A new class action settlement is set to benefit over half a million Americans, offering up to $2,000 in compensation to certain individuals involved in a long-running legal battle against Visa and Mastercard. If you’re among the 550,000 eligible recipients, now’s the time to understand the details of the case, the eligibility criteria, and how to claim your share of this historic settlement.
Overview of the Lawsuit
The class action stems from accusations that Visa and Mastercard conspired with major banks to impose artificially inflated fees on merchants and, ultimately, consumers. At the heart of the lawsuit was the claim that these companies violated antitrust laws by fixing “interchange fees”—charges that merchants pay to process credit card transactions.
These fees are typically hidden from consumers, but they indirectly result in higher prices for goods and services. Merchants argued that Visa and Mastercard’s collusion limited competition, created unfair pricing structures, and hindered their ability to negotiate lower fees or offer discounts to customers using other forms of payment.
Settlement Breakdown
The total settlement fund amounts to a staggering $5.6 billion, making it one of the largest antitrust settlements in U.S. history. Of this, a portion is now being allocated directly to consumers who made purchases using Visa or Mastercard during a specific time frame.
While businesses were the primary plaintiffs in earlier phases of this case, this new round of payments specifically targets individuals who were indirectly affected by the alleged scheme—namely, everyday consumers. Approximately 550,000 Americans who qualify are expected to receive payments, with some individuals eligible for up to $2,000 based on their spending history.
Who Can Claim the Payment?
Eligibility depends on several key factors:
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You must have made purchases using a Visa or Mastercard credit or debit card between 2004 and 2019.
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The purchases must have been made at merchants in the U.S. that were subject to the interchange fees in question.
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You must be part of the defined consumer subclass identified in the settlement documents.
Consumers who received direct notification from the settlement administrator are automatically considered eligible. However, even if you did not receive a notice, you can still check your eligibility and file a claim online.
How Much Will You Receive?
Payouts vary based on the amount of qualifying purchases made during the eligible period. The calculation considers:
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Total number of valid claims submitted
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Purchase volume per claimant
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Available funds after legal and administrative fees
While some consumers may receive only a few hundred dollars, others—especially those who frequently used credit or debit cards for large purchases—may qualify for the full $2,000.
How to File a Claim
To submit a claim:
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Visit the official claims website (usually ending in something like “VisaMastercardSettlement.com”).
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Fill out the online claim form, including your personal information and transaction history if available.
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Submit supporting documents, such as bank or credit card statements, if requested.
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Choose your preferred payment method: check, direct deposit, or prepaid card.
It’s crucial to submit your claim by the posted deadline—typically within 90 days from the date of notification.
Beware of Scams
Because this is a high-profile settlement, scammers may attempt to exploit unaware individuals. The legitimate settlement administrators will never ask for sensitive information like Social Security numbers or charge you a fee to file. Only use official government or court-authorized websites to submit your claim.
What Happens Next?
Once the claim period closes, payments will begin after the court grants final approval and resolves any objections. The process could take several months, especially given the volume of claimants. You’ll receive an email or letter confirming your payment status once it’s processed.
Final Thoughts
This class action is a major win for consumer rights, sending a clear message to financial giants that price-fixing and anti-competitive practices won’t be tolerated. If you’ve used a Visa or Mastercard in the past 15 years, you may be entitled to part of this massive payout. Take a few minutes to check your eligibility—$2,000 might be waiting for you.