~~UNITED STATES~~

~~SECURITIES AND EXCHANGE COMMISSION~~

~~Washington, D.C. 20549~~

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

☒ ~~ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For~~ ANNUAL ~~the~~REPORT ~~fiscal~~PURSUANT ~~year~~TO ~~ended~~SECTION ~~December 31,~~13 ~~2024~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ For ~~TRANSITION~~the ~~REPORT~~fiscal ~~PURSUANT~~year TOended ~~SECTION~~December 31, 132025 OR or ~~15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from to

Commission File Number of Issuing Entity: 000-20787-07

Central Index Key Number of Issuing Entity: 0001003509

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

(Exact name of Issuing Entity as specified in its charter)

Commission File Number of Depositor: 333-113579-02

Central Index Key Number of Depositor: 0001283434

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC

(Exact name of Depositor as specified in its charter)

Central Index Key Number of Sponsor: 0000949348

AMERICAN EXPRESS NATIONAL BANK

(Exact name of Sponsor as specified in its charter)

Commission File Number of Issuing Entity: 000-20787-07

	New York (State or other Jurisdiction of Incorporation or Organization of the Issuing Entity)			Not Applicable (I.R.S. Employer Identification Number of the Issuing Entity)
	c/o The Bank of New York Mellon 240 Greenwich Street, Floor 7 East New York, New York (Address of the Principal Executive Offices of the Issuing Entity)			10286 (Zip Code of the Issuing Entity)

Central Index Key Number of Issuing Entity: 0001003509

Commission File Number of Depositor: 333-113579-02

Central Index Key Number of Depositor: 0001283434

Central Index Key Number of Sponsor: 0000949348

New York		Not Applicable
(State or other Jurisdiction of Incorporation or Organization of the Issuing Entity)		(I.R.S. Employer Identification Number of the Issuing Entity)
c/o The Bank of New York Mellon Corporate Trust 240 Greenwich Street New York, New York		10286
(Address of the Principal Executive Offices of the Issuing Entity)		(Zip Code of the Issuing Entity)

(212) 815-2483

(Telephone Number, including area code of the Issuing Entity~~, c/o The Bank of New York Mellon~~)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ☐ NO ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting ~~firm~~fi rm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

~~DOCUMENTS~~ ~~INCORPORATED~~ Documents BYincorporated ~~REFERENCE~~by reference: ~~NONE~~None

PART I

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

Item 1. ~~Business.~~

~~Item 1A~~ Business. ~~Risk Factors.~~

~~Item 1C. Cybersecurity.~~

Item 2 1A. ~~Properties.~~

~~Item~~ Risk 3Factors. ~~Legal Proceedings.~~

~~Item 1B. Unresolved Staff Comments.~~

Item 1C.

Cybersecurity.

Item 2.

Properties.

Item 3.

Legal Proceedings.

Item 1B.

Unresolved Staff Comments.

Not Applicable.

Item 4. ~~Mine Safety Disclosures.~~

Mine Safety Disclosures.

Not Applicable.

Substitute Information provided in accordance with General Instruction J to Form 10-K:

Item 1112(b) of Regulation AB: Significant obligors of pool assets (Financial information).

The pool assets held by the American Express Credit Account Master Trust (the “Trust”) do not include any significant obligors.

Item 1114(b)(2) of Regulation AB: Credit enhancement and other support, except for certain derivatives instruments (Financial information).

Based on the standards set forth in Item 1114(b) of Regulation AB, no information is required in response to this Item.

Item 1115(b) of Regulation AB: Certain derivatives instruments (Financial information).

Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.

Item 1117 of Regulation AB: Legal proceedings.

In the ordinary course of business, American Express Company and its subsidiaries (“American Express”) are subject to various pending and potential legal actions, arbitration proceedings, claims, investigations, examinations, regulatory proceedings, information gathering requests, subpoenas, inquiries and matters relating to compliance with laws and regulations (collectively, legal proceedings).

Based on American Express’ current knowledge, and taking into consideration ~~our~~its litigation-related liabilities, American Express does not believe it is a party to, nor are any of its properties the subject of, any legal proceeding that would have a material adverse effect on its consolidated financial condition or liquidity. However, in light of the uncertainties involved in such matters, including the fact that some pending legal proceedings are at preliminary stages or seek an indeterminate amount of damages, penalties or fines, it is possible that the outcome of legal proceedings could have a material impact on its results of operations. Certain legal proceedings involving American Express or its subsidiaries are described below.

