Interesting. Europe has stricter regulations that cap interchange. As a result not a lot of rewards cards and less competition in that space. In US no caps, but much more players in the rewards cards space. I've checked recent foreign transactions and it looks like both of popular travel cards make some money on exchange rates, but not as much as in France.

Amex Plat did not charge foreign fee, but exchange rate is 1% less favorable according xe.com

Chase Sapphire Reserve also no fees, exchange rate is 0.3% different from xe.com