Variable Interest Entity

12 Months Ended

Dec. 31, 2018

Variable Interest Entity [Abstract]

Variable Interest Entity

Note 8–Variable Interest Entity

Credco established a VIE, American Express Canada Credit Corporation (AECCC), primarily to issue notes in Canada under a medium-term note program and lend the proceeds to affiliates. The notes issued under the medium-term note program are fully guaranteed by Credco. The prospectus for this program expired in September 2014 and was not renewed. Credco is considered the primary beneficiary of the entity and owns all of the outstanding voting interests and, therefore, consolidates the entity.

As of December 31, 2018 and 2017, total assets of AECCC were $0.4 millionand $466 million, respectively, and total liabilities were nil and $457million, respectively, none of which were eliminated in consolidation. In March 2018, the funds lent by AECCC were repaid by the affiliates and used to satisfy the scheduled maturity of notes issued under the medium-term note program.