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

|                               |  |                    | Six   |                                    |   |       |  |      |       |      |   |       |  |   |      
|------------------------------ |  | ------------------ | ----- | ---------------------------------- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | -----
|                               |  | Months             |       |                                    |   |       |  |      |       |      |   |       |  |  
|                               |  | Ended              |       |                                    |   |       |  |      |       |      |   |       |  |  
|                               |  | June
          30, |       | Years
          Ended December 31,
|                               |  | 2008               |       | 2007                               |   | 2006  |  | 2005 |       | 2004
|Earnings:                      |  |                    |       |                                    |   |       |  |      |       |      |   |       |  |   |      
|Net income                     |  | $                  | 407   |                                    | $ | 720   |  | $    | 622   |      | $ | 415   |  | $ | 234  
|Income tax provision           |  |                    | 57    |                                    |   | 57    |  |      | 95    |      |   | 50    |  |   | 75   
|Interest expense               |  |                    | 871   |                                    |   | 2,046 |  |      | 1,614 |      |   | 1,141 |  |   | 863  
|                               |  |                    |       |                                    |   |       |  |      |       |      |   |       |  |   |      
|Total earnings (a)             |  | $                  | 1,335 |                                    | $ | 2,823 |  | $    | 2,331 |      | $ | 1,606 |  | $ | 1,172
|                               |  |                    |       |                                    |   |       |  |      |       |      |   |       |  |   |      
|Fixed charges -                |  |                    |       |                                    |   |       |  |      |       |      |   |       |  |   |      
|Interest expense
        (b)   |  | $                  | 871   |                                    | $ | 2,046 |  | $    | 1,614 |      | $ | 1,141 |  | $ | 863  
|                               |  |                    |       |                                    |   |       |  |      |       |      |   |       |  |   |      
|Ratio of earnings              |  |                    |       |                                    |   |       |  |      |       |      |   |       |  |   |      
|to fixed charges
        (a/b) |  |                    | 1.53  |                                    |   | 1.38  |  |      | 1.44  |      |   | 1.41  |  |   | 1.36 

Interest expense does not include interest on liabilities recorded under Financial Accounting Standards Board (FASB) Financial Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an interpretation
of FASB Statement No. 109 (FIN 48). Credcos policy is to classify such interest in income tax provision in the Consolidated Statements of Income.

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