From today's WSJ

Although Visa and MasterCard have, for the time being, backed off their plans to charge card issuers fees on such transactions, consumers may still get hit with fees from their credit-card company. Earlier this year, for example, MBNA Corp. changed its policy to charge a 3% foreign-transaction fee for any purchase outside the U.S., regardless of whether the purchase was converted to dollars by the merchant. A spokeswoman for J.P. Morgan Chase & Co. said the company isn't planning to charge a 3% foreign-exchange fee (which includes the 1% charged to the banks by Visa and MasterCard) if the currency is converted at the point of sale by the merchant.