UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from
December 24, 2008 to January 24, 2009

Commission File Number of issuing entity: 000-130555-01

AMERICAN EXPRESS ISSUANCE TRUST

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 000-130522

American Express Receivables Financing Corporation V LLC

(Exact name of depositor as specified in its charter)

American Express Travel Related Services Company, Inc.

(Exact name of sponsor as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization of issuing entity)

20-2007139

(I.R.S. Employer Identification Number of depositor)


c/o Wilmington Trust Company
1100 North Market Street
Wilmington, Delaware		19890

(Address of principal executive		Zip Code
offices of issuing entity)

(302) 636-6392

(Telephone number, including area code)

Not Applicable

(Former name, former address, if changed since last report)

Each class of Series A and Series B Asset Backed Notes to which this report on Form 10-D relates is subject to the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934.

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 þ No o

TABLE OF CONTENTS


PART I — DISTRIBUTION INFORMATION
	Item 1. Distribution and Pool Performance Information
PART II — OTHER INFORMATION
	Item 9. Exhibits
SIGNATURES
EX-99: MONTHLY SERVICER'S CERTIFICATE

PART I — DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

The information required by Item 1121 of Regulation AB is contained in the distribution report attached hereto as Exhibit 99.

PART II — OTHER INFORMATION

Item 9. Exhibits.


Exhibit No.		Description

99		Monthly Servicer’s Certificate for the Monthly Period ending January 24, 2009 and the related payment dates.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: February 17, 2009


	American Express Receivables Financing Corporation V LLC, Depositor
	By:		/s/ John D. Koslow
	Name:		John D. Koslow
	Title:		Vice President

Table of Contents

Table of Contents

Table of Contents

American Express Issuance Trust 10-D