in australia, we have the wizard clear mastercard.

1/ no mastercard fees
2/ no wizard fees
3/ no foreign atm fees (except those specifically imposed stated when you do the transactions - ie 7elevens, etc)
4/ no annual fee
5/ no fee!

the exchange rate i get is virtually identical to the spot rate. i love this card.

the saving on the forex fees is so much better than earning miles. i calculated it at just shy of 4%, earning is generally 1 to 1 or 1 to 1.5 in Australia even still, with that saving I could buy a revenue, status generating economy ticket and earn miles rather than saving up the miles for an impossible seat in biz or a mileless award in economy with no status, no miles earned.