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NEW CREDIT CARD FOR GOLFERS

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The American Expressâ Golf Card, the only no-fee credit card that gives consumers access to exclusive golf privileges and golf rewards, was launched today by American Express.

Cardmembers earn one point for every eligible dollar spent on the new revolving credit card which can be redeemed for Callawayâ Golf equipment, David Leadbetter Golf Academy instruction, Bobby Jones apparel, American GolfÔ and Marriott greens fees, as well as for Hilton and Marriott Golf Resort Stay and Play packages.

In addition, Cardmembers will enjoy Advance Tee Time Reservations of up to 60 days with no reservation fee at courses managed by American GolfTM . Advance tee times are also available at Marriott Golf Resorts, Hilton Golf Resorts, Golf Hyatt Resorts and Prince Resorts Hawaii, even when Cardmembers are not overnight guests. In total, Cardmembers will have special privileges at more than 160 courses nationwide.

The new credit card is issued by American Express Centurion Bank and is accepted everywhere American Express Cards are welcome. It offers a introductory interest rate of 7.9% for the first six months of membership. Thereafter, the interest rate for purchases is prime plus 9.9% which would result today in an APR of 18.15%.

Consumers can apply for the American Express Golf Card by calling 800-AXP-GOLF.

Unlike many other credit card rewards programs, points earned on the no-fee American Express Golf Card never expire and there is no limit on how many points you can earn. As an extra benefit, Cardmembers will have access to all-inclusive golf trips at premier US and international golf destinations and will receive 2,500 bonus points when purchasing travel packages with the Card through American Express Travel or any participating travel agency.

American Express is proud to team up with this who’s who of the golf world to provide our customers with the best combination of rewards and advance tee-time access available to golfers today, said Brian Kleinberg, General Manager of American Express Consumer Card Services Group. And the rewards of this new credit card are enhanced by the outstanding benefits and services that have become the hallmark of American Express such as 24-hour customer service, Car Rental Loss & Damage Insurance, the Global Assistâ Hotline, the Buyers Assurance Plan and the Purchase Protection Plan.

We are very proud that American Express chose to associate its great name with ours for this unique offering to golfers, said Donald Dye, President and Chief Executive Officer of Callaway Golf.

Point accumulation will be recorded each month on Cardmember billing statements. Cardmembers can start redeeming rewards with as few as 3,000 points; redemption for rewards begins on November 1, 1996.

American Express Company is a diversified worldwide travel and financial services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking.

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