All credit card business models seem to be a variation of: 1) payment for volume (I.e. sharing some of the transaction fees generated with customers in the for

All credit card business models seem to be a variation of: 1) payment for volume (I.e. sharing some of the transaction fees generated with customers in the form of points/miles/etc), and/or 2)credit underwriting (I.e. extending credit to profitably (in-excess of the sun of their default risk and your funding costs))