Jody:

I set up a real vendor and then issue and receive PO's in the normal manner. The vendor is setup with a Payee name that makes the cheque payable to the credit card company. When the credit card bill arrives I write a check to pay the vendors account and give it to the credit card company to pay the account (in fact they get half a dozen cheque to make up the total as there is a number of vendors involved.

As for he rate type issue please let us know the release date of PO that you have installed and are you using the Adagio Multi-currency module.