Do you own a credit card since the past eight years then you might have been slapped by a foreign currency fee by credit card companies which could be as much as three percent or more of the total transaction but you might get that money back all due to a class action suit which challenged this practice.
$336 million settlement has been approved against Bank of America, Citigroup, MasterCard, Visa, JPMorgan Chase, HSBC and Washington Mutual. All people who have owned a debit or credit card since February 1, 1999 and used it internationally are eligible to get a share in the award settlement.
It was stated that the credit card companies and banks schemed for charging their customers excessive which would have generally cost to the bank 0.25% of the transaction. I hope companies learn a lesson from this and stop these malpractices which hurt the user.
