<PAGE>
<PAGE>

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


                                      Year Ended December 31,
                                      -----------------------

                           ------------------------------------------
                                1996    1995    1994    1993    1992
                                ----    ----    ----    ----    ----
   Earnings:
   Income before
     extraordinary charge     $  215  $  197  $  139  $  137  $  138
   Income tax provision          115     105      75      64      70
   Interest expense            1,117   1,054     736     599     728
                              ------  ------  ------  ------  ------
   Total earnings             $1,447  $1,356  $  950  $  800  $  936
                              ======  ======  ======  ======  ======

   Fixed charges -
     interest expense         $1,117  $1,054  $  736  $  599  $  728
                              ======  ======  ======  ======  ======

   Ratio of earnings to
     fixed charges              1.30    1.29    1.29    1.34*   1.29


       Note:   Gross rentals on long-term leases were minimal in
               amount in each of the periods shown.

       *    The ratio of earnings to fixed charges calculated in
            accordance with the Receivables Agreements after the impact
            of the extraordinary charge of $34 million (pretax) was 1.28.



<PAGE>
<PAGE>

                             EXHIBIT 12.2
                       AMERICAN EXPRESS COMPANY
     COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
                              (millions)


                                          Year Ended December 31,
                                          -----------------------

                               -------------------------------------------
                                 1996     1995     1994     1993     1992
                                 ----     ----     ----     ----     ----
   Earnings:

   Pretax income from
     continuing operations    $ 2,664  $ 2,183  $ 1,891  $ 2,326  $   896
   Interest expense             2,160    2,343    1,925    1,776    2,171
   Other adjustments              139       95      103       88      196
                              -------  -------  -------  -------  -------
   Total earnings (a)         $ 4,963  $ 4,621  $ 3,919  $ 4,190  $ 3,263
                              =======  =======  =======  =======  =======

   Fixed charges:
     Interest expense         $ 2,160  $ 2,343  $ 1,925  $ 1,776  $ 2,171
     Other adjustments            130      135      142      130      154
                              -------  -------  -------  -------  -------
   Total fixed charges (b)    $ 2,290  $ 2,478  $ 2,067  $ 1,906  $ 2,325
                              =======  =======  =======  =======  =======

   Ratio of earnings to
   fixed charges (a/b)           2.17     1.86     1.90     2.20     1.40


  Included in interest expense in the above computation is interest
  expense related to the international banking operations of American
  Express and Travel Related Services' Cardmember lending activities,
  which is netted against interest and dividends and Cardmember lending
  net finance charge revenue, respectively, in the Consolidated Statement
  of Income of American Express.

  For purposes of the "earnings" computation, other adjustments
  include adding the amortization of capitalized interest, the net
  loss of affiliates accounted for at equity whose debt is not
  guaranteed by American Express, the minority interest in the
  earnings of majority-owned subsidiaries with fixed charges, and the
  interest component of rental expense and subtracting undistributed
  net income of affiliates accounted for at equity.

  For purposes of the "fixed charges" computation, other adjustments
  include capitalized interest costs and the interest component of
  rental expense.

  On May 31, 1994, American Express completed the spin-off of Lehman
  Brothers through a dividend to American Express common
  shareholders.  Accordingly, Lehman Brothers' results are reported
  as a discontinued operation and are excluded from the above
  computation for all periods presented.  In March 1993, American
  Express reduced its ownership in First Data Corporation to
  approximately 22 percent through a public offering.  As a result,
  beginning in 1993, FDC was reported as an equity investment in the
  above computation.  In the fourth quarter of 1995, American
  Express' ownership was further reduced to approximately 10 percent
  as a result of shares issued by FDC in connection with a merger
  transaction.  Accordingly, as of December 31, 1995, American
  Express' investment in FDC is accounted for as Investments -
  Available for Sale.