Actually, this doesn't really surprise me. In order to get the Optima, you typically had to pay back whatever you defaulted on with Amex in the past (often uncollectible due to BK..), and then you get the Optima card which (I believe) has 0 in rewards/earnings. So yeah, them getting paid back something they never were going to get back plus keeping all the interchange on 100k in spend and paying out nothing in rewards.. seems like a great deal for Amex.