|
||
|
||
| |
||
|
|
|
|
Get Your Money Back! How to Recoup Credit Card Fees on International Purchases by Luke
The lawsuit concerns the way that credit card companies including Visa, MasterCard, and Diners Club charged fees to customers for making foreign currency transactions. These transactions include internet and online purchases made in a foreign currency. The key complaint revolved around the way these companies disclosed (or as defendants argued — did not disclose) fees charged for foreign currency transactions. Typically the fee ranged between 1-3%, but the lawsuit alleged that some credit card issuers also inflated the base exchange rate before adding the fees. The plaintiffs including Bank of America, Bank One/First USA, Chase, Citibank, MBNA, HSBC/Household, and Washington Mutual/Providian all deny wrongdoing but have agreed to settle the case nonetheless. This is great news for you if you’ve traveled internationally and made an foreign currency credit card transaction in the last 10 years — or if you’ve purchased products or services from international merchants who billed you in a foreign currency! Even better, the claims process is relatively straight forward. Here’s what you need to do:
That’s it! Yes, it’s probably going to take a while for you to see the money, but it’s still money in your pocket. Keep us posted with your experiences!
11 Comments to "Get Your Money Back! How to Recoup Credit Card Fees on International Purchases"
Post a Comment
|
|||
|
||||
 |
||||
February 23, 2007 
If you’ve used a credit card to make an international purchase, a recent class-action lawsuit now enables you to recoup some of the fees that your credit card company may have charged you.
Comments (11)
Sounds a lot like the Interchange fee — hovers around 2% of transactions, the consumer is generally unaware, and the banks which control Visa/MC get together to figure out just how high they can make that fee. It’s a huge cash cow for them. Other countries have banned the fee, and while that’s certainly tempting, it’s a fee that does have a purpose. The problem is it has grown far beyond that purpose.
It’s an issue I work on. If you’re at all interested, I highly recommend our website: UnfairCreditCardFees.com.
Thanks so much for providing this info. I knew there was some good reason I was keeping all those old credit card statements!
I think AmEx settled a similar class action suit a few years ago.
Bank of America, BankOne, etc. are the defendants (not the plaintiffs), right?
Thanks again.
You’re lucky to have kept all your statements! I get all mine online.
BoA and B1 are of course the defendants because they were sued. That’s why we’ll be getting all this $$!
Fact of the matter is the banks can charge Usury interest rates on these purchases even if you are upto date on your payments.
What I wonder is this :
If Citi and Chase have to resort to charging 35% interest rate on the foreign purchases and the FEDS let them on an account that is paid every month what are they hiding. I would not own any bank stocks and probably not even the DOLLAR.
My 2 cents
what other banks or credit card organizations are involved. I have used my AFBA and USAA credit cards overseas, but not sure it these two are invloved.
I usually do heavy shopping in other countries mostly in HK or Singapore. Because, we all know being cheaper market, these two region are the best for shopping. But, after reading your post i have to keep a close eye on the charges of my credit card company. Thanks buddy for such a nice post.
Is there any update at to when they are going to start disbursing the returns? I could really use my money back, please.
Has anyone received their share as of yet? I am still waiting.
Still waiting to hear anything. Is anyone aware of the status of this?
May, 2010, I’m still waiting too.
This is a interesting topic.