Refunds On Credit Card Fees

I got a notice last week that I’m eligible for a refund on some of the foreign currency exchange fees I’ve paid my credit card company. It’s part of a settlement of a class-action lawsuit. But I confess I didn’t really understand it until I read Laura Bly’s story in USA Today.

I signed up for a $25 settlement, although I wonder if I should have passed. I’m not very comfortable with class-action lawsuits as a means of forcing corporations to treat their customers properly.

First, it’s not efficient. Second, lawyers end up with a good chunk of the money.

Wouldn’t it make more sense – and ultimately cost the consumer less – for the government to regulate and enforce the rules? Then companies wouldn’t rip us off in the first place.

Just sayin’.


One thought on “Refunds On Credit Card Fees

  1. Mike

    I hear you – I’m not a big fan of those large lawsuits either, but I think the credit card companies really need to change and maybe this will help. It would make more sense if the government could make the system more transparent and help us out, because there’s no way the credit card companies just make way too much money off their fees. I’ve worked with and it’s amazing how much money they make off of things like interchange fees that we never even hear about. They make more money off of fees now than interest I think and thats just nuts.


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