No foreign transaction fees is a modest plus in my view, I got so irritated by these charges when travelling overseas that I opened a Capital One card just for overseas trips. Of course, wouldn't put it past them to just bake in the foreign transaction fee into the exchange rate.
The embedded chip will also be a modest plus as anyone who has tried to purchase train tickets at ticket machines in Europe will surely agree.
Not sure it will outweigh the large annual fee, but it's encouraging that they thought of the above two items in addition to the EQM and AC incentives.