On September 30, 2024, American Express was named as a defendant in a case filed in the United States District Court for the District of Massachusetts, captioned Pizza Hazel, Inc., et al. v. American Express Co., et al., in which plaintiffs allege that the anti-steering and non-discrimination provisions in American Express’ merchant agreements violate federal antitrust law and that the arbitration provision in American Express’ merchant agreements violates federal antitrust law to the extent it prevents antitrust challenges to its ~~anti-steering and non-discrimination provisions. Plaintiffs seek, on behalf of themselves and a class of merchants that accept through the OptBlue~~ Program, unspecified damages and an injunction prohibiting American Express from enforcing its anti-steering and non-discrimination provisions and prohibiting American Express from enforcing its arbitration provision to the extent the arbitration provision prevents antitrust challenges to its anti-steering and non-discrimination provisions.

On March 21, 2024, American Express was named as a defendant in a case filed in the United States District Court for the District of Rhode Island, captioned 5-Star General Store aka Bento LLC, et al. v. American Express Co., et al., in which plaintiffs allege that the anti-steering and non-discrimination provisions in American Express’ merchant agreements violate federal antitrust law and seek, on behalf of themselves and a class of merchants, an injunction prohibiting American Express from enforcing its anti-steering and non-discrimination provisions and a declaration that American Express has violated antitrust laws.

~~On January 29, 2019, American Express was named in a putative class action brought in the United States~~ ~~District~~ anti-steering ~~Court~~and ~~for~~non-discrimination ~~the~~provisions. ~~Eastern~~Plaintiffs ~~District of New York~~seek, ~~captioned~~on ~~Anthony~~behalf ~~Oliver,~~of etthemselves ~~al. v. American Express Company~~ and ~~American~~a ~~Express~~class ~~Travel~~of ~~Related~~merchants ~~Services~~that ~~Company~~accept ~~Inc.,~~through ~~in which~~ the ~~plaintiffs~~OptBlue ~~are holders of MasterCard~~Program, ~~Visa~~unspecified ~~and/or~~damages ~~Discover credit~~ and~~/or~~ ~~debit~~an ~~cards~~injunction ~~(but~~prohibiting ~~not~~ American Express ~~cards)~~from ~~and~~enforcing ~~allege~~its ~~they paid higher prices as a result of the~~ anti-steering and non-discrimination provisions inand prohibiting American Express’ ~~merchant~~from ~~agreements~~enforcing ~~in violation~~its ofarbitration ~~federal~~provision ~~antitrust~~to ~~law~~the ~~and~~extent the ~~antitrust~~arbitration ~~and~~provision ~~consumer~~prevents ~~laws~~antitrust ofchallenges ~~various~~to ~~states.~~its ~~Plaintiffs~~anti-steering ~~seek unspecified damages~~ and ~~other~~non-discrimination ~~forms of relief~~provisions. The court ~~dismissed~~rejected ~~plaintiffs~~American Express’ ~~federal~~motion ~~antitrust~~to ~~claim,~~compel ~~numerous~~the ~~state~~case ~~antitrust~~to ~~and consumer~~arbitration; ~~protection~~American ~~claims~~Express ~~and~~has ~~their~~appealed ~~unjust enrichment claim. For~~ the ~~remaining~~decision ~~state~~to ~~antitrust or consumer protection claims,~~ the ~~court~~Court ~~certified~~of ~~classes~~Appeals for ~~(i) holders~~the ofFirst ~~Visa and MasterCard debit cards in eight states and Washington, D~~Circuit.~~C.; and~~ ~~(ii) holders of Visa, MasterCard and Discover credit cards that do not offer rewards or charge an annual fee in two states and Washington, D.C.~~

