Payments processor First Data Corp. (FDC - Get Report) could become as big a financial-services player as Visa (V - Get Report) or MasterCard (MC - Get Report) and "offers the best value of any stock that we own right now," Jim Cramer says.

"The only real financial we are crazy about at these levels -- and we are -- is First Data," Cramer said in a private conference call with members of his Action Alerts PLUS club for investors. "I do think that this could end up being the next Visa or MasterCard once people see through the huge debt load that is rapidly being shed."

First Data has trailed the S&P 500 since going public on Oct. 15, apparently weighed down by big debts. FDC had some $20.7 billion of long-term debt as of 2014's end, but whittled that down to $17.9 billion as of June 30.

"When the debt is paid down, we will look back and think, 'Maybe it's a Square (SQ - Get Report) . Maybe it's a MasterCard. Maybe it's all put together," said Cramer, whose charitable trust owns the stock.

Cramer added that former British Prime Minister David Cameron recently joined First Data's international advisory board -- a good sign.

"If it was really a company that was not doing well, Cameron wouldn't join it -- [and] if it was a company that wasn't international, they wouldn't pick him," the stockpicker said.

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