<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>ex12.txt
<DESCRIPTION>EXHIBIT 12
<TEXT>
<PAGE>

                                                                      EXHIBIT 12

                            AMERICAN EXPRESS COMPANY

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

<TABLE>
<CAPTION>
                                                       Years Ended December 31,
                                              ------------------------------------------
                                               2003     2002     2001     2000     1999
                                              ------   ------   ------   ------   ------
<S>                                           <C>      <C>      <C>      <C>      <C>
Earnings:
   Pretax income from continuing operations   $4,247   $3,727   $1,596   $3,908   $3,438
   Interest expense                            1,617    1,846    2,888    2,952    2,178
   Other adjustments                             157      174      175      163      151
                                              ------   ------   ------   ------   ------
Total earnings (a)                            $6,021   $5,747   $4,659   $7,023   $5,767
                                              ------   ------   ------   ------   ------

Fixed charges:
  Interest expense                            $1,617   $1,846   $2,888   $2,952   $2,178
  Other adjustments                              140      151      170      165      152
                                              ------   ------   ------   ------   ------
Total fixed charges (b)                       $1,757   $1,997   $3,058   $3,117   $2,330
                                              ------   ------   ------   ------   ------
Ratio of earnings to fixed charges (a/b)        3.43     2.88     1.52     2.25     2.48
</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.


</TEXT>
</DOCUMENT>
