Points won the Pebble Beach National Pro-Am in 2011 for his only PGA Tour victory and he has missed the cut in seven of his nine tournaments this season.
His game came to life Thursday when he made nine birdies to begin the final tournament prior to the Masters -- golf's first major championship of the year. The 64 was Points' lowest score on the tour this year by three shots.
Cameron Tringale and John Rollins shared second place after they turned in 65s at the Redstone Golf Club's Tournament Course. Jason Kokrak and former Masters winner Angel Cabrera were tied for fourth at 66.
Defending champion Phil Mickelson was 4-under with five holes to play, but then suffered two bogeys and a double bogey. He wound up with an even-par 72, leaving him in a tie for 64th place.
Woods won for the third time this year when he captured the Arnold Palmer Invitational last week. He continued a streak in which all 13 events on the PGA Tour this year have been won by a player from the United States.