I think it's a lot of these things. The other thing not mentioned is "Status". When you hand over that metal card you feel special, sometimes the person receiving the card comments on its weight or its thickness. If not consciously, at least subconsciously this is a card that rewards your pleasure centers when you use it. There's no doubt I use it more than any of my other cards. My guess is they're crushing it on fees and giving ~40% of those earned fees back to the cardholder as benefits.