
Payouts are in the pipeline following a group lawsuit against Mastercard which was just settled out of court for £200 million.
Millions of people may be due up to £70 from Mastercard – even if they never even had one.
While you can’t claim just yet, we want you to be prepared. Read on to find out who might be eligible, how it will work, and when you could see some cash back in your pocket.
The claim against Mastercard is related to interchange fees.
Whenever you buy something with a debit or credit card, there is a complex process to get your money to the shop’s bank. Companies like Visa and Mastercard are part of this process. They act as middlemen between you, your bank, the shop – handling the tech and keeping payments fast and secure. For these network services, Mastercard will take a small cut for every transaction.
In this legal case, the claim against Mastercard said that the fees they were taking were too high, making it more expensive for shops to accept card payments. The shops passed those costs on to customers by charging higher prices – which means that even people without a Mastercard might have paid more because of it.
The tribunal ruled that customers were charged higher prices after fees were wrongly levied on transactions between 1992 and 2008, and should be paid compensation.
Because of the nature of the precedent set, you will have to meet all of the following to make a claim:
We expect that an online claim portal will be opening soon which will have an online form you’ll need to fill in.
It should be a quick and efficient process – and it’s unlikely that you’ll have to provide a lot of documentation – like proof of old purchases, receipts or bank statements.
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