On March 821, ~~2016~~2024, ~~plaintiffs~~American ~~B&R~~Express ~~Supermarket,~~was ~~Inc.~~named ~~d/b/~~as a ~~Milam’s~~defendant ~~Market~~in ~~and~~a ~~Grove~~case ~~Liquors~~filed ~~LLC,~~in onthe ~~behalf~~United ofStates ~~themselves~~District ~~and~~Court ~~others,~~for ~~filed~~the aDistrict ~~suit~~of Rhode Island, captioned ~~B&R~~5-Star ~~Supermarket,~~General ~~Inc.~~Store ~~d/b/a~~aka ~~Milam’s~~Bento ~~Market~~LLC, et al. v. ~~Visa~~American ~~Inc~~Express Co., et al., ~~for~~in ~~violations~~which ofplaintiffs ~~the~~allege ~~Sherman~~that ~~Antitrust Act,~~ the ~~Clayton~~anti-steering ~~Antitrust Act, California’s Cartwright Act~~ and ~~unjust~~non-discrimination ~~enrichment~~provisions in ~~the United States District Court for the Northern District of California, against~~ American Express’ ~~Company,~~merchant ~~other~~agreements ~~credit~~violate ~~and~~federal ~~charge~~antitrust ~~card~~law ~~networks, other issuing banks~~ and ~~EMVCo~~seek, ~~LLC.~~on ~~Plaintiffs~~behalf ~~allege~~of ~~that~~themselves ~~the~~and ~~defendants,~~a ~~through~~class ~~EMVCo,~~of ~~conspired to shift liability for fraudulent~~merchants, ~~faulty~~an ~~and~~injunction ~~otherwise~~prohibiting ~~rejected~~American ~~consumer~~Express ~~credit card transactions~~ from ~~themselves~~enforcing toits ~~merchants~~anti-steering ~~after~~and ~~the~~non-discrimination ~~implementation~~provisions ~~of EMV chip payment terminals. Plaintiffs seek damages~~ and ~~injunctive~~a ~~relief.~~declaration Onthat ~~May 4,~~American ~~2017,~~Express ~~the~~has ~~California~~violated ~~court transferred~~antitrust ~~the case to the United States District Court for the Eastern District of New York~~laws. OnThe ~~August 28, 2020, the~~ court ~~granted~~rejected ~~plaintiffs’ motion for class certification. On August 14, 2024, the court granted~~ American Express’ motion to compel ~~arbitration~~the ascase to ~~class~~arbitration; ~~members who are subject to~~ American Express’ ~~merchant~~has ~~agreements,~~appealed ~~but did not stay~~ the ~~claims~~decision ~~pending arbitration. On November 15, 2024, American Express appealed~~ to the ~~Second~~Court ~~Circuit requesting a stay~~ of ~~all~~Appeals ~~claims~~for ~~against~~the itFirst ~~that are subject to arbitration~~Circuit.

On January 29, 2019, American Express was named in a putative class action brought in the United States District Court for the Eastern District of New York, captioned David Moskowitz, et al. (formerly Oliver) v. American Express Company and American Express Travel Related Services Company Inc., in which the plaintiffs are holders of MasterCard, Visa and/or Discover credit and/or debit cards (but not American Express cards) and allege they paid higher prices as a result of the anti-steering and non-discrimination provisions in American Express’ merchant agreements in violation of federal antitrust law and the antitrust and consumer laws of various states. Plaintiffs seek unspecified damages and other forms of relief. The court dismissed plaintiffs’ federal antitrust claim, numerous state antitrust and consumer protection claims and their unjust enrichment claim. For the remaining state antitrust or consumer protection claims, the court certified classes for (i) holders of Visa and MasterCard debit cards in eight states and Washington, D.C.; and (ii) holders of Visa, MasterCard and Discover credit cards that do not offer rewards or charge an annual fee in two states and Washington, D.C. After trial in August 2025, the jury returned a verdict finding in favor of American Express on all claims except an Illinois consumer law claim for the class of non-rewards credit card holders in Illinois for which the jury awarded $12.5 million in damages. American Express has reached an agreement with the class representatives to settle all claims in this action, which is subject to court approval.

