- Citigroup CEO Michael Corbat expands on the pros of his company's deal with Costco.
- In a wide-ranging interview with Jim Cramer, Corbat tells the "Mad Money" host he sees promise in the retail partnership.
"If I came in and said, 'Jim, let me tell you about a deal that we're gonna do. And that deal is going to be with a terrific partner, one of the best retailers in the world. And in that deal we're going to bring in $10, $11 billion of receivables. We're gonna bring in new cardholders. And those cardholders, in a single year, are going to spend $100 billion on that card,' think about it," Corbat said.
The 16-year-long deal between American Express and Costco expired in March 2016. Since then, the discount retail chain has partnered with Citi for its credit cards and Visa for its rewards program.
"Costco's a great partner," Corbat said. "It's a great company. And the receptivity of our cardholders and the usage of the cardholders has been great."
Disclosure: Cramer's charitable trust owns shares of Citigroup.