Visa and Mastercard users across the United States may soon see direct payments of up to $1,797 in their accounts. These payouts are tied to a massive legal settlement addressing claims that the credit card giants overcharged merchants, ultimately passing those costs onto consumers.
If you’ve used a Visa or Mastercard for purchases in the past, there’s a good chance you could qualify for compensation. Here’s what you need to know about why this settlement is happening, who is eligible, and how you can claim your share.
What’s Behind the $1,797 Payment?
This settlement resolves a long-standing lawsuit that accused Visa and Mastercard of imposing high “swipe fees” on merchants every time a card was used for a transaction. Businesses argued that these fees led to higher prices for consumers.
To address the claims, Visa and Mastercard agreed to establish a settlement fund. Now, affected consumers and businesses can apply for their portion of the compensation.
Who Can Get the Payment?
Eligibility for the payment depends on how and when you used your Visa or Mastercard:
- Timeframe: You must have used a Visa or Mastercard for purchases between 2004 and 2019.
- Consumers and Businesses: Both individual cardholders and businesses that accept Visa or Mastercard payments may qualify.
- Documentation: You don’t always need receipts, but providing proof of usage could strengthen your claim.
How to Claim Your Share
Filing for the settlement payment is simple:
- Go Online: Visit the official settlement website for detailed instructions.
- Complete the Claim Form: Fill out your details and include information about your Visa or Mastercard usage.
- Submit Before the Deadline: Claims must be filed before the expected deadline in mid-2025.
How Much Will You Receive?
While some claimants may receive the full $1,797, actual payouts depend on how much you spend and how many people file claims. Those who used their cards frequently during the eligible period are more likely to receive larger payments.
Why This Matters
For years, high swipe fees have impacted both merchants and shoppers. This settlement ensures that those affected by these costs are reimbursed, providing a sense of accountability for the financial practices of major corporations.
If you used a Visa or Mastercard between 2004 and 2019, now is the time to check your eligibility. Submitting a claim is free, and the process is straightforward—don’t miss out on your chance to receive this refund.
