Credit Card Lawsuit May Yield Foreign Transaction Fee Refunds for International Travelers

Recent Comments:

by Luke August 9, 2006

Topic(s): Credit Cards, Financial News, Foreign Transaction Fees, Lawsuits

LAW For international travelers who used credit cards to make purchases overseas, a recent settlement could lead to significant refunds. The lawsuit revolves around the controversial “foreign transaction fees” that some credit card companies charge when making international purchases. Though the companies who agreed to settle the suit admitted no wrongdoing, the class-action lawsuit itself focused on the lack of fee disclosure. Some of the companies who agreed to the settlement include: MasterCard, Visa, MBNA, JPMorgan Chase, CitiGroup and First USA. Consumers who used one of these cards to make an international purchase sometime during the last 10 years may be entitled to refunds. Exact details have yet to be determined so the exact amount of refunds and terms is at this point speculative.

Stars and Stripes reports that:

Though the deal is tentative, several companies agreed to pay claims and court-approved fees. The deal means credit card holders…could get back 2 percent in “foreign transaction fees.”

How much consumers get back depends on the amount of each claim, and those claims may be retroactive to February 1996, depending on the final settlement terms, Burke said. That could mean a $300 settlement to the consumer who used an American credit card for $2,000 worth of purchases overseas, he said.

Those eligible for reimbursement will get terms of the final settlement as “stuffers” in their credit card bill, Burke said.

“And they have to be careful not to mistake them for advertisements and throw them away,” he said.

Settlement terms also will be published in newspapers, as well as on the law firms’ Web sites, along with an electronic filing capability, during a “lengthy” filing period, Burke said.

8 Comments to "Credit Card Lawsuit May Yield Foreign Transaction Fee Refunds for International Travelers"

on 05 Nov 2006 at 11:33 am Posted by: Frank Roman

In the last 8 to 10 yrs. have travel abroad at least once a year and used Visa, Amex and Master Card mainly in the last 5yrs. I’ve noticed the exchange rate to different of what expected and then extra exchange fees added on same bill. How can I be part of lawsuit?
on 08 Nov 2006 at 12:28 pm Posted by: luke_

As details emerge, we will learn more about who is eligible. In the meantime look here.
on 06 Dec 2007 at 4:47 am Posted by: J. O'Brien

Received a form on collecting refund from the years 2000-2006 would like to know if I could get a record of all of my interantional transactions from Master card for these yrs., have recieved the forms
on 09 Dec 2007 at 9:59 am Posted by: Jane Wood

I received a form to fill out requesting money for using a credit card while I was in Europe in 2006. I now don’t have it and would like to get another form. How do I go about doing this? Thanks!
on 10 Dec 2007 at 2:13 am Posted by: J. O'Brien

I called Master card to get all my transactions from the years 1996 to 2007 they said they could only send the transactions for the years 2000 to 2007, how do I get the all inclusive years from 1996 to 2007 they also said they would charge me $5.00 for sending each credit card transactions, what do I do?
on 18 Dec 2007 at 9:13 am Posted by: kathy joslyn

I had a 35.00 dollar charge on my credit card this month as a international exchange fee. Is this legal or is it the same thing.
on 21 Dec 2007 at 7:22 am Posted by: Brian

Once again, banks rip us off and the lawsuit only provides a fraction of the refund. The big winners again are lawyers.
on 01 Sep 2008 at 11:17 am Posted by: David Bruce

Wonderfull !! its about time these filthy scumbag money grubbing credit card companies got busted for their thieving tactics.
What I would like to know however is : Just because they are getting busted for not disclosing these fees ,……… will they now stop charging these fees ??

Trackback this Post | Feed For Updates to This Post