TheStreet’s Action Alerts PLUS Portfolio Manager Jim Cramer said Costco is working through its transition to Visa cards from American Express 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 – 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 Prime was hurting them.
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