|by Mr Credit Card|
Credit Card companies use various advertising means to get consumers to sign up for their cards. However, very few use celebrities to endorse their cards. Perhaps the one exception is American Express. In fact, the most recently, American Express had Tiger Woods as theircelebrity endorser.
Anyone who uses celebrities for endorsements take some risk that the endorser might generate negative headlines. However, Tiger Woods has by far been a great endorser for American Express. He represents success and hard work, traits that Amex hopes will resonate with their cardholders or future cardholders.
In Europe, figures like Jose Mourihno, ex-Chelsea’s coach also endorsed for American Express. Jose Mourinho is one of the most successful soccer (football in the rest of the world!) coaches in Europe and lead Chelsea to two back to back Premier League championships. Once again, he represents another successful celebrity that American Express has used.
If you notice all the Amex ads on TV with these celebrities, the card that is always associated with them is the Green Charge Card. None of these celebrities are seen endorsing the Blue Credit Card or any other card for that matter. The charge cards come with an annual fee and given that most credit cards come with no annual fee, American Express is using celebrities to endorse their more prestigious cards.
Celebrities Issuing Their Own Cards
Aside from endorsing cards, celebrities have also issued their own cards. The best example of this is Russell Simmons Baby Phat Debit Cards. Russell Simons set up his own finance company called UniRush Financial Service (note : you do not need to have a bank to actually issue a credit card – back office administration functions can be outsourced to banks). Rhat Farm and Baby Phat Fashions are fashion companies he started.
Despite the fact that it is not a mainstream “Western Union” card or a typical debit card, Russell Simmon’s card is actually pretty good and cost effective. I just wonder how popular is it? I’m pretty sure they have fans.
Some companies make use of past celebrities to issue cards. Two classic examples are the Elvis Presley Prepaid Mastercard and the Johnny Cash Prepaid Mastercard (both have been discontinued). I just how many diehard fans have actually gotten this card?
Will you get a credit card that is endorsed by a celebrity?
I’ll be interested to know if you have ever gotten a credit card or debit card because of celebrity endorsements? Part of the reason I got the Amex Gold Card years ago was I guess because of brand awareness. Did all the celebrity endorsements and slick TV ads influence me? Maybe so.
But what about fans of Russell Simmons? If you have got his card, I would like to hear you comments.