On March 8, 2016, plaintiffs B&R Supermarket, Inc. d/b/a Milam’s Market and Grove Liquors LLC, on behalf of themselves and others, filed a suit, captioned B&R Supermarket, Inc. d/b/a Milam’s Market, et al. v. Visa Inc., et al., for violations of the Sherman Antitrust Act, the Clayton Antitrust Act, California’s Cartwright Act and unjust enrichment in the United States District Court for the Northern District of California, against American Express Company, other credit and charge card networks, other issuing banks and EMVCo, LLC. Plaintiffs allege that the defendants, through EMVCo, conspired to shift liability for fraudulent, faulty and otherwise rejected consumer credit card transactions from themselves to merchants after the implementation of EMV chip payment terminals. Plaintiffs seek damages and injunctive relief. On May 4, 2017, the California court transferred the case to the United States District Court for the Eastern District of New York. On August 28, 2020, the court granted plaintiffs’ motion for class certification. On August 14, 2024, the court granted American Express’ motion to compel arbitration as to class members who are subject to American Express’ merchant agreements, but did not stay the claims pending arbitration. On November 15, 2024, American Express appealed to the Court of Appeals for the Second Circuit requesting a stay of all claims against American Express that are subject to arbitration. On March 31, 2025, American Express reached an agreement with the class representatives to settle this action, which is subject to court approval.

Legal Proceedings Involving The Bank of New York Mellon

In the ordinary course of business, The Bank of New York Mellon is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization (“RMBS”) transactions, The Bank of New York Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending ~~actions, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously.~~

agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously.

The Bank of New York Mellon has provided us with the information in the paragraph immediately above in response to the requirements of Regulation AB. American Express is not a party to any such litigation. Other than the above paragraph and the information concerning The Bank of New York Mellon specified in this Form 10-K under the caption “Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria” and in Exhibits 33.2 and 34.2 to this Form 10-K, The Bank of New York Mellon has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-K.

PART II

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

Item 5. ~~Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.~~

~~Item~~ Market 6for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. ~~[Reserved]~~

~~Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.~~

Item 7A 6. ~~Quantitative and Qualitative Disclosures About Market Risk.~~

~~Item~~ [Reserved] ~~8. Financial Statements and Supplementary Data.~~

~~Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.~~

Item 9A 7. ~~Controls and Procedures.~~

~~Item~~ Management’s ~~9B.~~Discussion ~~Other~~and ~~Information~~Analysis of Financial Condition and Results of Operations.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

Item 8.

Financial Statements and Supplementary Data.

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Item 9A.

Controls and Procedures.

Item 9B.

Other Information.

None.

Item 9C. ~~Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.~~

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not Applicable.

PART III

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

Item 10. ~~Directors, Executive Officers and Corporate Governance.~~

~~Item~~ Directors, ~~11.~~ Executive ~~Compensation~~Officers and Corporate Governance.

~~Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.~~

Item 13 11. ~~Certain Relationships and Related Transactions, and Director Independence.~~

~~Item~~ Executive 14Compensation. ~~Principal Accountant Fees and Services.~~

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

Item 14.

Principal Accountant Fees and Services.

Substitute Information provided in accordance with General Instruction J to Form 10-K:

Item 1119 of Regulation AB: Affiliations and Certain Relationships and Related Transactions.

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria.

Each of American Express Travel Related Services Company, Inc. (“TRS”) (for itself and on behalf of its wholly owned subsidiary, American Express National Bank (“AENB”)), and The Bank of New York Mellon (each, a “Servicing Participant”) has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by the Trust for all or a portion of the period covered by this Form 10-K.

Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) as of and for the year ended December 31, ~~2024~~2025, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an “Attestation Report”) by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K. American Express has not independently verified the accuracy of The Bank of New York Mellon’s assertions or the related attestations of its registered independent public accounting firm.

Vendors

A Servicing Participant may engage one or more vendors, who are not considered servicers for purposes of Regulation AB, to perform specific and limited, or scripted activities that address all or a portion of one or more servicing criteria applicable to such Servicing Participant. InGenerally ~~general~~ in these cases, the Servicing Participant has instituted policies and procedures to monitor whether such vendors’ activities comply in all material respects with such servicing criteria, and may elect to take responsibility for assessing compliance with the servicing criteria applicable to such vendors’ activities in such Servicing Participant’s Report on Assessment.

Where the Servicing Participant has not instituted such policies and procedures, or where the Servicing Participant does not otherwise elect to take responsibility for assessing its vendors’ activities, the vendor is itself treated as a Servicing Participant and is required to provide its own Report on Assessment and related Attestation Report.

~~Exceptions~~ No Report on Assessment or related Attestation Report has identified (i) any material instance of noncompliance with the servicing criteria identified in such Report on Assessment as applicable to the related Servicing Participant or (ii) any material deficiency in such Servicing Participant’s policies and procedures to monitor vendor compliance.

