American Express Issuance Trust II FWP Free writing prospectus

Filed Pursuant to Rule 433

Registration Nos.: 333-185503

and 333-185503-01

AMERICAN EXPRESS ISSUANCE TRUST II

Report on Issuance Trust Assets

Date of Report: March 5, 2013

The following information relates to the charge card receivables owned by American Express Issuance Trust II (or the issuance trust) and the related charge card accounts. Some of the terms used herein are used as defined in the “Glossary of Terms” below.

The Total Portfolio

General

The Total Portfolio consists of two segments of accounts, each of which has individual yield, loss, delinquency and payment rate characteristics: (i) the Consumer and Small Business Segment, consisting of consumer and small business charge accounts and (ii) the Commercial Segment, consisting of commercial charge accounts. We refer to each of the Consumer and Small Business Segment and the Commercial Segment individually as a “Segment” and collectively as the “Segments.” The accounts constituting each Segment are owned by one or more of TRS, Centurion and FSB and, in the future, may be owned by any of their affiliates. As of January 31, 2013, 72.40% of the receivables in the Total Portfolio arose in accounts in the Consumer and Small Business Segment and 27.60% of receivables in the Total Portfolio arose in accounts in the Commercial Segment. There is no limitation on the percentage of the Total Portfolio comprised by any Segment and, as a result, the composition of the Total Portfolio has changed, and will continue to change, over time.

The initial accounts in the Trust Portfolio were selected from the Total Portfolio based upon the eligibility criteria specified in the receivables purchase agreements and the transfer agreement applied with respect to the accounts as of their selection date. See the definition of “Eligible Account” in the “Glossary of Terms” below. Subject only to these criteria and any applicable regulatory guidelines, the account owners have the discretion to select the accounts in any Segment of the Total Portfolio for addition to the issuance trust. The account owners have in the past considered product type, and may in the future consider factors such as product type and tenure of an account in determining the accounts to be added to the Trust Portfolio. Additional Accounts will consist of Eligible Accounts from the Total Portfolio which may or may not currently be in existence and which may have been originated using different credit criteria from those used in originating the accounts already included in the Trust Portfolio. Consequently, yield, loss, delinquency and payment rate experience with respect to the initial accounts and the Additional Accounts may be different from the historical experience of the Total Portfolio or any Segment thereof.

Set forth below is certain information with respect to each Segment of the Total Portfolio. As of the date of this report, only accounts in the Consumer and Small Business Segment are included in the Trust Portfolio. In the future, the Trust Portfolio may include accounts in the Commercial Segment. The accounts in a Segment included in the Trust Portfolio may not be representative of that entire Segment. Consequently, yield, loss, delinquency and payment rate experience with respect to the accounts in the Trust Portfolio may be different from that set forth below for any Segment of the Total Portfolio.

Loss and Delinquency Experience

The following tables set forth the loss and delinquency experience for the Consumer and Small Business Segment and, although not currently included in the Trust Portfolio, the Commercial Segment for each of the periods shown. The consumer charge accounts included in the Consumer and Small Business Segment are owned by Centurion and FSB and, in the future, may be owned by any of their affiliates. The small business charge accounts included in the Consumer and Small Business Segment are owned by FSB and, in the future, may be owned by any of its affiliates. All of the accounts in the Commercial Segment are owned by TRS and, in the future, may be owned by any of its affiliates. There is no limitation on the number of accounts owned by any account owner in any Segment and, as a result, the composition of the account ownership of the accounts in any Segment has changed, and will continue to change, over time. The receivables in an account owned by TRS,

Centurion or FSB generally will be charged off no later than the date on which such account becomes six contractual payments past due (i.e., approximately 180 days delinquent).

The following tables report charge-offs in accordance with the applicable account owner’s charge-off policies as described above. The loss and delinquency rates at any time reflect, among other factors, the quality of the accounts in each Segment, the average seasoning of the accounts in each Segment, the success of the account owners’ collection efforts and general economic conditions.

In January 2010, the charge-off policy for all of TRS’ active commercial charge accounts was changed from a policy under which receivables are generally charged off after they have been approximately 330 days delinquent to a policy under which receivables are generally charged off no later than the date on which such account becomes approximately 180 days delinquent. In each case, the transition resulted in the reclassification of receivables that had been outstanding for more than 180 days, as of the date of the respective transition, from delinquent status to charged-off status.

In general, the loss experience for the receivables arising in small business charge accounts included in the Consumer and Small Business Segment has been higher than the loss experience for the receivables arising in consumer charge accounts included in the Consumer and Small Business Segment. As of the one month ended January 31, 2013, 52.71% of the receivables in the Consumer and Small Business Segment arose in consumer charge accounts and 47.29% of the receivables in the Consumer and Small Business Segment arose in small business charge accounts. There is, however, no limitation on the percentage of the Consumer and Small Business Segment comprised by consumer charge accounts or small business charge accounts. As a result, in addition to the factors described above, the relative percentage of receivables of each of these two types of accounts within the Consumer and Small Business Segment will cause the loss experience for the Consumer and Small Business Segment to change over time.

The following tables set forth the loss experience for the Consumer and Small Business Segment and, although not currently included in the Trust Portfolio, the Commercial Segment for each indicated period. Total gross charge-offs include charge-offs of receivables and fees, and do not include the amount of any reductions in receivables due to a rebate, refund, error, fraudulent charge or other miscellaneous adjustment. Recoveries are collections received in respect of charged-off accounts in the applicable Segment during the period indicated in the following tables. Total net charge-offs are an amount equal to total gross charge-offs minus total recoveries, each for the applicable period. Average receivables outstanding for each indicated period is the average of the month-end receivables balances for that period. We cannot provide any assurance that the loss experience for the receivables in any Segment in the future will be similar to the historical experience set forth below.

Loss Experience of the Consumer and Small Business Segment

Total Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013			Year Ended December 31,
	One Month Ended January 31, 2013			2012			2011			2010			2009			2008
Average Receivables Outstanding	$	19,669,313		$	19,202,474		$	17,969,187		$	16,373,987		$	15,146,355		$	17,737,836
Total Gross Charge-Offs	$	52,577		$	644,615		$	551,319		$	514,089		$	935,314		$	1,065,618
Total Recoveries		19,103			245,779			197,026			210,668			241,856			211,808

Total Net Charge-Offs	$	33,474		$	398,836		$	354,293		$	303,421		$	693,457		$	853,810

Total Gross Charge-Offs as a Percentage of Average Receivables Outstanding		3.21	%(1)		3.36	%		3.07	%		3.14	%		6.18	%		6.01	%
Total Recoveries as a Percentage of Average Receivables Outstanding		1.17	(1)		1.28			1.10			1.29			1.60			1.19

Total Net Charge-Offs as a Percentage of Average Receivables Outstanding		2.04	%(1)		2.08	%		1.97	%		1.85	%		4.58	%		4.81	%

(1)	This percentage is an annualized figure.

