There have been many, many posts on FT and elsewhere about the exchange rate applied on no FX fee cards. Consensus appears to be that it is about as good as anyone could expect being basically the bank interchange rate. (Of course since the gov is investigating the bank rate setting for collusion etc. there may be other issues there). Rate is apparently set by Visa and MC, not by the banks themselves.

My own experience backs this up. IMHO I am getting a very good rate via Chase.

I haven't given up on AX SPG--just don't use it overseas.