EXHIBIT 12.2

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



                                Nine Months
                            Ended September 30,
                                (Unaudited)                Years Ended December 31,
                            -------------------   ------------------------------------------
                               2004     2003       2003     2002     2001     2000     1999
                              ------   ------     ------   ------   ------   ------   ------
                                                                 
Earnings:
Pretax income from
   continuing operations      $3,768   $3,157     $4,247   $3,727   $1,596   $3,908   $3,438
Interest expense               1,206    1,232      1,617    1,846    2,888    2,952    2,178
Other adjustments                109      117        157      174      175      163      151
                              ------   ------     ------   ------   ------   ------   ------
Total earnings (a)            $5,083   $4,506     $6,021   $5,747   $4,659   $7,023   $5,767
                              ======   ======     ======   ======   ======   ======   ======

Fixed charges:
   Interest expense           $1,206   $1,232     $1,617   $1,846   $2,888   $2,952   $2,178
   Other adjustments             107      104        140      151      170      165      152
                              ------   ------     ------   ------   ------   ------   ------
Total fixed charges (b)       $1,313   $1,336     $1,757   $1,997   $3,058   $3,117   $2,330
                              ======   ======     ======   ======   ======   ======   ======

Ratio of earnings
   to fixed charges (a/b)       3.87     3.37       3.43     2.88     1.52     2.25     2.48


Included in interest expense in the above computation is interest expense
related to the international banking operations of American Express Company
(American Express) 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
under the equity method whose debt is not guaranteed by American Express, 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.