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You get the gift card and never (fully) cash it out, so it costs them less than $50. You get the card and use it a lot, let's say $20k/year. Amazon makes perhaps 1% of those transactions, $200/year in perpetuity. You get the card but forget about it, and the issuer collects the $100-200 annual fee in perpetuity. (To their credit the Amazon co ...

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