Fidelity has announced a substantially similar offer...
http://www.marketwatch.com/news/stor...00F7828103B%7D
The press release is primarily about a new product Fidelity Retirement Rewards Card, but read all the way to the end:
With enhancements scheduled for early 2009, the new Fidelity Investment Rewards American Express Card and the Fidelity Investments 529 College Rewards American Express Card will be offering a new 2 percent earn rate on retail purchases
I did not see mention of a 0% foreign transaction fee. If it is 0%, then the Fidelity card is a good deal. If not, then it's of little use for overseas transactions as the exchange fee will eat up the refund, and Amex has much less acceptance outside the US.
I think the 1.5% Fidelity card used to have no foreign exchange fees but they added one after a while. Anyone remember?