Money Saving Expert () has issued an update on the . The credit card company previously agreed a £200 million settlement which would see customers get up to .
However, it has been confirmed that the payouts will be delayed due to a new legal twist. A company called Innsworth, which helped fund the case, is now challenging how the money is split, which means it could be months before the cash is paid out. They claim that the Tribunal that approved the settlement "made a series of errors in its judgment" and argue they should get a bigger cut of the £200 million.
As reported by Mastercard agreed to pay the £200 million back in May. It is alleged that the company's fees made it more expensive for retailers to accept card statements.
This then increased the cost for consumers through higher prices. It is believed that around 47 million customers could be entitled to the payout.
MSE said: "In a nutshell, the claim alleged that Mastercard's fees were too high, making it more expensive for retailers to accept card payments.
"Retailers then allegedly passed these increased costs on to consumers through higher prices for goods and services - meaning even those who've never had a Mastercard were potentially affected."
An online claims portal was set to launch after the May judgment, but this has now been delayed. People now have until the end of this year to submit their claims.
It is expected that around 2.2 million people will claim which means each person will get £45. However, there is a chance that fewer people claim, meaning the maxmimum each person will get is £70.
If Innsworth are successful with their challenge, they will receive more of the £200 million. MSE has warned that this would also reduce the amount of money that claimants receive.
To qualify, you need to match the following criteria:
