During the very early months of the pandemic in 2020, Warren Buffett's company Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) sold off a solid chunk of its bank holdings, which included credit card companies. Buffett said Berkshire was concerned about its exposure to the sector, given the uncertainty at the time.

However, Berkshire didn't sell a penny of the large credit card and payments company American Express (NYSE: AXP), which has long been a Buffett favorite and currently makes up nearly 7% of Berkshire's portfolio. Here are three reasons American Express is Buffett's favorite credit card stock.

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Source Fool.com