Cramer: Be Careful How Negative You Are On Citi

NEW YORK (TheStreet) - Jim Cramer applauds Citigroup for their increase in transactions, what he is calling the "American Express-ization" of the company.

This morning, Citigroup(C) , was the third big bank to report better-than-expected earnings in the most recent quarter. For a full run-down of the results, see my colleague Antoine Gara's story here.

Key for Cramer was that Citi's quarter provided a blue print of where the company is going. He explains, "the blue print is one of having less credit risk, of avoiding markets that are difficult to fathom (i.e. Citi has little European exposure)... and really being involved in countries in Latin America and Asia that are clearly growth countries."

Cramer recommends people who think China, India, Brazil, Mexico, Singapore and Korea have the potential to experience a resurgence in growth keep their eye on Citi. It's becoming more of an international transaction company and less of a bank.