Originally Posted by 84fiero

Amtrak is most definitely getting paid by Chase for points transfers in - as do all the other loyalty program partners (and the same goes for Amex MR and similar transferrable point bank programs). As with co-branded CCs and other arrangements, the selling of miles & points to bank partners is usually very profitable for the corporation - sometimes it can make the loyalty program a profit center even as their main business of flying, etc. loses money. In turn the bank needs to make sure that its costs for points are below what it earns on average from swipe fees and other CC fees. That's the whole point of such partnerships.

The loss of UR transfers was due to either (a) inability of Chase and AGR to come to an agreement to continue selling points at a mutually acceptable price or (b) AGR-BofA contract terms that preclude AGR having such an arrangement with Chase or another bank program after a certain point. Obviously we in the general public will likely never know for certain unless one of the parties discloses it.