This is great news for competition, but how does the embedded 1% fee that most issuers charge even without an explicit FTF come into play in your analysis.
On the V/MC side, is Capital One still offering the cleanest exchange rate?
A lot of my no AF cards have no explicit FTF from BofA, Barclays US, etc which is a relatively new concept outside of Capital One., but that hidden fee ruins the experience. I won't bother carrying my Chase cards overseas unless I am using a specific category (like Marriott hotels). Big ups for Savor which as a legacy member became one of the best travel cards. Whether I go to restaurants or Carrefour or Tesco, I am getting a good rebate on that card.