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MasterCard (MA) Stock Tumbles as USAA Switches Portfolio to Visa

NEW YORK (TheStreet) -- MasterCard (MA - Get Report) stock is declining by 2.27% to $97.52 in pre-market trading on Monday, after the USAA announced that it is moving its portfolio to Visa (V) from MasterCard following a roughly 30-year long relationship with the company.

The USAA, one of the biggest credit and debit card issuers, had $17.53 billion in outstanding loans as of June 30, the Wall Street Journal reports. It was MasterCard's biggest debit-card issuer, with $26 billion in purchases completed on its cards during 2014.

The switch will not affect the payment network's forecast for revenue and profits, according to the Journal. The company is scheduled to report third quarter 2015 earnings on Thursday.

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"While we don't like losing anything, this is part of our business and we factor this into how we work," MasterCard said, according to the Journal. The company noted that as it pursued the business it "reached a point where...