Loss Experience of the Commercial Segment

Total Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013			Year Ended December 31,
	One Month Ended January 31, 2013			2012			2011			2010(1)			2009			2008
Average Receivables Outstanding	$	7,498,968		$	7,991,812		$	7,139,525		$	6,300,405		$	5,574,509		$	7,064,448
Total Gross Charge-Offs	$	8,760		$	94,578		$	95,790		$	143,162		$	165,944		$	130,730
Total Recoveries		3,266			40,357			44,110			48,347			32,613			27,213

Total Net Charge-Offs	$	5,494		$	54,221		$	51,681		$	94,815		$	133,331		$	103,518

Total Gross Charge-Offs as a Percentage of Average Receivables Outstanding		1.40	%(2)		1.18	%		1.34	%		2.27	%		2.98	%		1.85	%
Total Recoveries as a Percentage of Average Receivables Outstanding		0.52	(2)		0.50			0.62			0.77			0.59			0.39

Total Net Charge-Offs as a Percentage of Average Receivables Outstanding		0.88	%(2)		0.68	%		0.72	%		1.50	%		2.39	%		1.47	%

(1)

As discussed above, in January 2010, the charge-off policy for all of TRS’ active commercial charge accounts was changed from a policy under which receivables are generally charged off after they have been approximately 330 days delinquent to a policy under which receivables are generally charged off after they have been approximately 180 days delinquent, resulting in the reclassification of receivables that had been outstanding for more than 180 days from delinquent status to charged-off status.

(2)	This percentage is an annualized figure.

The following tables set forth the delinquency experience for the Consumer and Small Business Segment and, although not currently included in the Trust Portfolio, the Commercial Segment for each indicated period. The average receivables delinquent is the average of the month-end delinquent amounts, while the average receivables outstanding is the average of month-end receivables balances, each for the applicable period. The TRS, Centurion and FSB account servicing platform utilizes a “max aging” protocol such that to the extent any receivable in an account is delinquent, the entire account balance will be characterized as delinquent and all receivables in the account will be classified in the period shown in the table below that includes the most aged receivable in the account. We cannot provide any assurance that the delinquency experience for the receivables in any Segment in the future will be similar to the historical experience set forth below.

Average Receivables Delinquent as a Percentage of the

Consumer and Small Business Segment

Total Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013					Year Ended December 31, 2012					Year Ended December 31, 2011
	Dollar Amount		Percentage of Average Receivables Outstanding			Dollar Amount		Percentage of Average Receivables Outstanding			Dollar Amount		Percentage of Average Receivables Outstanding
Average Receivables Outstanding	$	19,669,313		100.00	%	$	19,202,474		100.00	%	$	17,969,187		100.00	%
Average Receivables Delinquent:
31 to 60 Days	$	139,381		0.71	%	$	118,636		0.62	%	$	129,164		0.72	%
61 to 90 Days		79,645		0.40			73,369		0.38			70,353		0.39
91 or More Days		185,462		0.94			173,047		0.90			152,847		0.85

Total	$	404,488		2.06	%	$	365,051		1.90	%	$	352,364		1.96	%


	Year Ended December 31,
	2010					2009					2008
	Dollar Amount		Percentage of Average Receivables Outstanding			Dollar Amount		Percentage of Average Receivables Outstanding			Dollar Amount		Percentage of Average Receivables Outstanding
Average Receivables Outstanding	$	16,373,987		100.00	%	$	15,146,355		100.00	%	$	17,737,836		100.00	%
Average Receivables Delinquent:
31 to 60 Days	$	104,670		0.64	%	$	131,309		0.87	%	$	244,689		1.38	%
61 to 90 Days		56,174		0.34			86,912		0.57			127,410		0.72
91 or More Days		130,690		0.80			229,227		1.51			279,163		1.57

Total	$	291,534		1.78	%	$	447,448		2.95	%	$	651,262		3.67	%

Average Receivables Delinquent as a Percentage of the Commercial Segment

Total Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013					Year Ended December 31, 2012					Year Ended December 31, 2011
	Dollar Amount		Percentage of Average Receivables Outstanding			Dollar Amount		Percentage of Average Receivables Outstanding			Dollar Amount		Percentage of Average Receivables Outstanding
Average Receivables Outstanding	$	7,498,968		100.00	%	$	7,991,812		100.00	%	$	7,139,525		100.00	%
Average Receivables Delinquent:
31 to 60 Days	$	88,433		1.18	%	$	81,279		1.02	%	$	87,365		1.22	%
61 to 90 Days		19,624		0.26			17,639		0.22			17,722		0.25
91 or More Days		15,044		0.20			15,773		0.20			14,864		0.21

Total	$	123,101		1.64	%	$	114,691		1.44	%	$	119,951		1.68	%


	Year Ended December 31,
	2010(1)					2009					2008
	Dollar Amount		Percentage of Average Receivables Outstanding			Dollar Amount		Percentage of Average Receivables Outstanding			Dollar Amount		Percentage of Average Receivables Outstanding
Average Receivables Outstanding	$	6,300,405		100.00	%	$	5,574,509		100.00	%	$	7,064,448		100.00	%
Average Receivables Delinquent:
31 to 60 Days	$	79,825		1.27	%	$	75,768		1.36	%	$	138,193		1.96	%
61 to 90 Days		19,265		0.31			20,690		0.37			33,366		0.47
91 or More Days		19,507		0.31			73,609		1.32			81,299		1.15

Total	$	118,597		1.88	%	$	170,067		3.05	%	$	252,858		3.58	%

(1)

The actual loss and delinquency experience of any Segment will vary month to month due to variations in accountholder charge and payment behavior, as well as the product mix within each segment.

Revenue Experience

Receivables generated under the accounts in the Total Portfolio, consisting of amounts charged by accountholders for merchandise and services, annual membership fees and certain other administrative fees billed to accountholders on the accounts, generally are not subject to monthly finance charge assessments. As a result, in order to provide yield to the issuance trust with respect to those receivables, pursuant to the transfer agreement, on any Date of Processing, the receivables existing and arising in all or a specified portion of the accounts in the Trust Portfolio equal to the product of the Discount Option Percentage and the receivables for that Date of Processing are deemed to be Discount Option Receivables and treated as finance charge receivables and collections received with respect to such receivables are treated as Finance Charge Collections. The remainder of such receivables are treated as principal receivables and collections received with respect to such receivables are treated as Principal Collections.

The exercise of the discount option by the transferor results in a larger amount of finance charge receivables and a smaller amount of principal receivables, thereby reducing the likelihood that an early amortization event will occur with respect to the notes issued by the issuance trust due to insufficient Finance Charge Collections, but increasing the likelihood that the transferor will be required to transfer additional assets to the issuance trust.There is no guarantee that any account owner, the transferor or their affiliates would be able, or have enough receivables, to transfer to the issuance trust or the related master trusts or other securitization special purpose entities, or would be able to transfer additional collateral certificates to the issuance trust. This could result in an early amortization event with respect to the notes issued by the issuance trust and an acceleration of or reduction in payments on such notes.

The dollar amounts representing Finance Charge Collections in the tables below for the Consumer and Small Business Segment and, although not currently included in the Trust Portfolio, the Commercial Segment, have been derived by applying a Discount Option Percentage of 3% (which is, as of the date of this report, the Discount Option Percentage under the transfer agreement) to historical monthly collections of receivables (excluding recoveries on charged-off receivables) in the accounts for each period shown. The average receivables outstanding for each indicated period is the average of the month-end receivables balances for that period. There can be no assurance that the revenues for any Segment in the future will be similar to the historical experience of each Segment set forth below.

