Originally Posted by chelmkamp

It's effectively 2% cashback if you redeem on travel: 2 points per dollar on all purchases (travel or not), which you can apply at a 1:100 redemption value on any travel related purchase.

The similar but no annual fee VentureOne also has no forex fees, you get 1.25% effective cashback. This is a better value if you plan to spend less than $7900 per year on the card (see my post here for the math).

I now use a combination of VentureOne and Penfed Amex for all my CC purchases in non-US currency, to avoid forex fees. Redeeming the VentureOne points couldn't be easier.

--Chris