Published On: Wed, Jun 18th, 2025
Business | 4,973 views

Mastercard issues compensation update and millions of customers will be fuming | Personal Finance | Finance


Millions of Mastercard customers have been left fuming after the credit card company issued a compensation update. Some people are owed money for purchases made years ago after Mastercard agreed a £200 million settlement in May.

Although around 47 million customers could receive up to £70, it could be months before they actually get the compensation. Innsworth, a company that helps to fund legal claims in exchange for a share of the payout, is trying to challenge how the cash is shared. The business said the Tribunal that approved the settlement “made a series of errors in its judgement” when deciding how much of the money it should be get.

Innsworth has now filed a legal claim to try and get a larger amount of the cash. This means the payouts will also be pushed back, reports The Sun.

Meanwhile, if Innsworth is successful, it will get a larger share of the £200 million, which will reduce the amount of money customers receive. Experts from MoneySavingExpert have predicted that if just 5% of eligible people claim, they will get a payout of up to £70.

Walter Merricks alleged that 46 million Brits were ripped off in 2016. He claimed the shoppers had fees wrongly levied on transactions made between 1992 and 2008.

Mastercard reportedly charged retailers to process card banking payments, which increased customers’ costs. Despite Mastercard providing the technology for card payments, the case argued that its fees led to the overcharging of customers.

You do not need to have ever used a Mastercard to be eligible for the payout. The claim argues that the inflated prices affected all shoppers.

To qualify, you need to match the following criteria:

  • You lived in the UK (England, Wales or Northern Ireland) for at least three consecutive months between June 20, 1997, and June 21, 2008. For those who lived in Scotland, the period extends from May 22, 1992, to June 21, 2008.
  • You were aged 16 or over during the relevant period.
  • You purchased goods or services in the UK during this time for non-business purposes. You won’t need to provide proof of purchase.
  • You were still living in the UK on September 6, 2016 (when the claim was filed).

A claims portal is set to launch in the coming months. People have until the end of this year to submit their claims.



Source link