Are You Owed Money by Mastercard? Why Millions Qualify But Still Haven't Been Paid

Nearly 46 million people in the UK could be in line for compensation from Mastercard, yet most haven't seen a single penny. The case dates back to 2016, when a landmark class action lawsuit alleged that Mastercard's transaction fees between 1992 and 2008 unfairly inflated consumer prices.

Now, in May 2025, despite a £200 million settlement being approved by the Competition Appeal Tribunal, not a single payout has been made.

The Mastercard Case: What Sparked It All?

The lawsuit was initiated by Walter Merricks, a former financial ombudsman, who accused Mastercard of charging excessive multilateral interchange fees. These are the hidden costs retailers pay to process card payments, costs that were allegedly passed down to customers in the form of higher prices.

It quickly became one of the UK's most prominent opt-out class actions. If you lived in the UK for at least three months between May 1992 and June 2008 and spent money at a shop that accepted Mastercard, you're likely included automatically, regardless of whether you used a Mastercard or not.

Why No One's Been Paid

While the Tribunal has greenlit the £200 million settlement, the cash remains stuck due to a heated dispute over legal costs. Innsworth Advisors, the litigation funder that backed the case, is contesting the amount, claiming it doesn't adequately reflect the scale of the original £14 billion claim or the financial risk they assumed.

This deadlock over the funder's cut has led to further legal delays, halting the entire compensation rollout. Until the matter is resolved, the money can't be distributed.

How Much Could You Get?

Payout estimates vary, but it's thought that eligible consumers could receive between £300 and £500, depending on the final allocation and how many people register their claim. However, the total could shrink once legal fees and funder payments are deducted.

There is no confirmed timeline, though some experts believe compensation may not begin until late 2025. When it does, claimants will likely need to complete a simple online form, with no receipts or paperwork required.

What You Can Do Right Now

You don't need to do anything to be included in the claim, but you can register your interest on the official Mastercard Consumer Claim website to stay informed.

Be cautious of third-party sites or emails promising to help you claim, as these may be scams. Always go through official sources.

Why This Case Matters

This case could reshape how consumer mass claims are handled in the UK. Not only is it one of the biggest payouts of its kind, it also offers a template for holding corporations accountable on a large scale.

And if you were in the UK between 1992 and 2008 and spent money on the high street, which, let's face it, most people did, you could be owed a slice of the settlement. Just don't expect it to land in your account any time soon.

Originally published on IBTimes UK