Eligible shoppers might be able to receive up to £70 in compensation; check if you meet the criteria.
Ready to scoop up some dough, mate? Here's the lowdown on the £200 million bossing that Mastercard's about to dish out. No Mastercard required, remember!
Recently, a tribunal signed off on a lawsuit Mastercard's facing due to pesky fees they charged businesses back in the day. Now, it's pissing rain money for those of us who bought stuff in the UK between 1992 and 2008! That's 16 freakin' years, thereabouts!
Walter Merricks, a former finance ombudsman with a beef against Mastercard, argued folks were slapped with hefty prices due to fees wrongly levied on transactions. And, according to the man, we're due some zaap for our troubles.
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But, master, why's Mastercard dishin' it out?
Every time you spend a bob on something (be it with a debit card, credit card, or even cash), there's a strings-of-acts just to get that dough into the retailer's account. Card networks like Mastercard and Visa play middleman, and for their services, they take a bit of change on each purchase.
Ah, but the crux of the matter came down to these card processing fees, alleged to have been too high, pushing up companies' costs of accepting card payments. And, if retailers charged more to cover expenses, g'day mate, that's yours and my hidden cost!
This got legal, ya say?
Correct, cobber. Mastercard got got next to spend ninety-million quid because it was claimed they overstepped some rules set by the European Commission back in the '00s. Still, by then, millions of folks might've paid too much—gah, coulda done with those saved bob or two!
Martyn James, a consumer expert, chimes in on this matter: "This is the biggest settlement of a group claim ever in the UK; it's thought close to 44 million people could pocket between £40 and £70 thanks to this legal tussle."
Am I eligible?
To claim your fair share of the Mastercard moolah, make sure you check all five boxes:
- You bunked in the UK for a stint of at least three months between 1997 and 2008 (or between 1992 and 2008 for Scotland).
- You were aged 16 or more during those months. No prizes for those born after March 92.
- Your shopping guvvah bought stuff from a UK-based seller while you were hangin' round the UK. This isn't Mastercard-exclusive; Visa and Amex shoppers can join the party too.
- You were lyin' low in the UK on the 6th of September 2016.
- You didn't nix yourself from the legal thingy.
How do I claim me share?
Details on claimin' yer cash will drop on MastercardConsumerClaim.co.uk over the next few weeks. Register there to get notified when the online form's live, and you'll have three whole months to claim. No need to submit invoices or receipts; just self-certify that you're entitled and pop in your name, birthday, address, number, and bank details.
You can get recompense for a deceased or incapacitated mate if they met the criteria as well.
How much coin'll I grunt?
Depending on the number of people gettin' in on the claim, your winnings could range from £45 to £70. If more people step up, your slice gets smaller, but anything leftover will go to charity.
When's my dough comin'?
Expect your cash by year's end, mate.
There ya have it, mate! Now, time to scratch that jackpot scratch, 'cause this could be yer lucky day! Cheers!
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Given the recent ruling, businesses and consumers alike may see positive changes in the way transaction fees are handled, potentially leading to lower costs for personal-finance transactions in the future.
