Catching The Tiger Woods Express Along With Multi-Million Endorsement Deal, He Get’s His First Credit Card, Too

Tiger Woods got his first American Express card when he signed a multi-year, multimillion-dollar deal to be a spokesman for the financial services company around the world.

That is the kind of thing that has been happening to the 21-year-old golf phenom who earlier this year became the youngest player to win the sport’s prestigious Masters tournament and won it by a record margin.

The American Express pact announced Monday is the third major endorsement contract for Woods, who only turned professional last summer - the others are sneaker and sports apparel maker Nike Inc. and sports equipment manufacturer Titleist. Sports agents say Woods will have many more such opportunities.

The announcement came only a day after Woods won the Byron Nelson Classic, the first tournament he had entered since winning the Masters.

Terms of the latest deal were not disclosed, but the trade magazine Brandweek said it was for about $30 million for five years.

A person familiar with the American Express agreement but speaking on condition of anonymity said it was for somewhat less than $30 million and about five years.

Woods’ deal with Nike is estimated to be worth $40 million and the Titleist deal is said to be $20 million, each spread over five years. One source close to Woods said the American Express deal is closer in value to the Titleist pact.

Unlike Nike and Titleist, American Express won’t get the right to put its name on Woods’ clothing or his golf bag.

But Kenneth I. Chenault, president and chief operating officer at American Express, said Woods can help broaden the company’s base of customers.

“Tiger Woods is much more than an outstanding athlete,” Chenault said. He said Woods’ achievements reflect discipline, hard work and preparation that are also pillars of American Express’ business.

Woods will appear in behalf of a broad range of American Express products. His first television commercial is expected to air in late summer and will promote the company’s financial advisory service. Chenault said Woods would probably appear later in commercials for its payment cards.

An American Express ad featuring Woods is slated to run Tuesday in major newspapers and magazines.

Woods told reporters in a teleconference that he had talked with unspecified American Express rivals but “felt more comfortable with American Express” than with the others. He said his multi-ethnic background fits with the global orientation of American Express.

He said his management company has developed a plan for how he will be marketed and the American Express proposal “fit right into it.”

He declined to identify the other card providers, but Brandweek said MasterCard had tried to sign WoWoods’ father, Earl, who took part in his son’s telephone conversations with reporters. Earl Woods said Tiger had been using his credit cards until getting an American Express card of his own when he signed the deal.

Tiger Woods said he is looking at other endorsement opportunities but has made no decisions. He is said to be close to a deal with the luxury watch maker Rolex. He signed a $2.2 million book deal with Warner Books last year.

And he is an interest in the Official All-Star Cafe chain of restaurants.

Chenault said despite the signing of Woods, American Express intends to continue using Jerry Seinfeld, the star of the “Seinfeld” comedy series, in ads for its payment cards.