Class Action Settlement re: improper exchange rate fees charged by credit card co's
Dec 5, 2007, 7:23 pm
#1
Original Poster
Join Date: Dec 2004
Programs: Burrito Elito
Posts: 170
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?
Anyone else get this? Is it legit?
Dec 5, 2007, 7:35 pm
#3
Join Date: Jun 2007
Posts: 797
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.
Dec 5, 2007, 7:41 pm
#4
Join Date: Feb 2007
Programs: United, Starwood, Frontier, Delta, BA
Posts: 28
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
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
Dec 5, 2007, 8:15 pm
#6
Join Date: Nov 2000
Posts: 7,700
Got it too. It's legit. More details here, including the attorneys fee of appx $100M. 
Dec 5, 2007, 9:09 pm
#8
Join Date: Jun 2004
Posts: 589
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.
Dec 5, 2007, 9:12 pm
#9
FlyerTalk Evangelist
Join Date: May 2001
Location: South Bend, IN
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Got it too. It's legit. More details here, including the attorneys fee of appx $100M.
Dec 5, 2007, 9:15 pm
#10
Join Date: Aug 2006
Location: MCI
Programs: UA MileagePlus
Posts: 748
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....
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....
Dec 5, 2007, 9:15 pm
#11
Join Date: Aug 2000
Location: Seattle, WA
Programs: Alaska 100K - MM, defender of shoes on the carpeted bulkhead 4ever, AA LT PLT, Hyatt Glob, HH Dia
Posts: 7,443
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.
TH can probably even find most of her credit card bills to itemize.
Dec 5, 2007, 9:21 pm
#12
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Join Date: Dec 2002
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Posts: 24,249
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.
(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.
Dec 5, 2007, 9:25 pm
#13
Join Date: Nov 2007
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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?
Dec 5, 2007, 9:33 pm
#15
Join Date: Oct 2007
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Posts: 3,540
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?
Thanks.
Ciao,
FH
Did all of you just get these mailings?
Is it all mastercard and visas or just certain banks?
Thanks.
Ciao,
FH