Millions of Brits May Get Cash Back After Mastercard Deal
Earlier this month, a long-running legal wrangle finally went the way of UK consumers when Mastercard agreed to hand over one hundred million pounds to shoppers. The money comes from a two-hundred-million-pound out-of-court settlement of the class action launched nearly ten years ago by former financial ombudsman Walter Merricks.
Half the pot will cover legal costs, and the rest will be shared among ordinary people who, according to Money Saving Expert, paid a bit extra every time they shopped because of the fees Mastercard charged retailers.
The good news is that you do not need to have ever flashed a Mastercard. The claim is built on the idea that shops quietly passed those processing fees on to everyone through higher prices, so if you bought anything at all in the qualifying years, you are very likely in the queue, according to Metro.co.uk.
Money Saving Expert says you can claim if you lived in England, Northern Ireland, or Wales for any three months between twenty June nineteen ninety seven and twenty one June two thousand eight, or in Scotland for any three months between twenty two May nineteen ninety two and twenty one June two thousand eight.
You had to be at least sixteen during that window and still living in the UK on 6 September two thousand sixteen. You also must not have actively opted out of the original case, which almost nobody did. There is no need to rummage for receipts because the process relies on honest self-certification.
Relatives can lodge a claim on behalf of someone who has died, so loved ones do not miss out. The paperwork will be handled by legal services firm Epiq through the official Mastercard Consumer Claim website. The portal is expected to go live within weeks and, according to Money Saving Expert, applicants should get at least a few months to fill in a straightforward online form asking for name, date of birth, and address. Once all claims are checked, payments are due before the end of the year.
How much each person receives depends on how many people put their hands up. Money Saving Expert explains, ‘If the expected number of people claim – roughly 2.2 million based on professional estimates – each person will get £45. If fewer people than expected claim, the maximum each person will get is £70… due to a cap that was put in place to avoid people getting disproportionate payouts compared to the alleged loss they suffered. If many more people than expected claim, you may only get a few quid. However, this scenario is seen as unlikely based on representative polling and the views of the claims administrator.’
Because payouts come from a large pool, opportunists may try to nab your details. Money Saving Expert warns that scammers could use emails, texts, or social posts that mention the claim to con you. Always double-check that you are on the genuine site before entering any personal information, and treat unsolicited messages with suspicion.
A Mastercard spokesperson welcomed the settlement when it was announced, saying, ‘We will continue to focus on providing consumers and businesses with what they expect from Mastercard – a great payments experience, strong value and peace of mind.’ If you meet the criteria, you might soon enjoy a little extra peace of mind yourself when a tidy sum drops into your bank account for very little effort at all.
Don’t Miss These:
- William and Kate’s Perfect Parade Look May Have a Hidden Message
- ‘Everything Changed’: Ranvir Singh Gets Candid About Motherhood and Career
- Meghan Markle Discusses Self-Discovery, Family, and Entrepreneurship on Aspire Podcast”
- Welfare Reforms and Phone Bans Take Centre Stage on GMB as Emotions Run High
- Government Expands Warm Homes Discount Scheme to Help More Families