Thanks to lower funding costs, expiration of teaser rates, and subsiding losses, credit card profits have continue to soar this year. Last week, four top issuers reported combined profits of more than $1.1 billion for the third calendar quarter. Despite taking a significant charge for beefing up its loss reserves, MBNA, the king of affinity cards, cranked out a $398 million profit for the July, August and September period. Capital One, the high profile “No Hassle” card issuer watched its profits soared by 57% to $259 million. Bank One, formerly known as First USA, produced a $298 million profit while Discover last month reported a third quarter profit of $210. Not everyone has been a winner this year. Metris, also known as Direct Merchants Bank, lost $1.3 million during the third quarter as it sub-prime customers struggled to pay credit card bills.