Well Amex has the right to have higher fees and commercial VISA/Mastercard can charge up to 2%. Also they can earn trough overdraft and incidents or subsciprion fees. But i think that at the end there is no willingness for such products anymore. In France we had a period where many financial institution where issuing cobranded cards but this has come to an end with the major FR banks taking control of competitors in the CC cobranded market. Only exception in FR has been Advanzia introducing M&M card few years ago and the All Visa powered by BNP. German Market seems more active with DeutscheBank and Advanzia fighting to get a slize of the CC cobranded market ( Advanzia wiith Hilton and Turkish, DeutschBank with Lufthansa). Overall (and most than echange fees) the major problem in Europe is scale ..too many countries and no player that wants to handle it as truly unique financial market (see Advanzia which has different cards per country, rather than 1 card with T&C translated in all languages where they operate). Complicated !!