TheStreet.com TV Recap: MasterCard's Global Reach

People keep getting MasterCard (MA Quote) wrong, Jim Cramer said on TheStreet.com TV's Wall Street Confidential Web video Wednesday. They've been using it as a proxy for American consumer spending, but that is a small part of its story.

"The story here is that people worldwide are adopting credit cards," he said. "The credit card is being invented all over, whether it be Southeast Asia, Latin America or Eastern Europe, and MasterCard is the play."

This adoption of plastic over paper is really driving the stock, and more than half of the company's business is from overseas, Cramer explained. U.S. consumer spending is a secondary factor. ...