Except as disclosed below, no Report on Assessment or related Attestation Report has identified any material instance of noncompliance with the servicing criteria identified in such Report on Assessment as applicable to the related Servicing Participant. In addition, no Report on Assessment or related Attestation Report has identified any material deficiency in such Servicing Participant’s policies and procedures to monitor vendor compliance.

The Bank of New York Mellon: The Bank of New York Mellon’s Report on Assessment and related Attestation Report have identified material noncompliance with one servicing criterion applicable to The Bank of New York Mellon. With regard to servicing criterion 1122(d)(3)(ii), The Bank of New York Mellon’s report states that, during the reporting period, the first distribution to investors of certain securities was not made in accordance with the timeframes set forth in the applicable transaction documents. The Bank of New York Mellon has confirmed to the Depositor and TRS that no instance of noncompliance with servicing criterion 1122(d)(3)(ii) involved the Trust or investors in the Trust. The Bank of New York Mellon identifies in its report certain remediation efforts it has taken with respect to the instance of noncompliance with servicing criterion 1122(d)(3)(ii), which include (i) implementing a daily report, which is distributed daily to The Bank of New York Mellon’s management, that identifies outstanding items serving as a reminder of tasks not yet completed as another check in the process aimed at preventing missed payments and (ii) programmers working to build a status report at an individual level, rather than a group level, flagging individuals that have deal onboarding tasks to complete, as further described in its report. American Express has not independently verified the accuracy of The Bank of New York Mellon’s assertions, the adequacy of its remediation efforts, the accuracy of its confirmations, or the related attestations of its registered independent public accounting firm.

Platform Level Reports

Regulations of the Securities and Exchange Commission (“SEC”) require that each Servicing Participant complete a Report on Assessment at a “platform” level, meaning that the transactions covered by the Report on Assessment should include all asset-backed securities transactions involving such Servicing Participant that are backed by the same asset type. Further guidance from the SEC staff identifies additional parameters which a Servicing Participant may apply to define and further limit its platform. For example, a Servicing Participant may define its platform to include only transactions that were completed on or after January 1, 2006 (the effective date of Regulation AB) and that were registered with the SEC pursuant to the Securities Act of 1933. Each Servicing Participant is responsible for defining its own platform, and each platform will naturally differ based on various factors, including the Servicing Participant’s business model, the transactions in which it is involved and the range of activities performed in those transactions.

~~During 2024, TRS’ proprietary facilities conducted paper payment remittance processing services and performed billing dispute services.~~ ~~The Bank of New York Mellon is Trustee of the Trust.~~ In its Report on Assessment attached as Exhibit 33.21 to this Form 10-K, ~~The Bank~~ ofTRS ~~New York Mellon~~ defines its platform to include ~~publicly~~ ~~issued~~all ~~(i.e., transaction~~asset-~~level~~backed ~~reporting~~securities ~~initially~~transactions ~~required~~backed ~~under~~by ~~the~~credit ~~Securities~~and ~~Exchange~~charge ~~Act~~card ofreceivables ~~1934, as amended) asset-backed securities~~ issued onby orthe ~~after~~American ~~January 1,~~Express ~~2006~~Credit ~~that~~Account ~~are~~Master ~~subject~~Trust toand ~~Regulation~~the ABAmerican ~~(including~~Express ~~transactions subject~~Issuance toTrust ~~Regulation~~II ~~AB by contractual obligation)~~ for which ~~The~~TRS ~~Bank~~acted ofas ~~New~~Servicer, ~~York~~where ~~Mellon~~the ~~provides~~related ~~trustee,~~asset-backed securities ~~administration,~~were ~~paying~~outstanding ~~agent~~during orthe ~~custodial~~Reporting ~~services~~Period. During 2025, asTRS’ ~~defined~~activities ~~and~~with respect to the ~~extent~~platform ~~applicable~~included inpaper ~~the~~payment ~~transaction~~remittance ~~agreements,~~processing ~~other than~~services ~~residential~~and ~~mortgage-backed~~billing ~~securities~~dispute ~~and~~services ~~other~~performed ~~mortgage-related~~through ~~asset-backed~~TRS’ ~~securities~~proprietary facilities.

