For those of us with an Alaska Airlines VISA (Bank of America) credit card, as of May 15, 2016, there are no foreign transaction fees for this "chip enabled" card. Prior to this time, the fee was 3%.
That is good news, as our Alaska Airlines cards have been very good to us in terms of mileage redemptions ( like First Class to Australia for $5.80). we haven't used the card in Europe because of the foreign transaction fee. Now we can, and thus earn more miles for our next trip.
I had just gotten wind of this as well...a great development. I use this card and can sometimes get 40K miles roundtrip to Europe so I charge everything I can with them.