While on the front page it said No Annual Fee and No Foreign Transaction Fee, it does not mention it at all in the detailed T&C.

I have a Schwab Visa from 2 years ago (still have, but hardly use it), that started with 0 FX Transaction Fee. After FIA (Unit of MBNA) was purchased by BofA, it started charging FX fee since last year.

Unless the 0 FX fee is explicitly spelled out in the T&C, I would be a bit skepticle, though 2% cash back is better than Fidelity's version.