All stored value give rubbish exchange rates. I haven’t used the Qantas card for years for that reason. Same for the Virgin offering. Unless they start offering realistic exchange rates I consign the new one to the bin as soon as it arrives. 

For several years we’ve done what the author of the article suggests, ie fly into London, but add continental Europe to our itinerary and fly out of, for example, Rome or Madrid. If I’m forced to spend money on an insidious tax, I’d rather spend the equivalent on my own travels ...

Makes sense to me. 

Good article. I did a similar analysis when traveling through UK, Spain and Portugal in July/August this year. The potential additional cost to me had I chosen the “pay in Australian dollars” option, would have been significant over the seven weeks of our travel.

I’m transiting through SIN on Monday week, transferring QF35 to QF1. After reading all of this, I think I’ll just head straight to the EK lounge which I can do because I’m a Platinum.