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

|                                         |  |                                   |                          |      |   |       |  |      |       |      |   |       |  |   |       | 
|---------------------------------------- |  | --------------------------------- | ------------------------ | ---- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | ----- | 
|                                         |  | Nine Months
 Ended
 September 30, |                          |      |  
|                                         |  |                                   |                          |     
|                                         |  |                                   | Years Ended December 31, |     
|                                         |  |                                   |                          |      |  
|                                         |  | 2008                              |                          | 2007 |   | 2006  |  | 2005 |       | 2004 |  
|                                         |  |                                   |                          |      |   |       |  |      |       |      |  
|Earnings:                                |  |                                   |                          |      |   |       |  |      |       |      |   |       |  |   |       | 
|Net income                               |  | $                                 | 596                      |      | $ | 720   |  | $    | 622   |      | $ | 415   |  | $ | 234   | 
|Income tax provision                     |  |                                   | 69                       |      |   | 57    |  |      | 95    |      |   | 50    |  |   | 75    | 
|Interest expense                         |  |                                   | 1,276                    |      |   | 2,046 |  |      | 1,614 |      |   | 1,141 |  |   | 863   | 
|                                         |  |                                   |                          |      |   |       |  |      |       |      |   |       |  |   |       | 
|                                         |  |                                   |                          |      |   |       |  |      |       |      |   |       |  |   |       | 
|Total earnings (a)                       |  | $                                 | 1,941                    |      | $ | 2,823 |  | $    | 2,331 |      | $ | 1,606 |  | $ | 1,172 | 
|                                         |  |                                   |                          |      |   |       |  |      |       |      |   |       |  |   |       | 
|                                         |  |                                   |                          |      |   |       |  |      |       |      |   |       |  |   |       | 
|Fixed charges - Interest expense (b)     |  | $                                 | 1,276                    |      | $ | 2,046 |  | $    | 1,614 |      | $ | 1,141 |  | $ | 863   | 
|                                         |  |                                   |                          |      |   |       |  |      |       |      |   |       |  |   |       | 
|                                         |  |                                   |                          |      |   |       |  |      |       |      |   |       |  |   |       | 
|Ratio of earnings to fixed charges (a/b) |  |                                   | 1.52                     |      |   | 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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