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

|                                         |  |                              |       |                          |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|---------------------------------------- |  | ---------------------------- | ----- | ------------------------ | - | ---- |  | ---- | ----- | ---- | - | ----- |  | ---- | ----- |  | - | ----- |  | - | ----- | 
|                                         |  | Six Months Ended 
  June 30, |       | Years Ended December 31, |  
|                                         |  |                              |       |                          |  
|                                         |  | 2006                         |       | 2005                     |   | 2005 |  | 2004 |       | 2003 |   | 2002  |  | 2001 |      
|                                         |  |                              |       |                         
|Earnings:                                |  |                              |       |                          |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Net income                               |  | $                            | 293   |                          | $ | 199  |  | $    | 415   |      | $ | 234   |  | $    | 260   |  | $ | 228   |  | $ | 277   | 
|Income tax provision                     |  |                              | 50    |                          |   | 44   |  |      | 50    |      |   | 75    |  |      | 135   |  |   | 118   |  |   | 140   | 
|Interest expense                         |  |                              | 749   |                          |   | 533  |  |      | 1,141 |      |   | 863   |  |      | 852   |  |   | 916   |  |   | 1,458 | 
|                                         |  |                              |       |                          |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                         |  |                              |       |                          |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Total earnings (a)                       |  | $                            | 1,092 |                          | $ | 776  |  | $    | 1,606 |      | $ | 1,172 |  | $    | 1,247 |  | $ | 1,262 |  | $ | 1,875 | 
|                                         |  |                              |       |                          |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                         |  |                              |       |                          |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Fixed charges -interest expense (b)      |  | $                            | 749   |                          | $ | 533  |  | $    | 1,141 |      | $ | 863   |  | $    | 852   |  | $ | 916   |  | $ | 1,458 | 
|                                         |  |                              |       |                          |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|                                         |  |                              |       |                          |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       | 
|Ratio of earnings to fixed charges (a/b) |  |                              | 1.46  |                          |   | 1.46 |  |      | 1.41  |      |   | 1.36  |  |      | 1.46  |  |   | 1.38  |  |   | 1.29  | 

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