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, |  
|                                           |  |                                 |       |                          |  
|                                           |  | 2006                            |       | 2005                     |   | 2005  |  | 2004 |       | 2003 |   | 2002  |  | 2001 |      
|                                           |  |                                 |       |                          |   |       |  |      |       |      |   |       |  |      |      
|Earnings:                                  |  |                                 |       |                          |   |       |  |      |       |      |   |       |  |      |      
|Net income                                 |  | $                               | 453   |                          | $ | 291   |  | $    | 415   |      | $ | 234   |  | $    | 260   |  | $ | 228   |  | $ | 277   | 
|Income tax
  provision                     |  |                                 | 71    |                          |   | 55    |  |      | 50    |      |   | 75    |  |      | 135   |  |   | 118   |  |   | 140   | 
|Interest expense                           |  |                                 | 1,172 |                          |   | 826   |  |      | 1,141 |      |   | 863   |  |      | 852   |  |   | 916   |  |   | 1,458 | 
|                                           |  |                                 |       |                          |   |       |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                           |  |                                 |       |                          |   |       |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Total earnings
  (a)                       |  | $                               | 1,696 |                          | $ | 1,172 |  | $    | 1,606 |      | $ | 1,172 |  | $    | 1,247 |  | $ | 1,262 |  | $ | 1,875 | 
|                                           |  |                                 |       |                          |   |       |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                           |  |                                 |       |                          |   |       |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Fixed charges
  - interest expense (b)     |  | $                               | 1,172 |                          | $ | 826   |  | $    | 1,141 |      | $ | 863   |  | $    | 852   |  | $ | 916   |  | $ | 1,458 | 
|                                           |  |                                 |       |                          |   |       |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                           |  |                                 |       |                          |   |       |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Ratio of
  earnings to fixed charges (a/b) |  |                                 | 1.45  |                          |   | 1.42  |  |      | 1.41  |      |   | 1.36  |  |      | 1.46  |  |   | 1.38  |  |   | 1.29  | 

---