American Express Credit 10-Q 2014 Q3 Quarterly report

EXHIBIT 12.1

AMERICAN EXPRESS CREDIT CORPORATION

COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

		Nine Months Ended September 30, 2014			Years Ended December 31,
					2013			2012			2011			2010			2009
Earnings:
Net income	$	264		$	446		$	339		$	397		$	348		$	362
Income tax (benefit) provision		(15	)		(96	)		(51	)		(48	)		(24	)		8
Interest expense including interest expense to affiliates		395			597			749			707			598			629
Total earnings	$	644		$	947		$	1,037		$	1,056		$	922		$	999
Fixed charges — Interest expense including interest expense to affiliates	$	395		$	597		$	749		$	707		$	598		$	629
Ratio of earnings to fixed charges		1.63			1.59			1.38			1.49			1.54			1.59

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.