New Yorkers Could Get Payment From $5.6 Billion Credit Card Deal

Popular credit card companies agreed on a settlement that could potentially save consumers billions.

Some New Yorkers are eligible for a one-time payment following a $ 5.6 billion credit card settlement.

Visa And Mastercard Reach Settlement With Merchants Over Fees

Any New York merchants that accepted Visa or Mastercard between Jan. 1, 2004, to Jan. 25, 2019, may be eligible for a share of a $5.6 billion class action settlement.

Read More: New Year Brings 2 New Holidays To New York State

The settlement is called the “Payment Card Interchange Fee Settlement.”

The settlement comes after an antitrust case from retailers against Visa and Mastercard for allegedly conspiring to fix high “swipe fees,” which were said to cover processing, while imposing rules that prevented merchants from steering customers to other payment methods.

These fees were about 1 to 2 percent of the purchase price. The settlement forces credit card companies to cap the fee over the next five years, and then negotiate a new "swipe fee" with merchants.

For all the news that the Hudson Valley is sharing make sure to follow Hudson Valley Post on Facebook, download the Hudson Valley Post Mobile

It's alleged that the credit card companies made billions for the additional "swipe fee" paid by merchants.

Visa And Mastercard: Deadline To File

Get Ready To Pay More: Plan For Massive Toll To Drive In New York State Approved

The deadline to file a claim is May 31, 2024. CLICK HERE to file your claim