Revenue Experience of the Consumer and Small Business Segment

Total Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013			Year Ended December 31,
	One Month Ended January 31, 2013			2012			2011			2010			2009			2008
Average Receivables Outstanding	$	19,669,313		$	19,202,474		$	17,969,187		$	16,373,987		$	15,146,355		$	17,737,836
Finance Charge Collections	$	606,265		$	6,685,850		$	6,242,922		$	5,712,948		$	5,275,854		$	5,932,127
Finance Charge Collections as a Percentage of Average Receivables Outstanding		36.99	%(1)		34.82	%		34.74	%		34.89	%		34.83	%		33.44	%

(1)	This percentage is an annualized figure.

Revenue Experience of the Commercial Segment

Total Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013			Year Ended December 31,
	One Month Ended January 31, 2013			2012			2011			2010			2009			2008
Average Receivables Outstanding	$	7,498,968		$	7,991,812		$	7,139,525		$	6,300,405		$	5,574,509		$	7,064,448
Finance Charge Collections	$	244,852		$	3,026,601		$	2,730,101		$	2,351,462		$	2,017,252		$	2,411,323
Finance Charge Collections as a Percentage of Average Receivables Outstanding		39.18	%(1)		37.87	%		38.24	%		37.32	%		36.19	%		34.13	%

(1)	This percentage is an annualized figure.

The actual revenue experience of any Segment will vary month to month due to variations in accountholder charge and payment behavior. Pursuant to the transfer agreement, the transferor has the ability to change the Discount Option Percentage, subject to the satisfaction of certain conditions, including satisfaction of the Rating Agency Condition. The transferor may not change the Discount Option Percentage if an early amortization event has occurred and is continuing or if, as a result of that change, the transferor reasonably expects that an early amortization event would occur.

Payment Rates

The accounts are designed for use as a method of payment for the purchase of merchandise and services and account balances generally are due in full each month. Therefore, accounts generally cannot be used by accountholders for the purpose of financing these purchases. In contrast to revolving credit plan products which do not require payment in full each month, the general requirement that account balances be paid in full each

month creates a high monthly payment rate and, therefore, account balances turn over rapidly relative to charge volume. The following tables set forth the highest and lowest accountholder monthly payment rates for the Consumer and Small Business Segment and, although not currently included in the Trust Portfolio, the Commercial Segment during any month in the period shown and the average accountholder monthly payment rates for all months during each period shown, calculated as the percentage equivalent of a fraction. The monthly payment rates are calculated as the amount of payments from accountholders (excluding recoveries on charged-off receivables) received during the applicable month divided by the aggregate amount of receivables outstanding as of the beginning of the applicable month. The actual monthly payment rate experience of any Segment will vary month to month due to variations in accountholder charge and payment behavior.

Accountholder Monthly Payment Rates of the

Consumer and Small Business Segment

Total Portfolio


	One Month Ended January 31, 2013			Year Ended December 31,
	One Month Ended January 31, 2013			2012			2011			2010			2009			2008
Lowest Month		92.90	%		91.43	%		91.53	%		92.80	%		91.46	%		86.65	%
Highest Month		92.90	%		101.98	%		101.07	%		101.08	%		100.81	%		94.57	%
Monthly Average		92.90	%		97.42	%		97.28	%		97.68	%		96.75	%		91.48	%

Accountholder Monthly Payment Rates of the

Commercial Segment

Total Portfolio


	One Month Ended January 31, 2012			Year Ended December 31,
	One Month Ended January 31, 2012			2012			2011			2010			2009			2008
Lowest Month		97.44	%		94.76	%		95.82	%		95.26	%		91.51	%		88.59	%
Highest Month		97.44	%		114.98	%		113.95	%		110.29	%		106.27	%		97.58	%
Monthly Average		97.44	%		106.41	%		107.41	%		104.50	%		100.09	%		93.52	%

The Trust Portfolio

General

The primary assets of the issuance trust initially will consist of receivables generated from time to time in a portfolio, referred to as the Trust Portfolio, of designated accounts in the Consumer and Small Business Segment. In the future, designated accounts in the Commercial Segment may, subject to certain conditions, be included in the Trust Portfolio.There is no limitation on the percentage of the Trust Portfolio comprised by any Segment and, as a result, the composition of the Trust Portfolio can and will change over time. The receivables consist of finance charge receivables, which are Discount Option Receivables, and principal receivables, which are all other receivables.

Loss and Delinquency Experience

The following tables set forth the loss and delinquency experience for the Trust Portfolio for each of the periods shown. The loss and delinquency rates at any time reflect, among other factors, the quality of the Trust Portfolio, the average seasoning of the accounts, the success of the account owners’ collection efforts and general economic conditions.

As of January 31, 2013, 83.96% of the receivables in the Trust Portfolio arose in consumer charge accounts and 16.04% of the receivables in the Trust Portfolio arose in small business charge accounts. There is, however, no limitation on the percentage of the Trust Portfolio comprised by consumer charge accounts or small business charge accounts. As a result, in addition to the factors described above, the relative percentage of receivables of

each of these two types of accounts within the Trust Portfolio will cause the loss and delinquency experience for the Trust Portfolio to change over time.

The following table sets forth the loss experience for the Trust Portfolio for each indicated period. Total gross charge-offs include charge-offs of principal receivables only, and do not include any charge-offs of finance charge receivables or the amount of any reductions in receivables due to a rebate, refund, error, fraudulent charge or other miscellaneous adjustment. If finance charge receivables that have been charged-off were included in total gross charge-offs, total gross charge-offs would be higher as an absolute number and as a percentage of the average principal receivables outstanding during the periods indicated. Recoveries are collections received in respect of charged-off accounts in the Trust Portfolio during the period indicated in the following table. Total net charge-offs are an amount equal to total gross charge-offs minus total recoveries, each for the applicable period. Average principal receivables outstanding for each indicated period is the average of the month-end principal receivables balances for that period. We cannot provide any assurance that the loss experience for the receivables in the Trust Portfolio in the future will be similar to the historical experience set forth below.

Historical data for total gross charge-offs as reported with respect to the Trust Portfolio in the table below (i) unlike the calculation of total gross charge-offs in the“Loss Experience of the Consumer and Small Business Segment”and the“Loss Experience of the Commercial Segment”tables under“The Total Portfolio — Loss andDelinquency Experience,”does not include charge-offs of finance charge receivables and (ii) is calculated using the average principal receivables outstanding instead of the average receivables outstanding. Similarly, historical data for net charge-offs as reported with respect to the Trust Portfolio in the table below is calculated using the average principal receivables instead of the average receivables outstanding. As a result, there are limitations to any comparison of the historical data presented with respect to the Trust Portfolio in the table below and the historical data presented with respect to each Segment of the Total Portfolio in such other tables.

Loss Experience of the Trust Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013			Two Months Ended December 31, 2012(1)
Average Principal Receivables Outstanding	$	2,527,855		$	2,625,623
Total Gross Charge-Offs	$	4,345		$	6,778
Total Recoveries		1,496			2,900

Total Net Charge-Offs	$	2,849		$	3,878
Total Gross Charge-Offs as a Percentage of Average Principal Receivables Outstanding		2.06	%(2)		1.55	%(2)
Total Recoveries as a Percentage of Average Principal Receivables Outstanding		0.71	(2)		0.66	(2)

Total Net Charge-Offs as a Percentage of Average Principal Receivables Outstanding		1.35	%(2)		0.89	%(2)

Number of Accounts Experiencing a Loss		2,989			5,740
Number of Accounts Experiencing a Recovery(3)		3,056			6,427
Average Net Loss per Account Experiencing a Loss(4)	$	0.95		$	0.68

(1)	Receivables were first added to the issuance trust on the first day of the November 2012 Monthly Period.

