EXHIBIT 12.1

MASTERCARD INCORPORATED

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Years Ended December 31,
	2017		2016		2015		2014		2013
	(in millions, except ratios)
Pre-tax income before adjustment for non-controlling interests	$	6,516	$	5,640	$	4,952	$	5,082	$	4,502
Loss attributable to non-controlling interests and equity investments		17		20		89		27		37
Add: Fixed charges		157		97		63		50		20
Earnings	$	6,690	$	5,757	$	5,104	$	5,159	$	4,559
Fixed charges:
Interest expense	$	154	$	95	$	61	$	48	$	14
Portion of rental expense under operating leases deemed to be the equivalent of interest1		3		2		2		2		6
Total fixed charges	$	157	$	97	$	63	$	50	$	20
Ratio of earnings to fixed charges		42.6		59.4		81.0		103.2		228.0

1 Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor.