After trudging through a Mexican rainforest, visiting his grandparents' birthplace in Greece and studying calligraphy in Japan, Christopher Matthews had charged almost ,5,000 on his Visa credit card.
And now, because his credit card company has been accused of hiding a 1 percent to 3 percent foreign transaction fee, Matthews, a UF pre-med junior, is getting some of that money back.
Thanks to a class-action lawsuit brought on by 20 credit card customers in 2003, he can expect a ,25 check within a few months.
The customers stated that Visa, MasterCard and Diners Club International credit cards conspired to set the fees and conceal them from the public, which would violate antitrust laws, according to the settlement agreement.
The settlement is still subject to final court approval in March, and as long as the court approves the settlement, refund checks should be issued soon after.
Although the companies continuously denied wrongdoing, they agreed to a settlement to avoid further legal expenses, according to the agreement.
As part of the settlement, the companies will reimburse the fees for all eligible customers who submit paperwork requesting a refund.
Any customer who used one of those three credit cards overseas in the last 10 years is eligible.
So far, about 30 million people nationwide have received notifications that they might qualify.
Customers seeking refunds have three options: they can apply for a basic ,25 refund, answer questions about their travels and receive a refund based on how much they might have spent, or document every credit card expense overseas and receive a refund based on those purchases.
Even though Matthews charged thousands of dollars to his credit card, he said he chose the ,25 refund because it was the easiest option.
"Honestly, it was just a pleasant surprise and a nice way for an extra few dollars in your pocket," Matthews said.
Karen Fooks, director of UF Student Financial Affairs, said she expects that most students would also choose the ,25 refund.
"It's highly unlikely that the average student certainly would be charging anything on credit cards that would merit more than the ,25 refund," Fooks said. "You're just talking about transaction fees, which are relatively nominal to the price of whatever you bought."
"I'd take the ,25 and run," she added.
Susanne Hill, coordinator of UF Study Abroad Services, said she hasn't received any questions about the refunds from the 2,000 UF students who study abroad each year.
Hill said students might not be asking about the refund because they might have used their credit cards overseas while on vacation with their families or other programs not related to the university.
"I would assume that they probably check with their bank or with their credit card company, since the finance charge is really not related to study abroad per se," Hill wrote in an e-mail.
She said students who participate in a six-week program probably charge about ,1,000 on a credit card.
