Whether or not you’ve used a credit card before, you could be in for a £300 Mastercard payout. YAY.

UK consumers could benefit from the Mastercard lawsuit after a court ruling found shoppers have been paying higher prices due to excessive transaction fees by Mastercard.

Although Mastercard disagrees with the basis of the claim, courts found that the firm has been raking in money from the unnecessary fees over a 16-year period.

Merricks, the former financial ombudsman, suggested that 46 million adults could claim the payout, even if they have never owned a Mastercard.

This is because he believes that higher prices would have been paid by all consumers in shops between the 16-year period (1992-2008).

Merricks also stated that imposing such excessive card transactions whilst shopping has damaged the relationship between consumers and Mastercard.

To claim the compensation, all consumers must do is prove that they were in the UK between 1992 and 2008 (easy peasy, right?).

Now that Mastercard is being challenged, it is only a matter of time until consumers can claim their compensation. YAY for an extra £300 in the bank!

With some of us being Mastercard owners, we’re somewhat looking forward to the £300 payout (if it does happen…). What are your thoughts?

Let us know your thoughts!

Image: The Guardian