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Stats: 340 members, 4,613 Topics. Date: January 24, 2018, 10:34 am

Mastercard Court Case: Everyone In Britain Could Get £300...Even If You've Never Used A Credit Card

TodayNewsReview / General / Business / Mastercard Court Case: Everyone In Britain Could Get £300...Even If You've Never Used A Credit Card 247 Views

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MasterCard is facing damages claims that could reach as much as £19 billion for alleged illegal card charges between 1992 and 2008.

It is claimed the global company made shops pay higher fees than they should have when customers purchased goods using their credit cards.

The fees – called "interchange" – are often included into the price of the item, with experts saying shops charge more for products to cover the fees.

It's alleged MasterCard had a role in driving up prices for consumers through these excessive charges.

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Former financial ombudsman Walter Merricks is bringing a "class action" claim against the company over the allegations.

He told the BBC: "The prices of everything we all bought from 1992 and 2008 were higher than they should have been, as a result of the unlawful conduct of MasterCard.

"To be clear, there is no question that MasterCard acted illegally in the way it conducted its business, a business that affects all of us. Although most of us did not know this, experts who study the retail economy knew it was happening - and so did MasterCard.

"My aim is to get the redress to which UK consumers are entitled and to ensure that MasterCard cannot hold on to the illegal profits made."

If the suit is successful, it will mean every single person living and working in the UK between 1992 and 2007 – roughly 46 million – will be eligible for compensation and automatically represented unless they specifically opt out.

MasterCard's UK and Ireland president said: "Now that the claim has been filed, we will take time to review it in detail, however we continue to firmly disagree with the basis of this claim and we intend to oppose it vigorously.

"MasterCard offers value by powering the way people pay – in store and online. We’re constantly innovating to keep payments safe and secure, while making the experience as convenient as possible. Think how contactless has made life easier by reducing queues and offering faster payments on public transport.

"Any type of payment has a cost. In our system, those costs are shared by banks, retailers and MasterCard - as together with consumers, we all benefit from the payment.

"Cash is no solution for online shopping and isn’t free either. Shops must pay people to count, secure and transport cash. This is often overlooked or simply accepted as a cost of doing business."

www.dailystar.co.uk/news/latest-news/531814/mastercard-overcharging-fees-class-action-lawsuit-billions-payout-uk-customers

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