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, |  
|                                          |  |                               |      |                          |  
|                                          |  | 2009                          |      | 2008                     |   | 2007  |  | 2006 |       | 2005 |  
|                                          |  |                               |      |                          |   |       |  |      |       |      |   |       |  |  
|Earnings:                                 |  |                               |      |                          |   |       |  |      |       |      |   |       |  |   |       | 
|Net income                                |  | $                             | 144  |                          | $ | 745   |  | $    | 720   |      | $ | 622   |  | $ | 415   | 
|Income tax
 provision                     |  |                               | 8    |                          |   | 68    |  |      | 57    |      |   | 95    |  |   | 50    | 
|Interest
 expense                         |  |                               | 195  |                          |   | 1,618 |  |      | 2,046 |      |   | 1,614 |  |   | 1,141 | 
|                                          |  |                               |      |                          |   |       |  |      |       |      |   |       |  |   |       | 
|                                          |  |                               |      |                          |   |       |  |      |       |      |   |       |  |   |       | 
|Total
 earnings (a)                       |  | $                             | 347  |                          | $ | 2,431 |  | $    | 2,823 |      | $ | 2,331 |  | $ | 1,606 | 
|                                          |  |                               |      |                          |   |       |  |      |       |      |   |       |  |   |       | 
|                                          |  |                               |      |                          |   |       |  |      |       |      |   |       |  |   |       | 
|Fixed
 charges - Interest expense (b)     |  | $                             | 195  |                          | $ | 1,618 |  | $    | 2,046 |      | $ | 1,614 |  | $ | 1,141 | 
|                                          |  |                               |      |                          |   |       |  |      |       |      |   |       |  |   |       | 
|                                          |  |                               |      |                          |   |       |  |      |       |      |   |       |  |   |       | 
|Ratio of
 earnings to fixed charges (a/b) |  |                               | 1.78 |                          |   | 1.50  |  |      | 1.38  |      |   | 1.44  |  |   | 1.41  | 

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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