Ngaire, et al.: I also have recent info on Capital One. We returned from 2 weeks in Europe on May 15, and I can tell you that Capital One does not just increase the exchange rate they use. We used Gail's Capital One Visa card almost exclusively in Europe. On a couple of occasions I used my Delta Plat. AMX card to buy gas because I thought we'd get double miles as in the U.S. You don't! The official exchange rate was about $1.35 per Euro. Capital One charges came in about $.01 more, while AMX charges came in about $.03 more than the official rate. (Only thing I bought in Europe other than food and lodging was a post card!)

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Eugene

P.S. We're like Ngaire in that we need to get miles for $ because (unlike Ngaire) we don't travel that much. Specifically, we want credit cards that enable us to purchase or upgrade for Business Class. Capital One's program doesn't. What I've never understood, is why they don't figure out that if they had a program that did so, they might sign up a lot more people with their endless mailings. When I've asked Gail about this--she just retired as an Business-IT Specialist/Lawyer from Capital One--she wasn't sure but assumed that their analyses must show it is not advantageous for them.