Does it preserve the underlying benefits of the card (cashback, points, etc.)?
They make their money from the same fee merchants pay to any other card issuer.
https://support.privacy.com/hc/en-us/articles/360012046114-H...
> Card issuers can afford to pay cash back because merchants pay an interchange fee on each transaction.
https://www.creditcards.com/credit-card-news/cash-rebate-cre...