(2)	This percentage is an annualized figure.

(3)	Calculated by totaling the number of accounts experiencing a recovery in each of the months during the indicated period. Therefore, an account that has experienced a recovery in multiple months during the indicated period will be counted more than once.

(4)	Calculated as Net Charge-Offs divided by Number of Accounts Experiencing a Loss.

The following tables set forth the delinquency experience for the Trust Portfolio for each indicated period. With respect to the“Average Receivables Delinquent as a Percentage of the Trust Portfolio”table below, the average receivables delinquent is the average of the month-end delinquent amounts, while the average receivables outstanding is the average of month-end receivables balances, each for the applicable period. With respect to the“Average Number of Delinquent Accounts as a Percentage of the Trust Portfolio”table below, the average number of delinquent accounts is the average of the month-end delinquent accounts, while the average number of outstanding accounts is the average of month-end accounts, each for the applicable period. We cannot provide any assurance that the delinquency experience for the receivables in the Trust Portfolio in the future will be similar to the historical experience set forth below.

Average Receivables Delinquent as a Percentage of the Trust Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013					Two Months Ended December 31, 2012(1)
	Dollar Amount		Average Receivables Outstanding			Dollar Amount		Average Receivables Outstanding
Average Receivables Outstanding	$	2,606,036		100.00	%	$	2,706,828		100.00	%
Average Receivables Delinquent:
31 to 60 Days	$	11,498		0.44	%	$	9,690		0.36	%
61 to 90 Days		4,970		0.19			5,279		0.20
91 to 120 Days		4,370		0.17			4,589		0.17
121 to 150 Days		4,366		0.17			4,088		0.15
151 to 180 Days		3,270		0.13			3,767		0.14
181 to 210 Days		0		0.00			62		*
211 to 240 Days		0		0.00			6		*
241 to 270 Days		0		0.00			0		0.00
271 to 300 Days		0		0.00			0		0.00
301 or More Days		0		0.00			0		0.00

Total	$	28,474		1.09	%	$	27,480		1.02	%

(1)	Receivables were first added to the issuance trust on the first day of the November 2012 Monthly Period.

*	Indicates a number that is greater than zero but less than 0.005%.

Average Number of Accounts Delinquent as a Percentage of the Trust Portfolio


	One Month Ended January 31, 2013					Two Months Ended December 31, 2012(1)
	Number of Accounts		Percentage of Total Number of Accounts			Number of Accounts		Percentage of Total Number of Accounts
Average Number of Accounts Outstanding		1,574,294		100.00	%		1,575,938		100.00	%
Average Number of Accounts Delinquent:
31 to 60 Days		3,857		0.24	%		3,274		0.21	%
61 to 90 Days		1,557		0.10			1,513		0.10
91 to 120 Days		1,163		0.07			1,215		0.08
121 to 150 Days		1,016		0.06			1,073		0.07
151 to 180 Days		978		0.06			897		0.06
181 to 210 Days		0		0.00			2		*
211 to 240 Days		0		0.00			1		*
241 to 270 Days		0		0.00			0		0.00
271 to 300 Days		0		0.00			0		0.00
301 or More Days		0		0.00			0		0.00

Total		8,571		0.54	%		7,973		0.51	%

(1)	Receivables were first added to the issuance trust on the first day of the November 2012 Monthly Period.

*	Indicates a number that is greater than zero but less than 0.005%.

Revenue Experience

The following table sets forth the revenue experience for the Trust Portfolio for each indicated period. Finance Charge Collections consist entirely of Discount Option Receivables.Revenue experience from finance charge collections results from dividing finance charge collections by the average principal receivables outstanding. The average principal receivables outstanding for each indicated period is the average of the month-end principal receivables balances for that period.

Historical data for the revenue experience as reported with respect to the Trust Portfolio in the table below is calculated using the average principal receivables outstanding instead of the average receivables outstanding. As a result, there are limitations to any comparison of the historical data presented with respect to the Trust Portfolio in the table below and the historical data presented with respect to each Segment of the Total Portfolio in the“Revenue Experience of the Consumer and Small Business Segment”and“Revenue Experience of the Commercial Segment”tables under“The Total Portfolio — Revenue Experience.”

Revenue Experience of the Trust Portfolio

(Dollars in Thousands)


	One Month Ended January 31, 2013			Two Months Ended December 31, 2012(1)
Average Principal Receivables Outstanding	$	2,527,855		$	2,625,623
Finance Charge Collections	$	76,516		$	142,551
Finance Charge Collections as a Percentage of Average Principal Receivables Outstanding		36.32	%(2)		32.58	%(2)

(1)	Receivables were first added to the issuance trust on the first day of the November 2012 Monthly Period.

(2)	This percentage is an annualized figure.

Principal Payment Rates

The following table sets forth the highest and lowest accountholder monthly principal payment rates for the Trust Portfolio during any month in the period shown and the average accountholder monthly principal payment rates for all months during each period shown, calculated as the percentage equivalent of a fraction. The accounts are designed for use as a method of payment for the purchase of merchandise and services and account balances generally are due in full each month. Therefore, accounts generally cannot be used by accountholders for the purpose of financing these purchases. In contrast to revolving credit plan products which do not require payment in full each month, the general requirement that account balances be paid in full each month creates a high monthly payment rate and, therefore, account balances turn over rapidly relative to charge volume.

Historical data for the monthly principal payment rate as reported with respect to the Trust Portfolio in the table below (i) unlike the calculation of monthly payment rate in the“Accountholder Monthly Payment Rates the Consumer and Small Business Segment”and the“Accountholder Monthly Payment Rates of the Commercial Segment”tables under“The Total Portfolio — Payment Rates,”includes collections of principal receivables only and (ii) is calculated using that month’s opening principal receivables balance. As a result, there are limitations to any comparison of the historical data presented with respect to the Trust Portfolio in the table below and the historical data presented with respect to each Segment of the Total Portfolio in such other tables.

Accountholder Monthly Principal Payment Rates of the Trust Portfolio


	One Month Ended January 31, 2013			Two Months Ended December 31, 2012(1)
Lowest Month		87.86	%		93.14	%
Highest Month		87.86	%		93.74	%
Monthly Average		87.86	%		93.44	%

(1)	Receivables were first added to the issuance trust on the first day of the November 2012 Monthly Period.

The Receivables

As of January 31, 2013 the receivables in the accounts included in the Trust Portfolio totaled $2,606,035,885, comprised of $2,527,854,808 of principal receivables and $78,181,077 of finance charge receivables.

The following tables, together with the paragraph under“— Composition by Geographic Distribution,”summarize the Trust Portfolio by various criteria as of January 31, 2013. Because the future composition of the Trust Portfolio may change over time, these tables are not necessarily indicative of the composition of the Trust Portfolio at any specific time in the future.

