Card Unit Economics Guide
A practitioner's breakdown of how a card program actually makes money: interchange, scheme fees, acquirer margins, rewards costs, and the breakeven model.
What's inside
- Revenue and cost drivers for issuer, acquirer, and network
- How interchange and FX fees flow through the four-party model
- Reward/cashback economics and CAC payback dynamics
- Line-by-line P&L framework with illustrative figures
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Who it's for
Practitioners who need the structure behind card and stablecoin payments in one place: product and strategy teams scoping a card program, analysts sizing the economics, and anyone briefing a team without rebuilding the research from scratch. It expands on the free analysis published on this site, so read the blog first if you want to sample the approach before buying.
Our analysis draws on public fee schedules, filings, and scheme documentation. Card programs change terms frequently — verify current numbers with the provider before acting on them.
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