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Class Action Settlement re: improper exchange rate fees charged by credit card co's

Class Action Settlement re: improper exchange rate fees charged by credit card co's

Old Dec 5, 07, 8:23 pm
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Class Action Settlement re: improper exchange rate fees charged by credit card co's

Just received a mail regarding a class action settlement with credit card companies for overcharging on international exchange rates. Offers three options for settlement: a flat $25 refund for infrequent international travel, an unspecified refunt for around $2500 in purchases, and a more extensive refund where you break down your international purchases by year.

Anyone else get this? Is it legit?
cordileran is offline  
Old Dec 5, 07, 8:28 pm
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I got one also. IIRC, there was something in the news about a class action suit months ago. They have to send a form to all cc holders.
Georgia Peach is offline  
Old Dec 5, 07, 8:35 pm
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Yes, it's legit. I received an initial mailing several months ago and had to submit a form then claiming the use of the cards in foreign locations. Now I also got the mailing you got and filed for option 1 electronically. Now waiting for my $25.
Panam Clipper is offline  
Old Dec 5, 07, 8:41 pm
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I almost threw it out thinking it was junk mail, but AFAIK its legit. And intriguing.
Do you gamble on the easy option #2 and hope for decent "average spending" or try #3 and find all those damn records.
Option #3 would take some amount of time, I just wonder if it would be worth it. I doubt I've spent > $15K over 10 years.
You only get to count Visa/MC/DC not AMEX and only foreign currency stuff, not hotels/airlines etc. booked in US$
And I was a starving student for many of those years
so probably #2 for me
devildoc99 is offline  
Old Dec 5, 07, 8:59 pm
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I got the paperwork too.
$25...is it even worth the effort?
AAJetMan is offline  
Old Dec 5, 07, 9:15 pm
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Got it too. It's legit. More details here, including the attorneys fee of appx $100M.
Mikey likes it is offline  
Old Dec 5, 07, 9:58 pm
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i got it today after having filled out a form earlier this year. apparently i qualify for the Option 3 so i gotta wait a bit longer to see if i get my $
UCBeau is offline  
Old Dec 5, 07, 10:09 pm
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Can anyone give a ballpark estimate of option 3

So for a typical FT member who goes abroad 4-8 times a year what might they be looking at for a total payoff here? I realize I'm asking for a wild guess but your guess is surely better than mine.
wrose99 is offline  
Old Dec 5, 07, 10:12 pm
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Originally Posted by Mikey likes it View Post
No doubt a lot of work went into this on the part of the plaintiffs' attorneys. Seems like a reasonable return on their investment of time and money.
PresRDC is offline  
Old Dec 5, 07, 10:15 pm
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I got it too, and wondered about whether it was legit.

Pity I can't remember the CC# of the one I use abroad, since I changed it after some unauthorized transactions! Have to rack the brain a little....
hangpilot is offline  
Old Dec 5, 07, 10:15 pm
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We got them too. I'm thinking we spent at least 50K in the last ten years without even trying, so we're opting for option 2.

TH can probably even find most of her credit card bills to itemize.
lalala is offline  
Old Dec 5, 07, 10:21 pm
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If you are a member of the class and want an easy and relatively painless $25, take the first option. Otherwise, you essentially have three alternatives:
(1) Accept one of the other two settlement options and take your chances with how your remuneration will eventually be calculated;
(2) opt-out of the class entirely in writing by February 14, 2008, and fight your own legal battle; or
(3) file (or, better yet, have your attorney file) a written objection to the settlement by February 14, 2008.
SAT Lawyer is offline  
Old Dec 5, 07, 10:25 pm
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Been trying for a few days to find a human to talk to by phone or email to figure out how they do the average spending for the "how many days were you abroad" estimate. The legal docs mention using the "U.S. Department of Commerce annual Survey of International Air Travelers" but that's not freely available... any ideas?
BDA shorts is offline  
Old Dec 5, 07, 10:31 pm
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Is there one coming for Amex? thats where I spend most of my moola overseas.
jwillett13 is offline  
Old Dec 5, 07, 10:33 pm
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Where do you get a copy of this? I have been living in Europe for years and would love some money back on my US cards!

Did all of you just get these mailings?
Is it all mastercard and visas or just certain banks?


FlyingHoustonian is offline  

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