MBNA still wins. I test this occasionally when I travel outside the U.S. My MBNA Amtrak card is the only card I use regularly for foreign currency transactions. The net charge over the interbank rate ranges from 0.5% to 1.5%, which represents what Mastercard charges the bank over the rate their currency traders get. But occasionally I get a rate significantly better than the interbank rate. Mastercard probably has some very good curency traders.

The Amtrak card gives points transferrable to miles on Continental and Midwest Airlines. The latter has American Airlines as a partner. But you can transfer only 25,000 points per year. Since Amtrak dropped United Airlines as a transfer partner (or visa versa), I plan to apply for the Fidelity 1.5% cash back card from MBNA to replace my Amtrak card.

For your other 75,000, check out MBNA's credit card page. For travel awards, be sure to click on the Find More button in that section. The Gold Points card may be of interest (I write about it on my Free Cards page), as may be the foreign airlines cards, especially Lufthansa, part of the Star Alliance network. (Caution: I believe Lufthansa miles expire, and have some other not ver nice limitations on their use. I don't know much about that program, but there is probably a forum dedicated to it on Flyertalk.)

Also, with the amount you charge, why not one of the two points type cards with dedicated bank points? Sometimes these give you more bang for the buck. I have not looked at these types of cards for MBNA. I have a list of things to think about when considering this type of card, on the Bank and Other Travel Cards page of the credit card section of my website, Free Frequent Flyer Miles. Be sure to check out any maximum points earned per year limitations, expiration of points, types of tickets you can get, and how you get them (dollar limit?). All is explained on my website.