Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LINEN JONATHAN S
  2. Issuer Name and Ticker or Trading Symbol
AMERICAN EXPRESS CO [AXP]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Member, Global Leadership Team
(Last)
(First)
(Middle)
AMERICAN EXPRESS TOWER, 3 WORLD FINANCIAL CENTER
3. Date of Earliest Transaction (Month/Day/Year)
12/20/2004
(Street)

NEW YORK, NY 10285-5003
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 12/20/2004 12/20/2004 M   150,000 A $ 22.146 819,600 D  
Common Shares 12/20/2004 12/20/2004 M   138,000 A $ 29.302 957,600 D  
Common Shares 12/20/2004 12/20/2004 F(1)   90,694 D $ 56.065 866,906 D  
Common Shares 12/20/2004 12/20/2004 F(1)   94,949 D $ 56.065 771,957 D  
Common Shares               45,778 (2) I By ISP Trust
Common Shares               34,500 I By spouse

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 22.146 12/20/2004 12/20/2004 M     150,000 02/24/1998(3) 02/23/2007 Common Shares 150,000 $ 0 0 D  
Employee Stock Option (right to buy) $ 29.302 12/20/2004 12/20/2004 M     138,000 02/23/1999(3) 02/22/2008 Common Shares 138,000 $ 0 0 D  
Employee stock option (right to buy) $ 56.065 12/20/2004 12/20/2004 A(4)   94,949   06/20/2005 02/22/2008 Common Shares 94,949 $ 0 94,949 D  
Employee stock option (right to buy) $ 56.065 12/20/2004 12/20/2004 A(4)   90,694   06/20/2005 02/23/2007 Common Shares 90,694 $ 0 90,694 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LINEN JONATHAN S
AMERICAN EXPRESS TOWER
3 WORLD FINANCIAL CENTER
NEW YORK, NY 10285-5003
      Member, Global Leadership Team  

Signatures

 Jonathan S. Linen   12/22/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reported disposition represents the surrender of shares to cover the cost of exercise and tax obligations arising from the ex ercise of employee stock options.
(2) Shares held in reporting person's account under the Company's Incentive Savings Plan as of December 20, 2004. This plan uses unit accounting, and the number of shares that a participant is deemed to hold varies with the unit price of the Company pooled stock fund.
(3) These options vested in three equal annual installments beginning on the date shown as "Date Exercisable."
(4) Employee stock options granted pursuant to a reload feature of the 1998 Incentive Compensation Plan.

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