<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)
                               
                               
                          Nine Months
                            Ended
                         September 30,        Year Ended December 31,
                          (Unaudited)
                        -----------------------------------------------------
                          1998   1997     1997   1996    1995   1994   1993
                          ----   ----     ----   ----    ----   ----   ----
<S>                   <C>     <C>     <C>     <C>    <C>    <C>    <C>
Earnings:                                                        
                                                                 
Income before
 extraordinary charge   $  174 $  168   $  212  $  215 $  197  $ 139  $ 137
Income tax provision        93     90      114     115    105     75     64
Interest expense           899    820    1,125   1,117  1,054    736    599
                        ------ ------   ------  ------ ------  -----  -----
Total earnings          $1,166 $1,078   $1,451  $1,447 $1,356  $ 950  $ 800
                        ====== ======   ======  ====== ======  =====  =====
                                                                
Fixed charges -                                                 
interest expense        $  899 $  820   $1,125  $1,117 $1,054  $ 736  $ 599
                        ====== ======   ======  ====== ======  =====  =====
Ratio of earnings
to fixed charges          1.30   1.32     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.

<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)
                               
                       Nine Months
                         Ended
                      September 30,          Years Ended December 31,
                          1998        --------------------------------------
                       (Unaudited)     1997    1996    1995    1994    1993
                      ------------     ----    ----    ----    ----    ----

<S>                                <C>      <C>     <C>     <C>     <C> 
Earnings:                                                          
                                                                   
Pretax income from
 continuing operations     $2,212     $2,750  $2,664  $2,183  $1,891  $2,326
Interest expense            1,655      2,122   2,160   2,343   1,925   1,776
Other adjustments              91        127     139      95     103      88
                           ------     ------  ------  ------  ------  ------
Total earnings(a)          $3,958     $4,999  $4,963  $4,621  $3,919  $4,190
                           ------     ------  ------  ------  ------  ------
                                                                   
Fixed charges:                                                     
 Interest expense          $1,655     $2,122  $2,160  $2,343  $1,925  $1,776
 Other adjustments             89        129     130     135     142     130
                           ------     ------  ------  ------  ------  ------
Total fixed charges(b)     $1,744     $2,251  $2,290  $2,478  $2,067  $1,906
                           ------     ------  ------  ------  ------  ------
                                                            
Ratio of earnings
 to fixed charges (a/b)      2.27       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.