<PAGE>
<TABLE>
<CAPTION>

                 AMERICAN EXPRESS CREDIT CORPORATION
            (a wholly-owned subsidiary of American Express
                Travel Related Services Company, Inc.)



                             EXHIBIT 12.1


     COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
                OF AMERICAN EXPRESS CREDIT CORPORATION
                              (millions)


                       Three Months Ended
                            March 31,
                           (Unaudited)        Years Ended December 31,
                         ------------    -------------------------------------
                         1999    1998    1998    1997     1996     1995    1994
                         ----    ----    ----    ----     ----     ----    ----
<S>                   <C>     <C>     <C>     <C>      <C>      <C>     <C>   
Earnings:

Net Income             $   60  $   56  $  237  $  212   $  215   $  197  $  139
Income tax provision       33      30     128     114      115      105      75
Interest expense          273     293   1,190   1,125    1,117    1,054     736
                       ------  ------  ------  ------   ------   ------  ------
Total earnings         $  366  $  379  $1,555  $1,451   $1,447   $1,356  $  950
                       ======  ======  ======  ======   ======   ======  ======

Fixed charges -
   interest expense    $  273  $  293  $1,190  $1,125   $1,117   $1,054  $  736
                       ======  ======  ======  ======   ======   ======  ======

Ratio of earnings
   to fixed charges      1.34    1.29    1.31    1.29     1.30     1.29    1.29

</TABLE>

Note:    Gross rentals on long-term leases were minimal in amount in each of the
         periods shown.


<PAGE>
<TABLE>
<CAPTION>
                AMERICAN EXPRESS CREDIT CORPORATION
            (a wholly-owned subsidiary of American Express
                Travel Related Services Company, Inc.)

                             EXHIBIT 12.2
     COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
                      OF AMERICAN EXPRESS COMPANY
                         (Dollars in millions)

                         Three Months
                            Ended  
                           March 31,             Years Ended December 31,
                             1999     ------------------------------------------
                         (Unaudited)   1998     1997     1996     1995     1994
                         -----------   ----     ----     ----     ----     ----
<S>                         <C>       <C>      <C>      <C>      <C>      <C>  
Earnings:

Pretax income from 
   continuing operations    $  791    $2,925   $2,750   $2,664   $2,183   $1,891
Interest expense               511     2,224    2,122    2,160    2,343    1,925
Other adjustments               33       124      127      139       95      103
                            -------   ------   ------   ------   ------   ------
Total earnings (a)          $1,335    $5,273   $4,999   $4,963   $4,621   $3,919
                            -------   ------   ------   ------   ------   ------

Fixed charges:
   Interest expense         $  511    $2,224   $2,122   $2,160   $2,343   $1,925
   Other adjustments            35       129      129      130      135      142
                            -------   ------   ------   ------   ------   ------
Total fixed charges (b)     $  546    $2,353   $2,251   $2,290   $2,478   $2,067
                            -------   ------   ------   ------   ------   ------

Ratio of earnings
   to fixed charges (a/b)     2.45      2.24     2.22     2.17     1.86     1.90
</TABLE>

Included in interest expense in the above computation is interest expense
related to the international banking operations of American Express Company
(the Company) and Travel Related Services' Cardmember lending activities, which
is netted against interest and dividends and Cardmember lending net finance 
charge revenue, respectively, in the Consolidated Statements of Income of
American Express Company.

For purposes of the "earnings" computation, other adjustments include adding
the amortization of capitalized interest, the net loss of affiliates accounted 
for at equity whose debt is not guaranteed by the Company, the minority 
interest in the earnings of majority-owned subsidiaries with fixed charges, and
the interest component of rental expense and subtracting undistributed net 
income of affiliates accounted for at equity.

For purposes of the "fixed charges" computation, other adjustments include 
capitalized interest costs and the interest component of rental expense.

On May 31, 1994, the Company completed the spin-off of Lehman Brothers through
a dividend to American Express common shareholders. Accordingly, Lehman 
Brothers' results are reported as a discontinued operation and are excluded 
from the above computation.  In the fourth quarter of 1995, the Company's
ownership in First Data Corporation ("FDC") was reduced to approximately 
10 percent as a result of shares issued by FDC in connection with a merger
transaction.  Accordingly, as of December 31, 1995, the Company's investment 
in FDC is accounted for as Investments - Available for Sale.