EXHIBIT 12.1
AMERICAN EXPRESS CREDIT CORPORATION
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES(Dollars in millions)

|                                         |  |                                  |      |                            |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|---------------------------------------- |  | -------------------------------- | ---- | -------------------------- | - | ---- |  | ---- | ----- | ---- | - | ----- |  | ---- | ----- |  | - | ----- |  | - | ----- | 
|                                         |  | Three
  Months Ended
  March 31, |      | Years
  Ended December 31, |  
|                                         |  |                                  |      |                            |  
|                                         |  | 2006                             |      | 2005                       |   | 2005 |  | 2004 |       | 2003 |   | 2002  |  | 2001 |      
|                                         |  |                                  |      |                            |  
|Earnings:                                |  |                                  |      |                            |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Net income                               |  | $                                | 126  |                            | $ | 95   |  | $    | 415   |      | $ | 234   |  | $    | 260   |  | $ | 228   |  | $ | 277   | 
|Income tax provision                     |  |                                  | 18   |                            |   | 9    |  |      | 50    |      |   | 75    |  |      | 135   |  |   | 118   |  |   | 140   | 
|Interest expense                         |  |                                  | 355  |                            |   | 261  |  |      | 1,141 |      |   | 863   |  |      | 852   |  |   | 916   |  |   | 1,458 | 
|                                         |  |                                  |      |                            |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                         |  |                                  |      |                            |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Total earnings (a)                       |  | $                                | 499  |                            | $ | 365  |  | $    | 1,606 |      | $ | 1,172 |  | $    | 1,247 |  | $ | 1,262 |  | $ | 1,875 | 
|                                         |  |                                  |      |                            |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                         |  |                                  |      |                            |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Fixed charges - interest expense (b)     |  | $                                | 355  |                            | $ | 261  |  | $    | 1,141 |      | $ | 863   |  | $    | 852   |  | $ | 916   |  | $ | 1,458 | 
|                                         |  |                                  |      |                            |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                         |  |                                  |      |                            |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Ratio of earnings to fixed charges (a/b) |  |                                  | 1.41 |                            |   | 1.40 |  |      | 1.41  |      |   | 1.36  |  |      | 1.46  |  |   | 1.38  |  |   | 1.29  | 

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