EXHIBIT 12

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

<Table>
<Caption>
                               Three Months                          Years Ended December 31,
                              Ended March 31,  --------------------------------------------------------------
                                   2005           2004         2003         2002         2001         2000
                              --------------   ----------   ----------   ----------   ----------   ----------
                                                                                 
Earnings:
    Pretax income from
     continuing operations    $        1,375   $    4,951   $    4,247   $    3,727   $    1,596   $    3,908
    Interest expense                     468        1,659        1,606        1,832        2,856        2,922
    Other adjustments                     37          154          157          174          175          163
                              --------------   ----------   ----------   ----------   ----------   ----------
Total earnings (a)            $        1,880   $    6,764   $    6,010   $    5,733   $    4,627   $    6,993
                              --------------   ----------   ----------   ----------   ----------   ----------


Fixed Charges:
    Interest expense          $          468   $    1,659   $    1,606   $    1,832   $    2,856   $    2,922
    Other adjustments                     37          145          140          151          170          165
                              --------------   ----------   ----------   ----------   ----------   ----------
Total fixed charges (b)       $          505   $    1,804   $    1,746   $    1,983   $    3,026   $    3,087
                              --------------   ----------   ----------   ----------   ----------   ----------


Ratio of earnings to
    fixed charges (a/b)                 3.72         3.75         3.44         2.89         1.53         2.27
</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 net investment income 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 under the equity method 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 under the equity method.

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