We get lots of questions on the forum from those who believe they have been awarded significantly fewer points than they were expecting when their foreign currency spend is converted into USD and asking how it is calculated.

The T&Cs say the currency conversion has to be equivalent ie "equal in amount or value". Given the fluctuations in exchange rates and norms of currency conversion, it would be reasonable to expect there will be some variance. A spread of 2 or 3% on the current mid-market rate would be par. I guess it's a question of whether unpublished 'options' which allow the hotels to skew the rate by more than this - always in their favour - are a fair and reasonable interpretation of the T&Cs.