I think what happens in deals like this is that Amex buys bulk memberships (in the case of We) and credits (in the case of Dell) at a heavy discount. They are a

I think what happens in deals like this is that Amex buys bulk memberships (in the case of We) and credits (in the case of Dell) at a heavy discount. They are also betting when doing any financial modeling that a significant % of cardholders won't use these benefits at all.