<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)


                      Six Months Ended
                           June 30,
                         (Unaudited)         Year Ended December 31,
                      ----------------------------------------------------
                        1998    1997     1997   1996   1995   1994   1993
                        ----    ----     ----   ----   ----   ----   ----
<S>                  <C>     <C>      <C>    <C>    <C>    <C>    <C>
Earnings:

Income before
 extraordinary
 charge                $ 117   $ 112    $ 212  $ 215  $ 197  $ 139  $ 137
Income tax provision      63      60      114    115    105     75     64
Interest expense         595     526    1,125  1,117  1,054    736    599
                       -----   -----   ------ ------ ------  -----  -----
Total earnings         $ 775   $ 698   $1,451 $1,447 $1,356  $ 950  $ 800
                       =====   =====   ====== ====== ======  =====  =====

Fixed charges -
 interest expense      $ 595   $ 526   $1,125 $1,117 $1,054  $ 736  $ 599
                       =====   =====   ====== ====== ======  =====  =====

Ratio of earnings
 to fixed charges       1.30    1.33     1.29   1.30   1.29   1.29   1.34*

</TABLE>

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

       * The ratio of earnings to fixed charges  calculated  in accordance  with
         the Receivables Agreements after the impact of the extraordinary charge
         of $34 million (pretax) was 1.28.


                                      12
<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)

                        Six Months
                          Ended
                         June 30,             Years Ended December 31,
                           1998       -----------------------------------------
                        (Unaudited)    1997     1996     1995     1994    1993
                        ----------     ----     ----     ----     ----    ----
<S>                     <C>       <C>      <C>      <C>      <C>     <C>
Earnings:

Pretax income from
 continuing operations    $ 1,413   $ 2,750  $ 2,664  $ 2,183  $ 1,891 $ 2,326
Interest expense            1,094     2,122    2,160    2,343    1,925   1,776
Other adjustments              63       127      139       95      103      88
                          -------   -------  -------  -------  ------- -------
Total earnings (a)        $ 2,570   $ 4,999  $ 4,963  $ 4,621  $ 3,919 $ 4,190
                          -------   -------  -------  -------  ------- -------

Fixed charges:
  Interest expense        $ 1,094   $ 2,122  $ 2,160  $ 2,343  $ 1,925 $ 1,776
  Other adjustments            58       129      130      135      142     130
                          -------   -------  -------  -------  ------- -------
Total fixed charges (b)   $ 1,152   $ 2,251  $ 2,290  $ 2,478  $ 2,067 $ 1,906
                          -------   -------  -------  -------  ------- -------

Ratio of earnings
to fixed charges (a/b)       2.23      2.22     2.17     1.86     1.90    2.20
</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  for all periods  presented.  In March 1993, the Company reduced its
ownership in First Data  Corporation  (FDC) to approximately  22 percent through
a public offering. As a result, beginning in 1993, FDC was reported as an equity
investment  in the  above  computation.  In the  fourth  quarter  of  1995,  the
Company's  ownership was further 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.

                                      13