EXHIBIT 12.1

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

	Six Months
	Ended			Years Ended December 31,
	June 30, 2011			2010			2009		2008		2007
Earnings:
Net income	$	176		$	348		$	362	$	864	$	725
Income tax (benefit) provision		(3	)		(24	)		8		132		60
Interest expense		336			598			629		1,618		2,046
Total earnings (a)	$	509		$	922		$	999	$	2,614	$	2,831
Fixed charges — Interest expense (b)	$	336		$	598		$	629	$	1,618	$	2,046
Ratio of earnings to fixed charges (a/b)		1.51			1.54			1.59		1.62		1.38

Interest expense does not include interest on liabilities recorded in accordance with GAAP governing unrecognized tax benefits. Credco’s policy is to classify such interest in income tax provision in the Consolidated Statements of Income and Retained Earnings.