company-data": {"conformed-name": "American Express Issuance Trust", "cik": "0001330769", "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": "051140943"}, "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"}}]
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) October 17, 2005

                         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 October 12, 2005,
for the  Distribution  Date  occurring on October 17, 2005 and the preceding Due
Period from August 24, 2005 to September  23, 2005,  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 October 17,
2005,  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 October 17, 2005,  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 October 17, 2005.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on October 17, 2005.

Exhibit 99          Monthly  Servicer's  Certificate,  dated as of October 12,
                    2005, for  the  Distribution  Date occurring on October 17,
                    2005,  and  the  preceding  Due Period from August 24, 2005
                    to September 23, 2005,  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

Date: October 17, 2005
EXHIBIT INDEX

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

Exhibit 20.1        Monthly Statement relating to interest distributions on the
                    2005-1 Notes, occurring on October 17, 2005.

Exhibit 20.2        Monthly Statement relating to interest distributions on the
                    2005-2 Notes, occurring on October 17, 2005.

Exhibit 99          Monthly  Servicer's  Certificate,  dated  as  of October 12,
                    2005, for the  Distribution  Date occurring  on  October 17,
                    2005,  and the preceding  Due Period from August 24, 2005 to
                    September 23, 2005,  provided to the Bank  of  New York,  as
                    Indenture Trustee,  under  the  Indenture  for  the American
                    Express Issuance Trust.