The Bank of New York Mellon is Trustee of the Trust. In its Report on Assessment attached as Exhibit 33.2 to this Form 10-K, The Bank of New York Mellon defines its platform to include publicly

issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which The Bank of New York Mellon provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities.

Neither TRS nor the Trust is an affiliate of The Bank of New York Mellon.

Item 1123 of Regulation AB: Servicer Compliance Statement.

Each of TRS and AENB has been identified by the registrant as a servicer or subservicer with respect to the pool assets held by the Trust for the period covered by this Form 10-K. Each of them has provided a Statement of Compliance for the period covered by this Form 10-K (a “Compliance Statement”), in each case signed by an authorized officer thereof. Each Compliance Statement is attached as an exhibit to this Form 10-K.

PART IV

Item 15. ~~Exhibits and Financial Statement Schedules.~~

(a)		(1) Not applicable.
		(2) Not applicable.
		(3) The exhibits filed in response to Item 601 of Regulation S-K are listed below.

Exhibits and Financial Statement Schedules.

~~EXHIBITS~~

(a)

(1) Not applicable.

(2) Not applicable.

(3) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

(b)

Exhibits

Exhibit Index

The following exhibits are filed as part of this Annual Report or, where indicated, were heretofore filed and are hereby incorporated by reference (* indicates exhibits electronically filed herewith).

3.1		Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 3.1 of Form S-3/A, filed April 20, 2004, File No. 333-113579).
	Exhibit Number		Description
3.2		Amendment Number One to the Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC, dated as of April 1, 2018 (incorporated herein by reference to Exhibit 3.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
	3.1		Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 3.1 of Form S-3/A, filed April 20, 2004, File No. 333-113579).
4.1		Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, as Transferor, American Express Travel Related Services Company, Inc., as Servicer, and The Bank of New York Mellon, as Trustee and Securities Intermediary (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
	3.2		Amendment Number One to the Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC, dated as of April 1, 2018 (incorporated herein by reference to Exhibit 3.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
4.2		Amended and Restated Receivables Purchase Agreement, dated as of April 1, 2018, between American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.3 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
	4.1		Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, as Transferor, American Express Travel Related Services Company, Inc., as Servicer, and The Bank of New York Mellon, as Trustee and Securities Intermediary (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
4.3		Series 2022-2 Supplement, dated as of May 24, 2022, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated May 24, 2022, File No. 000-20787-07).
	4.2		Amended and Restated Receivables Purchase Agreement, dated as of April 1, 2018, between American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.3 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
4.4		Series 2022-3 Supplement, dated as of August 16, 2022, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated August 16, 2022, File No. 000-20787-07).
	4.3		Series 2023-1 Supplement, dated as of June 14, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated June 14, 2023, File No. 000-20787-07).
4.5		Series 2022-4 Supplement, dated as of November 3, 2022, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated November 3, 2022, File No. 000-20787-07).
	4.4		Series 2023-2 Supplement, dated as of June 14, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated June 14, 2023, File No. 000-20787-07).
4.6		Series 2023-1 Supplement, dated as of June 14, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated June 14, 2023, File No. 000-20787-07).
	4.5		Series 2023-3 Supplement, dated as of September 19, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated September 19, 2023, File No. 000-20787-07).
4.7		Series 2023-2 Supplement, dated as of June 14, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated June 14, 2023, File No. 000-20787-07).
	4.6		Series 2023-4 Supplement, dated as of September 19, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated September 19, 2023, File No. 000-20787-07).
4.8		Series 2023-3 Supplement, dated as of September 19, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated September 19, 2023, File No. 000-20787-07).
	4.7		Series 2024-1 Supplement, dated as of April 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated April 23, 2024, File No. 000-20787-07).
4.9		Series 2023-4 Supplement, dated as of September 19, 2023, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated September 19, 2023, File No. 000-20787-07).
	4.8		Series 2024-2 Supplement, dated as of April 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated April 23, 2024, File No. 000-20787-07).
4.10		Series 2024-1 Supplement, dated as of April 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated April 23, 2024, File No. 000-20787-07).
	4.9		Series 2024-3 Supplement, dated as of July 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated July 23, 2024, File No. 000-20787-07).
4.11		Series 2024-2 Supplement, dated as of April 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated April 23, 2024, File No. 000-20787-07).
4.12		Series 2024-3 Supplement, dated as of July 23, 2024, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated July 23, 2024, File No. 000-20787-07).
4.13		Series 2025-1 Supplement, dated as of February 11, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated February 11, 2025, File No. 000-20787-07).

