Prime Rate Credit

You may notice, you are probably one of about 30 million people to have received a certain notice from Federal Courts that you are entitled to a sum of $25 or more or less due to a class action settlement in which people have accused credit and debit card companies of currency conversion mistakes that involved hidden fees and other hidden costs that consumers overpaid for conversions of foreign currencies when making charges on their credit or debit cards.

Both myself and my live in boyfriend have received these notices, and to be honest they gave both of a us quite a start because they are addressed from a Federal Court. Of course, everyone’s initial response to letters that are so official looking and seem to come from a federal office of some sort is always intimidating! I can’t tell you how many times I’ve had a start in my heart when I’ve received IRS notices, only to find that they are sending my the request for my quarterly estimated payments!

Apparently there were millions of people affected by this improper and undisclosed charging of foreign currency conversion, and the credit card companies are going to have to payout big time for this. The suit was settled for some $336 mil. and this payout is go to various affected parties in sums that are pretty small once all 30 million people are accounted for.

There are several credit card companies offering several different types of credit cards such some of the best airline miles credit cards, credit cards for bad credit and balance transfer credit cards, that are involved in the settlement of the suit, and they will all be paying out various amounts of money to contribute to the class action that was brought against them. I always wonder in these suits, who brings this to anyone’s attention?

I personally just travelled overseas, and I certainly didn’t notice any disparity in the conversion rates on the items I charged, but then again, it seems like an awful lot of calculating would have to go into this, and time - and that’s not something I have time for! One wonders who finds this stuff out, at any rate! It is important to note that the defendants claimed they did not do anything wrong, and settled the suit just to avoid further costs to the company and to their shareholders, as well as prolonging the case, which is something most companies never want to do!