What happened to the MasterCard FX refund?

lr1277

In the last few years, I remember reading about MasterCard being forced to pay compensation to those card users who bought items in a foreign currency.
What happened to that case? Did I miss the resolution or the refund?

Ebe_Scrooge

This is news to me - any chance you could post a link to the original article?  As far as it goes, there's no reason why anyone should be entitled to a refund purely on the basis of making a foreign-currency transaction - people do this all the time.  There must be more to this.

[Deleted User]

lr1277 said:

In the last few years, I remember reading about MasterCard being forced to pay compensation to those card users who bought items in a foreign currency.
What happened to that case? Did I miss the resolution or the refund?

There is no compensation - the case was only sent through the courts in August 2021 and nothing has been ruled on. At best people used Mastercards between 1992-2008 may be entitled to £300 each. Mastercard successfully got the estates of the deceased thrown out, as well as the attempt for compound interest.

It'll plod along but whether it succeeds or not is up to the courts. One side is a former FOS regulator, the other is a massive multi-billion pound business, so I know where I'd bet it will end up going. If we get some money great, but expect nothing and you won't be disappointed 

[Deleted User]

Ebe_Scrooge said:

This is news to me - any chance you could post a link to the original article?  As far as it goes, there's no reason why anyone should be entitled to a refund purely on the basis of making a foreign-currency transaction - people do this all the time.  There must be more to this.

Basically they are arguing Mastercard changed excessive interchange fees for 16 years which drove up prices for businesses who in turn charged customers more. It's the first UK mass class action and Supreme Court ruled it could proceed in December 2020, with the last update I saw above in August last year where the tribunal said it could proceed