Get $25 in Free Money

Anyone heard of the credit card lawsuit that could earn many card holders some quick cash back? Here are the details:

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.

The link above discusses various issues around the refund -- from the fact that many people thought it was a scam to how to claim what you're owed. On that latter point, here are the 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.

I've already sent my form in and I went for the simple $25. I didn't spend that much time abroad and to go back and try to figure any specifics would probably take a ton of time and effort and not net me much (if any) more than the $25.

I have to admit that I thought this was a scam as well. I hadn't heard anything about it -- just received a mailing at home. Then I saw a couple bloggers talking about it (for example, here's what BFFP had to say about it.) They had checked it out and it was legit. A couple weeks later, I saw it addressed in the mainstream media and knew it was ok. So I sent in for my $25.

If you want to know more, click the link above and read the entire piece. It's got all the details you need.

Comments

[Kevin]

I got mine a few weeks ago and too thought it was a scam at first. But since I only had to fill out name and address (which they obviously already had) and check a box saying I wanted the $25 standard refund, I sent it in.

[That One Caveman]

I didn't realize it until I already submitted it, but I had spent enough time out of the country to qualify for more than the $25. Oh well, $25 is $25, no matter how you spin it. That is, of course, unless too many people respond and the $25 is slashed to some unacceptably smaller amount.

[Sarah]

Yep, this is legit.

[Dan]

Thought it was a scam and threw it away. Dang.

[Adam Zand]

Thanks for the update - I was wondering about this. I'll send mine in now.

[escapee]

I received this as well- the most important thing to remember is that they said that if you spent more than 5 days (I think this was the approx number- please correct me if I am wrong!) out of the country that you should sign up for the estimated return and NOT the flat $25. I had 45 days so I went with the estimated refund.

[Money Blue Book]

Yup, I've already sent in a claim...although I was claiming for a card that I no longer owned...I wonder if the claim will still go through. We shall see!
-Raymond

[Financialgal]

We thought it was a scam too, until we saw several stories about the $25.00 rebate on the TV news. The downside is that the money won't be rebated until the actual court case is concluded, which could be a year or two down the road.

[Marlene]

Don't forget if you buy online, out of the country most credit card cards will charge you the foreign transaction fee.

So even if you didn't travel overseas you still might be able to put in a claim.

I was charged a transaction fee
of a few dollars and submitted my claim. I'm getting back $25.

[rocketc]

I spent 15 days in Europe. I filled out the estimated refund part of the packet - even though I'm not sure whether or not I used my credit card when I was over there. . .

[MonkeyMonk]

Keep in mind that the odds of getting anything close to $25 back is very, very slim. These types of class actions always underestimate the expected number of claimants and when the payment goes through it's for a fraction of the orginal amount. Be happy to get $5 back.

The lawyers on the other hand will get millions. The 11th overpaid job?

[Susan]

I spent around 280 days out of the country during this time period and submitted my claim a month ago. I'll report on the actually payoff later.

[Kevin]

I thought the paperwork stated the settlement was already done. It is supposed to be paid out in May sometime, I assume they are just waiting that long to get forms back. So I am pretty sure the $25 is a set number.

[rocketc]

I thought there was a set number of complainants. . .a percentage of those will not fill out the paperwork, so they should have enough cash.