Your argument is a good one, except that to make it fit lets remove the ski mask and the crowbar and the house alarm.
Is it then a crime carry a bag of jewelry at night?
But is it probable cause to do so when there is a warrant out and you are wanted for jewelry theft?
I should think so.
If the suspect had card readers, or other paraphernalia present that would facilitate the reading/access/spoofing the of the cards, your analogy would be spot on and I would further argue that it was enough to constitute probable cause.
But mere possession alone. Just that. Just possession of the cards, is not enough.
It's definitely not enough to be considered a crime.
But definitely enough for reasonable suspicion. Reasonable enough to ask for an at least possible legit reason. Even if they made up a threadbare story about prizes for an orphanage fund raiser raffle on the spot, that may have been something worthy of discussing if the LEO still had probable cause, but here nothing was presented to dispel a reasonable suspicion.