American Express Credit 10-Q 2015 Q1 Quarterly report

EXHIBIT 12.1

AMERICAN EXPRESS CREDIT CORPORATION

COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months  Ended March 31, 2015		Years Ended December 31,
(Dollars in millions)			2014			2013			2012			2011			2010
Earnings:
Net income	$	68	$	353		$	446		$	339		$	397		$          348
Income tax provision (benefit)		2		(35	)		(96	)		(51	)		(48	)	(24)
Interest expense including interest expense to affiliates		102		502			597			749			707		598
Total earnings	$	172	$	820		$	947		$	1,037		$	1,056		$          922
Fixed charges — Interest expense including interest expense to affiliates	$	102	$	502		$	597		$	749		$	707		$          598
Ratio of earnings to fixed charges		1.69		1.63			1.59			1.38			1.49		1.54

Interest expense does not include interest on liabilities recorded under GAAP governing accounting for uncertainty in income taxes as Credco’s policy is to classify such interest in income tax provision in the Consolidated Statements of Income and Retained Earnings.