4.14		Omnibus Amendment to Group II Series Supplements, dated as of October 2, 2009, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.3 of Form 8-K, dated October 2, 2009, File No. 000-20787-07).
4.15		Omnibus Amendment to Series Supplements, dated as of January 29, 2014, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated January 29, 2014, File No. 000-20787-07).
4.16		Omnibus Amendment to Series Supplements, dated as of July 20, 2016, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated July 20, 2016, File No. 000-20787-07).
4.17		Omnibus Amendment to Series Supplements, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
10.1		Amended and Restated Asset Representations Review Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and Clayton Fixed Income Services LLC (incorporated herein by reference to Exhibit 10.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
31.1*		Certification of Christa Marvelli pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the period from and including January 1, 2024 to and including December 31, 2024.
33.1*		Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc. and American Express National Bank.
33.2*		Report on Assessment of Compliance with Servicing Criteria of The Bank of New York Mellon.
34.1*		Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to American Express Travel Related Services Company, Inc.
34.2*		Attestation Report of KPMG on Assessment of Compliance with Servicing Criteria relating to The Bank of New York Mellon.
35.1*		Servicer Compliance Statement of American Express Travel Related Services Company, Inc.
35.2*		Servicer Compliance Statement of American Express National Bank.
99.1		Third Amended and Restated Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.4 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
99.2		Second Amended and Restated Defaulted Receivables Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.5 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).

Item 16. Form 10-K Summary.

	Exhibit Number			Description
	4.10			Series 2025-1 Supplement, dated as of February 11, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated February 11, 2025, File No. 000-20787-07).
	4.11			Series 2025-2 Supplement, dated as of May 13, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated May 13, 2025, File No. 000-20787-07).
	4.12			Series 2025-3 Supplement, dated as of May 13, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated May 13, 2025, File No. 000-20787-07).
	4.13			Series 2025-4 Supplement, dated as of July 22, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated July 22, 2025, File No. 000-20787-07).
	4.14			Series 2025-5 Supplement, dated as of July 22, 2025, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated July 22, 2025, File No. 000-20787-07).
	4.15			Omnibus Amendment to Group II Series Supplements, dated as of October 2, 2009, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.3 of Form 8-K, dated October 2, 2009, File No. 000-20787-07).
	4.16			Omnibus Amendment to Series Supplements, dated as of January 29, 2014, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated January 29, 2014, File No. 000-20787-07).
	4.17			Omnibus Amendment to Series Supplements, dated as of July 20, 2016, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated July 20, 2016, File No. 000-20787-07).
	4.18			Omnibus Amendment to Series Supplements, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
	10.1			Amended and Restated Asset Representations Review Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and Clayton Fixed Income Services LLC (incorporated herein by reference to Exhibit 10.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
	31.1*			Certification of Christa Marvelli pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the period from and including January 1, 2025 to and including December 31, 2025.
	33.1*			Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc. and American Express National Bank.

	Exhibit Number			Description
	33.2*			Report on Assessment of Compliance with Servicing Criteria of The Bank of New York Mellon.
	34.1*			Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to American Express Travel Related Services Company, Inc.
	34.2*			Attestation Report of KPMG on Assessment of Compliance with Servicing Criteria relating to The Bank of New York Mellon.
	35.1*			Servicer Compliance Statement of American Express Travel Related Services Company, Inc.
	35.2*			Servicer Compliance Statement of American Express National Bank.
	99.1			Third Amended and Restated Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.4 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).
	99.2			Second Amended and Restated Defaulted Receivables Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.5 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).

(c)

Not applicable.

Item 16.

Form 10-K Summary.

Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST ~~By: AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, Depositor By: /s/ Christa Marvelli Name: Christa Marvelli Title: President (Senior officer in charge of securitization)~~

~~Dated~~ By: ~~March 21, 2025~~

AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION III LLC,
Depositor

By:

/s/ Christa Marvelli

Name: Christa Marvelli

Title:

President
(Senior officer in charge of securitization)

Dated: March 20, 2026

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