Introduction: The much-awaited settlement of Visa and Mastercard in 2025 is once again in the headlines. This settlement has come as a big relief for crores of consumers who had ever made purchases through these two card companies. This case is years old, in which it was alleged that Visa and Mastercard charged unnecessary fees from merchants and it was ultimately passed on to the customers. Now it has been settled and eligible consumers will get its benefit.
If you have made any purchase between 2004 and 2019 using Visa or Mastercard in the US, then you may be entitled to stimulus payment in this settlement. Let us understand in detail in this article what this case was, who are eligible, how much money will be received and how to claim.
What is Visa and Mastercard Settlement?
Visa and Mastercard were accused of charging high fees from merchants and preventing competing companies from entering the market. This directly affected the common consumers as merchants passed on this additional cost to the consumers. After years of court proceedings, a settlement was reached in which these companies have agreed to pay billions of dollars.
What is the total amount of the settlement?
Visa and Mastercard have agreed to a settlement of approximately $5.54 billion USD. This amount will be distributed among consumers and merchants who made transactions through these companies during that period.
Who are eligible for this settlement?
You may be eligible for this settlement if:
- You made a payment with Visa or Mastercard in the US between January 1, 2004 and January 25, 2019.
- The transaction was for personal use or business use.
- Your payment was processed directly through the card network.
- Note: This settlement is for US consumers and merchants. However, international customers (such as those from India, Canada, UK, etc.) are not included.
How to Claim Your Share
To participate in this settlement, you will have to fill a claim form. The process is very simple and is available online.
Step-by-step guide:
- Go to the Official Claim Portal.
- Select the “Submit Claim” or “File a Claim” option there.
- Provide your name, address, email and the period in which you used the card.
- Enter the number of transactions or estimated expenses.
- Submit the form and get confirmation on email.
Till when can you claim? Due date to claim claim
The deadline on the claim has not been released yet, but it is believed that, it will be ready to have a completion by the end of 2025. It is, therefore, recommendable to claim as soon as the portal is functioning.
How Much Will You Get?
The amount you get will depend on how much you have spent in that period. For example:
- If you have spent $5000 in that period, and the total number of claimants is less, then you can get from $50 to $500.
- If there are more claimants, then you can also get a lesser amount.
- This settlement is based on pro-rata distribution.
Do you need to provide card details?
No. You do not need to provide complete information about your card while making a claim. You only have to tell whether you used Visa or Mastercard and what was the estimated expenditure.
Will I have to pay tax on this money?
This is the amount received from a legal settlement, and the IRS has the right to decide whether it is taxable or not. Usually if you have spent it in business then there is a possibility of tax. In case of personal use, there is no tax.
What happens if you do not claim?
If you do not claim, then you will not get any benefit from this settlement. Also, you will not be able to make any legal claim regarding this matter in future. So if you are eligible, then definitely file your claim in time.
How to know if your claim is accepted or not?
When you submit a claim, you get a confirmation number and email. Later, when the settlement is disbursed, you will be informed via email or check.
Important Precautions
- Claim only from the official website – https://www.paymentcardsettlement.com
- Be cautious of any third-party website or call.
- Do not give OTP, card number or bank details to anyone.
Conclusion
This settlement of Visa and Mastercard is a historic step, which has been established to give consumers their rights. If you have done any transaction with Visa or Mastercard between 2004 and 2019, then you may be eligible for this relief amount. This is a golden opportunity where you can get compensation legally without getting involved in any litigation.
FAQs
Q1. What is the Visa and Mastercard Settlement about?
A. This settlement is the result of a long-standing lawsuit alleging that Visa and Mastercard charged merchants excessively high interchange fees, which were indirectly passed on to consumers. A multibillion-dollar settlement was reached to compensate eligible individuals and businesses.
Q2. Who is eligible to claim money from the settlement?
A. Any individual or business that accepted Visa and/or Mastercard payments in the United States between January 1, 2004, and January 25, 2019 may be eligible to claim a share of the settlement.
Q3. How much money can I expect to receive?
A. The amount varies depending on how many valid claims are submitted and the volume of transactions made using Visa or Mastercard during the eligible period. Payouts are pro-rata, meaning your share will depend on your transaction volume relative to other claimants.
Q4. Do I need receipts or documentation to file a claim?
A. No. Exact receipts are not mandatory. However, claimants are encouraged to estimate transaction volumes as accurately as possible. In some cases, basic supporting documentation might help validate your claim.
Q5. What is the deadline to file a claim?
A. As of now, the final claim deadline has not been officially announced. It’s recommended to check the official site frequently and sign up for updates.
