TheStreet.com TV Recap: MasterCard's Global Reach

"They are shorting a concept, not a company," Cramer said. "MasterCard is the master at delivering the earnings, so you can't look for a shortfall or expect one."

He believes people were emboldened by American Express' (AXP Quote) "just OK quarter" to short more MasterCard. But people should understand that American Express is very different, Cramer said.

While MasterCard is a pure play on the secular growth of credit cards, American Express is a wealthier play on upscale consumer spending.