For many years it seems I've gotten a Capitol One offer almost every week. I've always just ripped up and thrown away. I had a vague sense of a card that catered to folks with tendencies to run balances, probably with near predatory rates, and I was happy with the cards I had (Amex, Discover, and a MC, all with either miles or cashback). I always pay off, so teaser rates don't make a difference.
However, this year we were going to Europe. And my stepson is going to college in Scotland (and yes, for both reasons I hate the weak dollar). It turns out Capitol One is virtually alone in not charging even the 1% that Visa/MC charges the bank for currency exchange- they absorb it. After confirming with Capitol One that was indeed the case, Betsy got a CO card. Since David will be in UK, we ordered one for him too (with appropriate threats if he used it for anything other than either emergency or something we pre-approved).
In France and Italy, we used it for the vast majority of bills. When we got back, I used a calculator. Indeed, looks like no foreign exchange fee (Amex is 2%, and most MC/Visas are either 2 or 3 percent). After confirming again, we just made a £9000+ initial payment to St Andrews - it was cheaper to put it on the card than to write a check in dollars, or to convert to pounds and transfer. Plus we get the miles.
I realize college costs are unlikely to be a factor for many people, but if you are an American who travels out of country a couple times a year, saving 1-3% could add up.
