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

|                                         |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 
|---------------------------------------- |  | ------------------------ | ----- | ---- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | ----- | 
|                                         |  | Years Ended December 31, |      
|                                         |  |                          |       |      |   |       |  |      |       |      |  
|                                         |  | 2008                     |       | 2007 |   | 2006  |  | 2005 |       | 2004 |  
|                                         |  |                          |       |      |   |       |  |      |       |      |  
|Earnings:                                |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 
|Net income                               |  | $                        | 745   |      | $ | 720   |  | $    | 622   |      | $ | 415   |  | $ | 234   | 
|Income tax
 provision                    |  |                          | 68    |      |   | 57    |  |      | 95    |      |   | 50    |  |   | 75    | 
|Interest expense                         |  |                          | 1,618 |      |   | 2,046 |  |      | 1,614 |      |   | 1,141 |  |   | 863   | 
|                                         |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 
|Total earnings (a)                       |  | $                        | 2,431 |      | $ | 2,823 |  | $    | 2,331 |      | $ | 1,606 |  | $ | 1,172 | 
|                                         |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 
|                                         |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 
|                                         |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 
|Fixed charges - interest expense (b)     |  | $                        | 1,618 |      | $ | 2,046 |  | $    | 1,614 |      | $ | 1,141 |  | $ | 863   | 
|                                         |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 
|                                         |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 
|Ratio of earnings to fixed charges (a/b) |  |                          | 1.50  |      |   | 1.38  |  |      | 1.44  |      |   | 1.41  |  |   | 1.36  | 
|                                         |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |       | 

Interest expense does not
include interest on liabilities recorded under Financial Accounting Standards
Board (FASB) 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 the income tax provision in the Consolidated
Statements of Income.

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