Interesting you're saying that, because my usage model is: US credit cards w/reward points, in Europe. The cards I use have no currency exchange fees, and very good transaction rates (€ to $), so other than the unavoidable (majority of my money being in the US) ups and downs of value of $ vs € (great up to six months ago, degrading since the arrival of the new admin in the US) I get the best of both worlds, i.e. European lower COL, and rewards and services (e.g. car rentals and insurance, flights, hotels, etc.) from use of US credit cards.