Costco Is Working Through Its American Express-Visa Transition, Says Jim Cramer
Jim Cramer says Costco is working through its transition to Visa cards from American Express cards.
TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer said Costco (COST) - Get Report is working through its transition to Visa (V) - Get Report cards from American Express (AXP) - Get Report cards. "American Express had a credit card with Costco, it was very important for both companies," Cramer said. "American Express let the contract go and Visa got the contract backed up by Citigroup (C) - Get Report - it was a real mess when they did the handoff and it really hurt Costco." Cramer likes Costco and said the company admitted in its earnings call that Amazon (AMZN) - Get Report Prime was hurting them.