Composition by Account Balance

Trust Portfolio


Account Balance Range	Number of Accounts		Percentage of Total Number of Accounts			Receivables Outstanding			Percentage of Total Receivables Outstanding
Credit Balance		20,666		1.31	%	$	(15,095,588	)		(0.58	)%
Zero Balance		602,851		38.29			0			0.00
$0.01 to $1,000		543,004		34.49			180,133,129			6.91
$1,000.01 to $5,000		293,788		18.66			672,086,616			25.79
$5,000.01 to $10,000		61,951		3.94			431,625,892			16.56
$10,000.01 to $15,000		21,701		1.38			263,551,422			10.11
$15,000.01 to $20,000		10,194		0.65			175,799,497			6.75
$20,000.01 to $30,000		9,281		0.59			225,397,435			8.65
$30,000.01 to $40,000		4,102		0.26			141,220,774			5.42
$40,000.01 to $50,000		2,160		0.14			96,190,693			3.69
$50,000.01 or More		4,596		0.29			435,126,017			16.70

Total		1,574,294		100.00	%	$	2,606,035,885			100.00	%

The average account balance as of January 31, 2013 was $1,655 for all accounts and $2,683 for all accounts other than accounts with a zero balance as of that date.

Composition by Period of Delinquency

Trust Portfolio


Period of Delinquency (Days Contractually Delinquent)	Number of Accounts		Percentage of Total Number of Accounts			Receivables Outstanding		Percentage of Total Receivables Outstanding
Current to 30 Days		1,565,723		99.46	%	$	2,577,561,587		98.91	%
31 to 60 Days		3,857		0.24			11,498,057		0.44
61 to 90 Days		1,557		0.10			4,970,134		0.19
91 to 120 Days		1,163		0.07			4,370,092		0.17
121 to 150 Days		1,016		0.06			4,365,685		0.17
151 to 180 Days		978		0.06			3,270,330		0.13
181 to 210 Days		0		0.00			0		0.00
211 to 240 Days		0		0.00			0		0.00
241 to 270 Days		0		0.00			0		0.00
271 to 300 Days		0		0.00			0		0.00
301 or More Days		0		0.00			0		0.00

Total		1,574,294		100.00	%	$	2,606,035,885		100.00	%

Composition by Account Age

Trust Portfolio


Account Age(1)	Number of Accounts		Percentage of Total Number of Accounts			Receivables Outstanding		Percentage of Total Receivables Outstanding
Not More than 11 Months		1,747		0.11	%	$	13,003,167		0.50	%
12 Months to 17 Months		775		0.05			4,424,223		0.17
18 Months to 23 Months		931		0.06			6,056,429		0.23
24 Months to 35 Months		1,974		0.13			12,404,504		0.48
36 Months to 47 Months		1,568		0.10			10,572,936		0.41
48 Months to 59 Months		1,583		0.10			11,577,001		0.44
60 Months to 71 Months		2,015		0.13			9,925,234		0.38
72 Months or More		1,563,701		99.33			2,538,072,391		97.39

Total		1,574,294		100.00	%	$	2,606,035,885		100.00	%

(1)

For purposes of this table, the age of an account is rounded down to the nearest whole month. For example, the age of an account that has been in existence for eleven months and twenty days would be rounded down to eleven months, and that account would be included in the “Not More than 11 Months” age range.

Composition by Geographic Distribution

Trust Portfolio

As of January 31, 2013, approximately 16.79%, 13.48%, 9.78%, 8.65% and 7.22% of the receivables related to accountholders having billing addresses in New York, California, Florida, Texas and New Jersey, respectively. Not more than 4% of the receivables relate to accountholders having billing addresses in any other single state.

Composition by Standardized Credit Score

Trust Portfolio

The following table sets forth the composition of the consumer and small business accounts included in the Trust Portfolio by FICO^®^** score ranges. To the extent available, FICO scores are obtained at origination and monthly thereafter. A FICO score is a measurement determined by Fair Isaac Corporation using information collected by the major credit bureaus to assess consumer credit risk. FICO risk scores rank-order consumers according to the likelihood that their credit obligations will be paid in accordance with the terms of their accounts. Although Fair Isaac Corporation discloses only limited information about the variables it uses to assess credit risk, those variables likely include, but are not limited to, debt level, credit history, payment patterns (including delinquency experience), and level of utilization of available credit. FICO scores of an individual may change over time, depending on the conduct of the individual, including the individual’s usage of his or her available credit, and changes in credit score technology used by Fair Isaac Corporation.

FICO scores are based on independent, third-party information, the accuracy of which we cannot verify. The account owners do not use standardized credit scores, such as a FICO score, alone to determine the amount of charges that should be approved on a charge card account. Rather, a FICO score is only one of many factors used by TRS, Centurion and FSB, as account owners, to assess an individual’s credit and default risk. In connection with their underwriting and authorization decisions, the account owners use proprietary scoring models, which they generally have found to be more accurate predictors of credit and default risk than any single standardized credit score such as FICO. The use of proprietary models also enables an account owner to extend credit to an accountholder with a lower FICO score without changing that account owner’s risk tolerance than would be the case if that account owner relied solely on FICO.The FICO scores presented below should not be used alone as a method of forecasting whether accountholders will make payments in accordance with the terms of their accounts. References to “Receivables Outstanding” in the following table include both finance charge receivables and principal receivables. Because the future composition of the Trust Portfolio may change over time, this table is not necessarily indicative of the composition of the Trust Portfolio at any specific time in the future.

^**	FICO^® is a federally registered servicemark of Fair, Isaac & Company.

Composition by Standardized Credit Score(1)

Trust Portfolio


FICO Score Range	Receivables Outstanding		Percentage of Total Receivables Outstanding
Less than 560	$	11,393,701		0.44	%
560-659		172,717,095		6.63
660-699		245,073,578		9.40
700-759		702,108,777		26.94
760 & above		1,461,398,245		56.08
Refreshed FICO Unavailable		13,344,488		0.51

Total	$	2,606,035,885		100.00	%

(1)	Standardized Credit Score defined as the FICO score in the most recent Monthly Period.

Static Pool Information

The following tables present charge-off, delinquency, payment rate and revenue experience of the two segments of accounts in the Total Portfolio: (i) the Consumer and Small Business Segment, consisting of consumer and small business charge accounts and (ii) the Commercial Segment, consisting of commercial charge accounts. Data is presented in separate increments based on the year of origination of the accounts, each an “Origination Period.” Data is presented for accounts that were originated in 2001 or thereafter. For both Segments, data for accounts originated prior to 2001 is not presented since such data is not available and could not be obtained without unreasonable effort or expense. As of January 31, 2013, the accounts reflected in the following tables for the Consumer and Small Business Segment had receivables outstanding that were approximately 60.15% of the total receivables outstanding at such date in the total Consumer and Small Business Segment of the Total Portfolio. As of January 31, 2013, the accounts reflected in the following tables for the Commercial Segment had receivables outstanding that were approximately 92.46% of the total receivables outstanding at such date in the total Commercial Segment of the Total Portfolio.

To the extent any information contained in this report is deemed to form a part of any prospectus supplement, the related prospectus or the related registration statement, all static pool information regarding the performance of receivables for periods prior to January 1, 2006 will not form a part of such prospectus supplement, prospectus or registration statement.

As used in the tables, the date of origination of an account is generally the date the account became effective. The account aging shows activity through the indicated age of the account (e.g., 0-12 months, 13-24 months), which is referred to in this report as the “performance period.” In the following tables, shaded data is based on a full 12 months of activity for all accounts in the applicable Origination Period and, therefore, will not change in future disclosures. The data that is not shaded will change in future disclosures and, in some cases, will reflect activity in an account for less than 12 full months, depending on when the account is originated and when the data for that disclosure is generated.

For Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. For any Monthly Period ending prior to January 1, 2006, account activity for the Total Portfolio is based on the activity that occurred within each such account during the related monthly billing cycle. We refer to data concerning account activity presented on this basis as “old methodology data.” Old methodology data, therefore, is based on account activity ending on different days throughout a Monthly Period.

For any Monthly Period ending after January 1, 2006, reported account activity for the Total Portfolio is based on the activity that occurred within each such account during such Monthly Period. We refer to data concerning account activity presented on this basis as “new methodology data.” New methodology data, therefore, is based on account activity ending on the last day of a Monthly Period.

Accordingly, for any Monthly Period ending prior to January 1, 2006, the reported delinquency status of a particular account for any Monthly Period is determined on the last day of such account’s billing cycle, while, for any Monthly Period ending after January 1, 2006, the reported delinquency status of all accounts for any Monthly Period is determined on the last day of such Monthly Period. Therefore, under the new methodology, if an amount that is past due as of the last day of the related account’s billing cycle has been paid in full on or prior to the last day of the related Monthly Period, then such account will not be reported as delinquent for such Monthly Period.

Also as a result of the transition from the old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such account’s monthly billing cycle end date and prior to and including December 24, 2005.

This methodology change has reduced delinquencies reported for the Total Portfolio for Monthly Periods ending after January 1, 2006 as compared with delinquencies reported for Monthly Periods prior to that date and, therefore, we can offer no assurance as to how delinquencies reported prior to January 1, 2006 compare to delinquencies reported after January 1, 2006, and we caution investors to compare data only within the pre-January 1, 2006 period (during which data is presented consistently under the old methodology) or within the post-January 1, 2006 period (during which data is presented consistently under the new methodology) and not across such periods.

Because the Trust Portfolio is only a portion of the Total Portfolio, the actual performance of the receivables in the Trust Portfolio may be different from the performance reflected in the tables below. There can be no assurance that the performance of receivables in the future will be similar to the historical experience set forth below.

Gross Charge-Off Rates

Total gross charge-offs for any Origination Period include charge-offs of principal and certain fees, but do not include the amount of any reductions in receivables due to a rebate, refund, error, fraudulent charge or other miscellaneous adjustment. The gross charge-off rate, which is an annualized percentage, results from dividing total gross charge-offs by the average month-end receivables for each month in the applicable performance period, which is referred to in this report as the “average receivables outstanding.”

Gross Charge-Off Rate of the

Consumer and Small Business Segment

Total Portfolio

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.00%
2012 Origination	1.92%	9.26%
2011 Origination	3.77%	7.14%	7.45%
2010 Origination	3.32%	7.03%	5.35%	2.09%
2009 Origination	3.00%	4.16%	4.21%	3.27%	1.95%
2008 Origination	6.79%	8.30%	4.69%	4.43%	3.73%	3.00%
2007 Origination	7.33%	14.25%	7.91%	4.47%	4.29%	3.50%
2006 Origination	7.96%	14.35%	12.03%	7.12%	4.29%	4.04%
2005 Origination	8.47%	11.90%	10.27%	10.32%	6.42%	3.65%
2004 Origination	6.67%	10.94%	7.62%	8.07%	8.38%	4.02%
2003 Origination	4.68%	10.91%	6.87%	6.12%	7.44%	4.79%
2002 Origination	2.09%	8.24%	5.35%	3.95%	4.02%	4.03%
2001 Origination	1.70%	14.84%	8.65%	5.69%	4.40%	4.36%

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Gross Charge-Off Rate of the

Commercial Segment

Total Portfolio

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.00%
2012 Origination	0.95%	1.75%
2011 Origination	1.12%	1.88%	6.51%
2010 Origination	1.23%	1.59%	1.30%	1.09%
2009 Origination	1.49%	1.89%	1.95%	1.02%	0.66%
2008 Origination	0.79%	4.77%	1.64%	1.41%	1.23%	1.14%
2007 Origination	0.54%	4.71%	3.87%	1.46%	1.20%	1.20%
2006 Origination	0.20%	3.67%	3.93%	3.53%	1.66%	1.23%
2005 Origination	0.42%	3.33%	2.45%	2.85%	2.83%	1.24%
2004 Origination	1.70%	4.25%	1.81%	1.57%	2.19%	1.49%
2003 Origination	0.46%	4.78%	2.01%	1.61%	1.26%	2.34%
2002 Origination	0.38%	4.00%	1.71%	1.46%	0.75%	2.42%
2001 Origination	0.67%	3.50%	1.45%	1.01%	0.59%	0.78%

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Net Charge-Off Rates

Total net charge-offs for any Origination Period are an amount equal to total gross charge-offs minus total recoveries. The net charge-off rate, which is an annualized percentage, results from dividing total net charge-offs by the average receivables outstanding.

Net Charge-Off Rate of the

Consumer and Small Business Segment

Total Portfolio

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.00%
2012 Origination	1.86%	8.37%
2011 Origination	3.55%	5.23%	5.44%
2010 Origination	3.14%	5.24%	3.37%	1.01%
2009 Origination	2.86%	3.08%	2.74%	1.88%	-0.20%
2008 Origination	6.53%	6.28%	3.06%	2.69%	1.94%	1.65%
2007 Origination	7.14%	12.27%	5.36%	2.71%	2.55%	1.79%
2006 Origination	7.61%	12.33%	9.40%	4.46%	2.39%	2.31%
2005 Origination	8.05%	9.64%	7.95%	7.90%	3.99%	2.02%
2004 Origination	6.41%	9.20%	5.65%	6.10%	6.39%	2.35%
2003 Origination	4.54%	9.80%	5.46%	4.65%	5.68%	3.20%
2002 Origination	2.03%	7.59%	4.51%	3.09%	3.05%	2.76%
2001 Origination	1.67%	14.06%	7.42%	4.41%	3.33%	2.98%

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Net Charge-Off Rate of the

Commercial Segment

Total Portfolio

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.00%
2012 Origination	0.84%	0.90%
2011 Origination	0.99%	1.17%	5.48%
2010 Origination	1.04%	0.87%	0.69%	0.37%
2009 Origination	1.33%	1.17%	1.11%	0.46%	-0.28%
2008 Origination	0.77%	4.10%	0.77%	0.71%	0.60%	0.69%
2007 Origination	0.52%	4.28%	2.91%	0.59%	0.48%	0.42%
2006 Origination	0.18%	3.25%	3.24%	2.49%	0.73%	0.57%
2005 Origination	0.40%	3.00%	1.91%	2.16%	1.94%	0.38%
2004 Origination	1.67%	3.92%	1.22%	0.98%	1.74%	0.76%
2003 Origination	0.43%	4.37%	1.25%	1.00%	0.83%	1.76%
2002 Origination	0.33%	3.66%	1.19%	0.99%	0.38%	1.74%
2001 Origination	0.48%	3.06%	0.91%	0.54%	0.25%	0.43%

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30 Days+ Delinquency Rates

The 30 Days+ Delinquency Rate (i.e., accounts 31 days or more delinquent) is the result of dividing the average of the month-end delinquent amounts for each month in the applicable performance period by the average receivables outstanding.

