Just to follow up on the CapitalOne discussion a couple of pages back - I used a CapitalOne MasterCard extensively in Switzerland the first half of June and just received my billing statement.
Each transaction shows the exchange rate used, and in each case the exchange rate on my billing statement is essentially identical to a fraction of a per cent to the interbank rate for that date provided by OandA.com.
It probably helped that the dollar was slowly rising angainst the Swiss Franc in the first half of June. So in a couple of cases the rate applied is actually slightly better than the best interbank rate (from OandA) for that day (example, a transaction on 6/12 poster at $ 0.8092307/SF. The best interday rate was $0.81070). Note that his means that even the MasterCard 1% fee is not passed on to me.
It also appears that the exchange rates are applied in real time at whatever moment that they are determined. No two transactions in the billing statement have the same rate applied.
Works for me. But my favorite feature of this card is this
Grace Period. For new purchases only, we will waive any periodic finance charge accruing to the purchase segment of your balance for the first four billing periods (beginning in the billing period in which the purchase was posted.)
Sorry - I have no info about how to get this grace period. It was part of the original card offer a few years back.