Hmmm. I agree with the OP: the foreign exchange fee is outrageous. We use a Charles Schwab Visa now for off shore trips. I also have three Amex cards which all charge foreign exchange fees. The Schwab Visa, which is a Capitol One card also, pays a 2% cash bonus back.
But what I hate the most about B OF A is their cheesy, duplicitous payment page where you can't figure out what the monthly total for the bill is without looking at the hard copy mailed to our home via the USPS. It is meant to deceive and reward them with more interest charged to your account.
The companion cert was great at $50 and OK now @ $99.
I have a Starwood Amex which has been very good for getting some very nice in city hotels for cheap but they also have a foreign transaction fee baked into their system, it is just hidden there in the total and is at least 2%,,,