<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
    <periodOfReport>2003-09-30</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000004962</issuerCik>
        <issuerName>AMERICAN EXPRESS CO</issuerName>
        <issuerTradingSymbol>AXP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001172460</rptOwnerCik>
            <rptOwnerName>JORDAN VERNON E JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ASBURY AUTOMOTIVE GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>3 LANDMARK SQUARE STE 500</rptOwnerStreet2>
            <rptOwnerCity>STAMFORD</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06901</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>
  <nonDerivativeTable>
  </nonDerivativeTable>
  <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
          <value>Share Equivalent Units</value>
      </securityTitle>
      <conversionOrExercisePrice>
              <footnoteId id="F1" />
      </conversionOrExercisePrice>
      <transactionDate>
          <value>2003-09-30</value>
      </transactionDate>
      <deemedExecutionDate>
          <value>2003-09-30</value>
      </deemedExecutionDate>
      <transactionCoding>
          <transactionFormType>4</transactionFormType>
          <transactionCode>A</transactionCode>
          <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
          <transactionShares>
              <value>177.540</value>
          </transactionShares>
          <transactionPricePerShare>
              <value>45.06</value>
          </transactionPricePerShare>
          <transactionAcquiredDisposedCode>
              <value>A</value>
          </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
              <footnoteId id="F2" />
      </exerciseDate>
      <expirationDate>
              <footnoteId id="F2" />
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Shares</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>177.540</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>46184.612</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
              <footnoteId id="F3" />
              <footnoteId id="F4" />
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
  </derivativeTable>
<footnotes>
   <footnote id="F1">The share equivalent units convert into common stock on a one-for-one basis.</footnote>
   <footnote id="F2">The share equivalent units are convertible immediately and have no expiration date.</footnote>
   <footnote id="F3">The reported share equivalent units were acquired pursuant to the Directors' Deferred Compensation Plan and will be settled in ca
sh following termination of service as a Director.</footnote>
   <footnote id="F4">Includes share equivalent units acquired pursuant to a dividend reinvestment feature of the Directors' Deferred Compensation Plan
 and/or the 2003 Share Equivalent Unit Plan for Directors.</footnote>
</footnotes>
    <ownerSignature>
       <signatureName>Vernon E. Jordan, Jr.</signatureName>
       <signatureDate>2003-10-02</signatureDate>
    </ownerSignature>
</ownershipDocument>

