New York
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1-7657
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13-4922250
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File Number)
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Identification
(IRS Employer No.)
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200
Vesey Street, World Financial Center
|
|
New York, New York
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10285
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(Address
of principal executive offices)
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(Zip
Code)
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Item
7.01
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Regulation
FD Disclosure
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Sept.
30,
|
Oct.
31,
|
Nov.
30,
|
||||||||||
2009
|
2009
|
2009
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||||||||||
Cardmember
lending – owned basis (A):
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||||||||||||
Total
Loans
|
$ | 22.7 | $ | 22.1 | $ | 22.4 | ||||||
30
days past due loans as a % of total
|
4.2 | % | 4.1 | % | 3.9 | % | ||||||
Average
loans
|
$ | 23.5 | $ | 22.4 | $ | 22.3 | ||||||
Net
write-off rate
|
9.2 | % | 8.6 | % | 8.1 | % | ||||||
Cardmember
lending – managed basis (B):
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||||||||||||
Total
Loans
|
$ | 51.9 | $ | 51.2 | $ | 51.5 | ||||||
30
days past due loans as a % of total
|
4.1 | % | 4.1 | % | 3.9 | % | ||||||
Average
loans
|
$ | 52.4 | $ | 51.6 | $ | 51.4 | ||||||
Net
write-off rate
|
8.4 | % | 7.8 | % | 7.6 | % |
(A)
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“Owned,”
a GAAP basis measurement, reflects only cardmember loans included in the
Company's consolidated balance
sheets.
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(B)
|
The
managed basis presentation assumes that there have been no off-balance
sheet securitization transactions, i.e., all securitized cardmember loans
and related income effects are reflected as if they were in the Company's
balance sheets and income statements, respectively. The
difference between the “owned basis” (GAAP) information and "managed
basis" information is attributable to the effects of securitization
activities. The Company presents U.S. Card Services information on a
managed basis because that is the way the Company's management views and
manages the business. Management believes that a full picture
of trends in the Company's cardmember lending business can only be derived
by evaluating the performance of both securitized and non-securitized
cardmember loans and that use of a managed basis presentation presents a
more comprehensive portrayal of the key dynamics of the cardmember lending
business over time.
|
Aug.
26, 2009
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Sept.
25, 2009
|
Oct.
26, 2009
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||||||||||
through
|
through
|
through
|
||||||||||
Sept. 24, 2009
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Oct. 25, 2009
|
Nov. 24, 2009
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||||||||||
Ending
total principal balance
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$ | 35.0 | $ | 34.6 | $ | 34.3 | ||||||
Defaulted
amount, net of recoveries
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$ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||
Annualized
default rate, net of recoveries
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8.1 | % | 7.4 | % | 7.5 | % | ||||||
Total
30+ days delinquent
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$ | 1.5 | $ | 1.5 | $ | 1.4 |
AMERICAN
EXPRESS COMPANY
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(REGISTRANT)
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By: /s/ Carol V.
Schwartz
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Name: Carol
V. Schwartz
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Title:
Secretary
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