Class Action Lawsuit for Overseas Credit Card Transaction Fees

Use a credit card internationally? The banks owe you a refund. Everybody does it – uses credit cards overseas. It’s just way more economical than getting charged out the wazoo for cashing in travelers checks. But the credit cards have been charging you extra fees on the sly. These fees were tacked on to the exchange rates, so the markup was invisible to the naked eye. But some lawyer found them.

After a class action lawsuit was argued, the courts have decided in favor of the little man and you are eligible for a refund. If you used your credit card abroad between February 1, 1996 and November 8, 2006, you are eligible. The amount of the refund is contingent upon the final approval by the court, the number of valid claims filed and the amount of attorneys fees subtracted from the total. Final approval is scheduled for November 7, 2007 in New York. Refunds could range from 1% to 3% of your total transactions.

To register for your refund, go to ccfsettlement.com and enter your information. You will need your old credit card statements. So I guess that old song, Everybody’s Free to Wear Sunblock, was wrong when it told you to “Keep your old love letters, throw away your old bank statements.” I took quite a few trips in that period and am looking forward to a nice refund IF I can get a hold of my information.

Don’t get any big ideas about charges after those dates. The credit cards still charge the fees, but now that they’re disclosed they’re legal. I worked for a law firm that does class action lawsuits in college. I bet they’re foaming at the mouth to get an Arkansas plaintiff so they can get in on the action.

Via Upgrade: Travel Better