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                                                                     EXHIBIT 12

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


<Table>
<Caption>
                                     Six Months                         Years Ended December 31,
                                   Ended June 30,  --------------------------------------------------------------------
                                       2001
                                    (Unaudited)       2000           1999          1998           1997           1996
                                     ---------        ----           ----          ----           ----           ----
                                                                                            
Earnings:
    Pretax income from
     continuing operations          $    894       $  3,908      $   3,438      $   2,925      $   2,750      $   2,664
    Interest expense                   1,577          2,952          2,178          2,224          2,122          2,160
    Other adjustments                     86            163            151            124            127            139
                                      ------         ------         ------         ------         ------         ------
Total earnings (a)                  $  2,557       $  7,023      $   5,767      $   5,273      $   4,999      $   4,963
                                      ------         ------         ------         ------         ------         ------

Fixed charges:
    Interest expense                $  1,577       $  2,952      $   2,178      $   2,224      $   2,122      $   2,160
    Other adjustments                     84            165            152            129            129            130
                                      ------         ------         ------         ------         ------         ------
Total fixed charges (b)             $  1,661       $  3,117      $   2,330      $   2,353      $   2,251      $   2,290
                                      ------         ------         ------         ------         ------         ------
Ratio of earnings to
    fixed charges (a/b)                 1.54           2.25           2.48           2.24           2.22           2.17
</Table>


Included in interest expense in the above computation is interest expense
related to the international banking operations of American Express Company
(the company) and Travel Related Services' Cardmember lending activities,
which is netted against interest and dividends and Cardmember lending net
finance charge revenue, respectively, in the Consolidated Statements of
Income.

For purposes of the "earnings" computation, other adjustments include adding
the amortization of capitalized interest, the net loss of affiliates accounted
for at equity whose debt is not guaranteed by the company, the minority
interest in the earnings of majority-owned subsidiaries with fixed charges,
and the interest component of rental expense and subtracting undistributed net
income of affiliates accounted for at equity.

For purposes of the "fixed charges" computation, other adjustments include
capitalized interest costs and the interest component of rental expense.