30 Days+ Delinquency Rate of the

Consumer and Small Business Segment

Total Portfolio(1)

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.00%
2012 Origination	2.69%	5.46%
2011 Origination	3.27%	3.84%	4.05%
2010 Origination	2.87%	3.78%	2.98%	1.94%
2009 Origination	2.21%	2.29%	2.33%	1.85%	1.62%
2008 Origination	4.86%	3.58%	2.52%	2.44%	2.07%	2.50%
2007 Origination	5.73%	6.26%	3.49%	2.35%	2.28%	1.98%
2006 Origination	6.93%	7.23%	5.67%	3.22%	2.33%	2.23%
2005 Origination	7.55%	7.25%	5.98%	5.25%	3.00%	2.06%
2004 Origination	7.45%	7.99%	5.73%	4.77%	4.23%	2.09%
2003 Origination	8.35%	8.75%	7.12%	5.22%	4.55%	2.51%
2002 Origination	5.83%	7.11%	5.95%	5.09%	4.03%	2.39%
2001 Origination	9.11%	11.06%	7.92%	6.35%	5.67%	2.91%

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(1)

As discussed under“Static Pool Information” above, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed and, as a result, delinquencies reported for the Total Portfolio for Monthly Periods ending after January 1, 2006 (as compared with delinquencies reported for Monthly Periods ending prior to that date) are lower. With respect to the delinquency data presented above, we can offer no assurance as to how old methodology data compare to new methodology data, and we caution investors to compare data only within performance periods containing data collected under the same methodology.

30 Days+ Delinquency Rate of the

Commercial Segment

Total Portfolio(1)

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.00%
2012 Origination	1.68%	2.73%
2011 Origination	1.41%	1.80%	2.29%
2010 Origination	1.82%	1.79%	1.60%	1.22%
2009 Origination	1.99%	1.94%	1.68%	1.40%	1.21%
2008 Origination	3.51%	2.72%	1.65%	1.52%	1.39%	1.46%
2007 Origination	3.86%	4.93%	2.50%	1.74%	1.50%	1.37%
2006 Origination	4.18%	5.23%	4.39%	2.60%	1.74%	1.62%
2005 Origination	5.68%	4.93%	3.95%	3.92%	2.40%	1.52%
2004 Origination	8.62%	7.52%	4.14%	3.74%	3.40%	1.59%
2003 Origination	8.14%	10.41%	6.74%	3.87%	3.46%	2.44%
2002 Origination	7.92%	8.62%	7.88%	5.74%	3.22%	2.64%
2001 Origination	8.84%	9.40%	7.69%	7.35%	5.36%	2.33%

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(1)

Monthly Payment Rates

The monthly payment rate results from dividing total collections received (excluding recoveries on charged-off receivables) during each month by that month’s opening total receivables balance.

Accountholder Monthly Payment Rates of the

Consumer and Small Business Segment

Total Portfolio

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.00%
2012 Origination	119.42%	105.21%
2011 Origination	112.91%	102.45%	96.11%
2010 Origination	114.64%	103.61%	101.81%	97.06%
2009 Origination	118.40%	107.72%	104.99%	103.79%	93.43%
2008 Origination	111.84%	111.94%	111.00%	108.51%	109.08%	104.32%
2007 Origination	103.18%	102.20%	106.99%	107.39%	106.77%	99.83%
2006 Origination	93.86%	90.62%	95.02%	98.70%	97.79%	96.32%
2005 Origination	90.55%	87.63%	88.60%	93.13%	97.09%	95.55%
2004 Origination	91.38%	87.59%	87.96%	89.50%	93.53%	96.22%
2003 Origination	88.98%	88.67%	87.35%	86.61%	87.74%	93.75%
2002 Origination	90.53%	90.14%	91.41%	90.00%	88.95%	94.63%
2001 Origination	84.88%	84.16%	88.28%	90.68%	88.55%	92.35%

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Accountholder Monthly Payment Rates of the

Commercial Segment

Total Portfolio

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.00%
2012 Origination	112.91%	101.37%
2011 Origination	98.79%	109.50%	106.56%
2010 Origination	108.60%	108.81%	110.65%	105.74%
2009 Origination	107.55%	110.03%	110.41%	109.05%	101.33%
2008 Origination	100.18%	104.02%	106.49%	107.54%	107.50%	97.94%
2007 Origination	92.74%	94.12%	101.06%	103.08%	102.94%	104.42%
2006 Origination	91.74%	92.72%	96.52%	102.35%	105.13%	109.42%
2005 Origination	89.93%	90.39%	92.81%	96.84%	104.24%	110.76%
2004 Origination	89.17%	90.46%	91.44%	92.54%	95.40%	102.41%
2003 Origination	87.26%	87.83%	89.78%	90.40%	92.64%	100.20%
2002 Origination	84.34%	87.24%	90.04%	90.57%	90.47%	98.33%
2001 Origination	80.69%	86.06%	89.61%	90.98%	89.34%	100.56%

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Revenue Experience

The percentages set forth in the tables below, which are annualized percentages, result from dividing finance charge collections by the average receivables outstanding. Finance charge collections include discount option receivables.

Revenue Experience of the

Consumer and Small Business Segment

Total Portfolio

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	6.85%
2012 Origination	36.33%	41.70%
2011 Origination	36.55%	36.75%	37.43%
2010 Origination	37.07%	37.06%	36.58%	38.23%
2009 Origination	38.31%	38.46%	37.66%	37.29%	37.04%
2008 Origination	36.62%	39.95%	39.65%	38.87%	39.14%	41.82%
2007 Origination	33.78%	37.35%	38.23%	38.41%	38.29%	35.90%
2006 Origination	30.44%	32.80%	34.76%	35.34%	34.99%	34.61%
2005 Origination	29.67%	31.59%	32.06%	34.07%	34.80%	34.31%
2004 Origination	29.41%	31.62%	31.67%	32.41%	34.19%	34.52%
2003 Origination	28.78%	31.70%	31.47%	31.15%	31.68%	33.81%
2002 Origination	29.39%	32.37%	32.73%	32.40%	32.04%	34.13%
2001 Origination	27.52%	30.29%	31.70%	32.46%	31.82%	33.28%

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Revenue Experience of the

Commercial Segment

Total Portfolio

As of Date: January 31, 2013


Origination Year	0-12 Months	13-24 Months	25-36 Months	37-48 Months	49-60 Months	>=61 Months
2013 Origination	0.55%
2012 Origination	33.13%	37.92%
2011 Origination	32.55%	41.42%	44.43%
2010 Origination	35.45%	39.64%	40.97%	46.90%
2009 Origination	34.99%	39.94%	40.24%	40.20%	39.89%
2008 Origination	33.10%	37.60%	38.59%	39.18%	39.56%	38.69%
2007 Origination	30.40%	35.06%	36.77%	37.42%	37.46%	38.26%
2006 Origination	30.03%	33.93%	36.16%	37.17%	38.07%	39.97%
2005 Origination	29.45%	32.99%	34.05%	36.30%	37.84%	40.29%
2004 Origination	29.08%	32.96%	33.35%	33.81%	35.70%	37.14%
2003 Origination	28.48%	31.99%	32.64%	32.95%	33.83%	36.72%
2002 Origination	27.64%	31.89%	32.93%	32.90%	33.02%	35.94%
2001 Origination	26.55%	31.61%	32.68%	33.20%	32.51%	36.82%

LOGO

Glossary of Terms

“Additional Accounts” means any Eligible Accounts designated to be included in the Portfolio of the issuance trust and whose receivables are transferred to the issuance trust.

