Originally Posted by johnsonb
In addition to 2% I hope to earn FF miles and/or hotel points.
You'd get the FF miles by using your regular credit card anyway.
Since AmEx giftcards are issued by AmEx anyway, I'd expect that they'd still come with a 2% fee - if they can be used abroad.
Visa/MC has recently eliminated their forex fees, but the issuing banks charge for it, so I'd expect their giftcards would, as well.