Just back from a trip to London (loved staying at the Park Lane Marriott - nice property) and am amazed at the difference in the rates used by Chase and AmEx for GBP charges. AmEx is a respectable $1.4 0-$1.42 over the course of the week. Chase on the other hand was $1.47 - $1.50 for the same time period. So even though there is no foreign transaction fee on either card, the exchange rate is obviously MUCH better through AmEx. What makes it sting more is that I was charged a rate of $1.50 at Chase for a purchase and then the refund for that deposit used a rate of ($1.40 absolutely the only time that low rate was used by Chase) so I paid $31.56 for the transaction which may not be a foreign transaction fee in the general sense but it sure feels like one to me. Guess I will stick with AmEx for travel from now on.