For the second time this year,

Bank One

(ONE) - Get Report

blows it. And it could not happen at a worse time, right after a

Fed

rate hike. People are suspicious enough as it is about the banks with short rates going higher; the last thing the financials needed is some bad credit card news.

For me, I am hoping that people sell down

American Express

(AXP) - Get Report

off this news. Often the market can surprise you with its stupidity. It would be like this market to bang down AXP because of credit card problems at Bank One, even though AXP is a processor and does not make money on credit the way Bank One does.

But the rest of the credit card companies,

Capital One

(COF) - Get Report

,

Providian

(PVN)

,

Household International

(HI) - Get Report

and

MBNA

(KRB)

will no doubt get creamed in the a.m. I will wait until they are totally smashed and then look for opportunity, because this is an industry that is loved by Wall Street analysts and you can bet they will reiterate their buy ratings with gusto on Thursday after the dust settles.

As for the banks themselves, they continue to be a tough place to be. There are so many other better places to invest I doubt that I will be looking to pick up any bargains in the ONE-related selloff. Funny, on "TheStreet.com" TV show on

Fox News Channel

we had an analyst from

Mutual Shares

on who pushed this stock. I asked him whether the problems with the quarterly earnings were past after the disappointing first quarter. He thought they were. It worries me about this stock because the analyst is a total homework fanatic.

Glad I passed on it.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long American Express. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.