CC Exchange Fees

Hands down Capital One is the best card to use in Europe - no fees for exchange.  However, there are some other alternatives.
Foreign transaction fees dropped by ... 

American Express charges a 2.7 percent foreign transaction fee for most of its cards, but in December, the card issuer announced that it was eliminating foreign transaction fees for users of its Platinum Cards and Centurion Cards. The move was expected to solidify American Express' relationship with current cardholders and attract new ones. "Our aim is to strengthen relationships with Cardmembers who rely on American Express because they appreciate the value of world class service and the benefits of our premium products," said Ed Gilligan, vice chairman of American Express, in a Dec. 17, 2010, statement.The move will be effective near the end of March, 2011.

Chase has been moving to waive foreign transaction fees on some of its travel-oriented and upscale cards. "Effective immediately, Chase is eliminating foreign transaction fees on the Marriott Rewards Premier Credit Card resulting in 3 percent savings for card members when making purchases abroad," said Chase spokeswoman Laura Rossi in a March 31, 2011, release. That brings to seven the number of Chase cards that have eliminated foreign transaction fees. The others: Chase Sapphire Preferred, Continental Airlines Presidential Plus Card, British Airways Visa Signature Card, Chase Priority Club Select Visa Card, Hyatt Gold Passport Card and United Mileage Plus Club Visa Card.  British Airways Visa Signature Card.

Citi also got into the act, eliminating foreign transaction fees from its ThankYou Premier Card and its ThankYou Prestige Card.