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$25 credit card refund isn't a scam
Yes, you may be eligible for an award related to a lawsuit over credit cards. Here are ways to file a claim and protect yourself from crooks.
MoreBy MSN Money staff
It's not a scam.
The official-looking packets landing in the mailboxes of some 30 million people across the nation are indeed the product of a big class-action lawsuit over foreign-currency conversions on credit and debit cards. If you received an official packet, you're owed $25 and possibly more.
Suspicious consumers have flooded consumer protection agencies and watchdog groups with questions because some of the forms ask for personal information.
The case alleged that card companies overcharged when converting foreign transactions into dollars and didn't disclose all fees. It looked at conversion fees -- often up to 3% of transaction values -- on credit cards and debit cards, as well as on other cards used to tap automated teller machines.
People who held cards branded by Visa, MasterCard or Diners Club and issued by major American banks, including JPMorgan Chase and Citigroup, are eligible for the settlement. The defendants include Visa, MasterCard, Diners Club, Bank of America, Bank One/First USA, Chase, Citibank, MBNA, HSBC/Household and Washington Mutual/Providian. A separate case against American Express is pending.
Don't get ripped off
It's possible, even probable, that crooks are trying to use the settlement as a way to "phish" for your personal information. Safeguard yourself by:
Ignoring e-mails regarding the settlement. These will almost certainly be scams.
Checking the return mailing address on your paper packet, which should be Settlement Administrator, P.O. Box 290, Philadelphia, PA 19105-0290.
Ensuring that if you file a claim online, your browser address window reads "https" (indicating the data will be encrypted) before you submit any form with your name, Social Security number or credit card information.
How to file: The easy way
A $336 million settlement in the case, which had been brought in 2001, was announced in July 2006 and affirmed by a court in November 2006. The defendants denied wrongdoing but said they had settled to avoid the expense and uncertainty of litigation. Lawyers who represented the class are asking for $86 million plus $5 million in expenses.
Ruthanne Gordon, an attorney with Berger & Montague, a Philadelphia law firm that handled the case, said she expects millions of people to respond to the mailing.
Lawyer David Langer said the firm has created a Web site with details of who is eligible for a payment and how to file a claim. There also is a toll-free number, 1-800-945-9890, but he cautioned that it has been experiencing a large volume of calls.
If you have a legitimate paper form, you have a unique claim identification number. There are three ways to file a claim:
The easiest is a $25 no-questions-asked refund, recommended for those with limited travel outside the U.S. between Feb. 1, 1996, and Nov. 8, 2006. If you have the ID number, you will not need to provide any personal information, either by mail or Internet.
Others can seek larger refunds by estimating the number of days of foreign travel during the period; the settlement administrator will calculate the refund. If you have the ID number, you will not need to provide any personal information, either by mail or Internet.
Lastly, those with extensive purchases can provide actual transaction estimates for each year that can be verified by the card issuers. This option requires the consumer to provide card numbers.
Your scores can affect whether you get a loan, an apartment or even a job. The first step to improve them is to get free copies of your credit reports, Liz Pulliam Weston says.
If you don't have an ID number, you can download forms off the Web site but must provide personal information to file a claim.
The deadline for filing claims is May 30. Checks won't arrive until the court makes its final approval and all appeals are settled, which could take months or even years.
Yes, you may be eligible for an award related to a lawsuit over credit cards. Here are ways to file a claim and protect yourself from crooks.
MoreBy MSN Money staff
It's not a scam.
The official-looking packets landing in the mailboxes of some 30 million people across the nation are indeed the product of a big class-action lawsuit over foreign-currency conversions on credit and debit cards. If you received an official packet, you're owed $25 and possibly more.
Suspicious consumers have flooded consumer protection agencies and watchdog groups with questions because some of the forms ask for personal information.
The case alleged that card companies overcharged when converting foreign transactions into dollars and didn't disclose all fees. It looked at conversion fees -- often up to 3% of transaction values -- on credit cards and debit cards, as well as on other cards used to tap automated teller machines.
People who held cards branded by Visa, MasterCard or Diners Club and issued by major American banks, including JPMorgan Chase and Citigroup, are eligible for the settlement. The defendants include Visa, MasterCard, Diners Club, Bank of America, Bank One/First USA, Chase, Citibank, MBNA, HSBC/Household and Washington Mutual/Providian. A separate case against American Express is pending.
Don't get ripped off
It's possible, even probable, that crooks are trying to use the settlement as a way to "phish" for your personal information. Safeguard yourself by:
Ignoring e-mails regarding the settlement. These will almost certainly be scams.
Checking the return mailing address on your paper packet, which should be Settlement Administrator, P.O. Box 290, Philadelphia, PA 19105-0290.
Ensuring that if you file a claim online, your browser address window reads "https" (indicating the data will be encrypted) before you submit any form with your name, Social Security number or credit card information.
How to file: The easy way
A $336 million settlement in the case, which had been brought in 2001, was announced in July 2006 and affirmed by a court in November 2006. The defendants denied wrongdoing but said they had settled to avoid the expense and uncertainty of litigation. Lawyers who represented the class are asking for $86 million plus $5 million in expenses.
Ruthanne Gordon, an attorney with Berger & Montague, a Philadelphia law firm that handled the case, said she expects millions of people to respond to the mailing.
Lawyer David Langer said the firm has created a Web site with details of who is eligible for a payment and how to file a claim. There also is a toll-free number, 1-800-945-9890, but he cautioned that it has been experiencing a large volume of calls.
If you have a legitimate paper form, you have a unique claim identification number. There are three ways to file a claim:
The easiest is a $25 no-questions-asked refund, recommended for those with limited travel outside the U.S. between Feb. 1, 1996, and Nov. 8, 2006. If you have the ID number, you will not need to provide any personal information, either by mail or Internet.
Others can seek larger refunds by estimating the number of days of foreign travel during the period; the settlement administrator will calculate the refund. If you have the ID number, you will not need to provide any personal information, either by mail or Internet.
Lastly, those with extensive purchases can provide actual transaction estimates for each year that can be verified by the card issuers. This option requires the consumer to provide card numbers.
Your scores can affect whether you get a loan, an apartment or even a job. The first step to improve them is to get free copies of your credit reports, Liz Pulliam Weston says.
If you don't have an ID number, you can download forms off the Web site but must provide personal information to file a claim.
The deadline for filing claims is May 30. Checks won't arrive until the court makes its final approval and all appeals are settled, which could take months or even years.
