Well, Amanda, you are right! Thanks!
I always thought the rate was pegged at 2:1 by law since 1978 but it turns out there is a floating conversion just as you say above. I'll be dipped in butter and call me a biscuit!! I got the card for no foreign transaction fees and I guess this is different...
Just got off the phone with BOA and turns out there is a website called: www.onanda.com.
If you go there you can find the effective rate posted in the WSJ for any day in the past and what you pay to buy or sell a specific amount. Went to that day and put in the 200.00 charge and it came to .97.1440 USD but you pay 100.914 to buy the dollars in the exchange. Live and learn.