“Centurion” means American Express Centurion Bank, a Utah bank.

“Commercial Segment”has the meaning described in“The Total Portfolio — General” in this report.

“Consumer and Small Business Segment” has the meaning described in“The Total Portfolio — General” in this report.

“Date of Processing” means, for any transaction or receipt of collections, the Business Day after such transaction or receipt is first output, in written form pursuant to the servicer’s usual and customary data processing procedures, from the servicer’s computer file of accounts comparable to the accounts in the issuing entity’s Portfolio (regardless of the effective date of recordation).

“Defaulted Receivables” means, for any Monthly Period, principal receivables that were charged off as uncollectible in such Monthly Period in accordance with the account guidelines and the applicable servicer’s customary and usual servicing procedures for servicing receivables comparable to the receivables. For purposes of this definition, a principal receivable in any account becomes a Defaulted Receivable on the Date of Processing it is recorded as charged-off on such servicer’s computer file of accounts.

“Discount Option Percentage” means the fixed or variable percentage, as designated by the transferor, of the amount of receivables existing and arising in all or any specified portion of the accounts in the issuing entity’s Portfolio on and after the date of such designation becomes effective to be deemed Discount Option Receivables and treated as finance charge receivables and collections received with respect to such receivables are treated as Finance Charge Collections.

“Discount Option Receivables” means on any Date of Processing occurring in any Monthly Period following the Monthly Period in which a discount option date occurs, the product of (a) the Discount Option Percentage and (b) Receivables received on such Date of Processing.

“Eligible Account” means a charge account established pursuant to an account agreement and owned by an account owner and its successors and permitted assigns which, as of the respective selection date, is a charge account:

•

in existence and maintained by an account owner or such successors or assigns;

•

is payable in United States dollars;

•

has not been identified by the servicer in its computer files as cancelled due to a related accountholder’s bankruptcy or insolvency;

•

has not been sold or pledged to any other party except for any other account owner that has entered into a receivables purchase agreement or the transferor;

•

does not have receivables which have been sold or pledged to any other party other than American Express Credit Corporation, TRS or any transferor pursuant to the applicable receivables purchase agreement;

•

has an accountholder who has provided as his or her most recent billing address an address located in the United States, its territories or possessions or a United States military address (provided, however, that, at any time, up to 3% of the aggregate amount of receivables may have accountholders who have provided as their most recent billing addresses, addresses outside of such jurisdictions);

•

has not been identified as an account with respect to which the related card has been lost or stolen (if such account is a charge card account); and

•

does not have receivables that are Defaulted Receivables and does not have any receivables that have been identified by the servicer as having been incurred as a result of fraudulent use of any related charge product.

Eligible Accounts may include accounts, the receivables of which have been written off or which have been identified by the servicer in its computer files as cancelled due to a related accountholder’s bankruptcy or insolvency, in each case as of the applicable selection date; provided that:

•

the balance of all receivables included in such accounts is reflected on the books and records of the related account owner (and is treated for purposes of the transfer agreement) as “zero,” and

•

charging privileges with respect to all such accounts have been canceled in accordance with the account guidelines.

“Finance Charge Collections” means, for any Monthly Period, the sum of:

•

with respect to receivables included in the issuance trust, collections of finance charge receivables (including collections received with respect to Discount Option Receivables, if any, for such Monthly Period) received by the servicer on behalf of the issuance trust;

•

with respect to a collateral certificate included in the issuance trust, collections of finance charge receivables allocable to the holder of that collateral certificate under the applicable securitization agreements for the related master trust or other securitization special purpose entity for such Monthly Period;

•

any amounts received by the issuer to be treated as Finance Charge Collections with respect to such series, class or tranche as described in the related prospectus supplement for such Monthly Period; and

•

the amount of investment earnings (net of losses and investment expenses), if any, on amounts in deposit in the collection account and the excess funding account for such Monthly Period.

If so specified in the related prospectus supplement for any series, class or tranche of notes, Finance Charge Collections for any Monthly Period will include the issuer rate fee amount, if any, paid to the issuance trust with respect to such Monthly Period (to the extent received by the issuance trust and deposited into the collection account).

“FSB” means American Express Bank, FSB, a federal savings bank.

“Monthly Period” means the period beginning at the opening of business on the second day following the last day of the seventh billing cycle (of one of the account receivable platforms) of the second preceding calendar month and ending at the close of business on the day following the last day of the seventh billing cycle (of such account receivable platform) of the immediately following month. The last day of each such seventh monthly billing cycle generally occurs between the twenty-first (21st) day and the twenty-fifth (25th) day of each month. Therefore, the number of days in a Monthly Period generally may vary from a calendar month by up to four days.

“Origination Period”has the meaning described in“Static Pool Information” in this report.

“Portfolio” means (i) with respect to the issuing entity, certain accounts selected from a portfolio of accounts owned by TRS, Centurion, FSB or any of their affiliates and included in the issuance trust based on the eligibility criteria specified in the transfer agreement and (ii) with respect to any master trust or other securitization special purpose entity which has issued a collateral certificate included in the issuance trust, certain accounts selected from a portfolio of accounts owned by TRS, Centurion, FSB or any of their affiliates and included in that master trust or other securitization special purpose entity based on the eligibility criteria specified in the applicable trust agreement or pooling and servicing agreement.

“Principal Collections” means, with respect to any Monthly Period,

•

with respect to receivables, collections other than those designated as Finance Charge Collections on designated accounts for such Monthly Period;

•

with respect to a collateral certificate, collections of principal receivables allocable to the holder of that collateral certificate under the applicable securitization agreements for the related master trust or other securitization special purpose entity for such Monthly Period; and

•

the amount of funds withdrawn from the excess funding account for such Monthly Period which are required to be deposited into the collection account and treated as Principal Collections during an accumulation period or an amortization period pursuant to the indenture.

“Rating Agency Condition” means, unless otherwise specified in the related prospectus supplement for any series, class or tranche of notes, with respect to any action subject to such condition, (i) that each rating agency then rating any outstanding series, class or tranche of notes shall have notified the issuance trust, the transferor or the servicer in writing that the proposed action will not result in a reduction or withdrawal of its ratings on any outstanding notes of any series, class or tranche or (ii) if at such time the rating agency has informed the issuance trust, the transferor or the servicer that such rating agency does not provide such written notifications for transactions of this type, then as to such rating agency the issuance trust shall deliver written notice of the proposed action to such rating agency at least 10 business days’ prior to the effective date of such action (or such shorter as permitted under the indenture).

“Segment” has the meaning described in“The Total Portfolio — General” in this report.

“Total Portfolio” means the portfolio of consumer, small business and commercial charge accounts owned by TRS, Centurion, FSB or any of their affiliates from which the accounts designated to be included in the Trust Portfolio are selected.

“TRS” means American Express Travel Related Services Company, Inc., a New York corporation.

“Trust Portfolio” means the initial accounts and any Additional Accounts selected from the Total Portfolio to have their receivables included in the issuance trust based on the eligibility criteria specified in the receivables purchase agreements and the transfer agreement.

Registration Statement on File

American Express Receivables Financing Corporation VIII LLC, as depositor to the American Express Issuance Trust II, as issuer, has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling 212-640-2000.

American Express Issuance Trust II Inactive FWPFree writing prospectus