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 |  
|                                         |  | Restated                      |      | Restated                 |   | Restated |  |      |       |      |   |       | 
|                                         |  |                               |      |                          |   |          |  |      |       |      |   |       |  |   |       | 
|Earnings:                                |  |                               |      |                          |   |          |  |      |       |      |   |       |  |   |       | 
|Net income                               |  | $                             | 135  |                          | $ | 864      |  | $    | 725   |      | $ | 622   |  | $ | 415   | 
|Income tax provision                     |  |                               | 22   |                          |   | 132      |  |      | 60    |      |   | 95    |  |   | 50    | 
|Interest expense                         |  |                               | 195  |                          |   | 1,618    |  |      | 2,046 |      |   | 1,614 |  |   | 1,141 | 
|                                         |  |                               |      |                          |   |          |  |      |       |      |   |       |  |   |       | 
|                                         |  |                               |      |                          |   |          |  |      |       |      |   |       |  |   |       | 
|Total earnings (a)                       |  | $                             | 352  |                          | $ | 2,614    |  | $    | 2,831 |      | $ | 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) |  |                               | 1.81 |                          |   | 1.62     |  |      | 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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