I agree on this point, but also, any purchase in foreign currency earns 3 MR points per SEK, so a $100 purchase = $102 (w/2% FC fee), and converts into 947 SEK or 2,784 MR points. However, when this is transferred at a 10:1 ratio (lets say to Delta for example), it results in 278 airline points. So a $100 purchase --> 278 MR points. Technically this is "better" than on a US based AMEX (bc on that it would just be 100 MR points earned). Am I doing this math correctly?

I think this is a good earn rate but the signup bonus, which is currently 100k MR on the Gold, is really 10k airline miles. So the earn rate is good but the sign up bonus sucks. What do you guys think?