Two class action lawsuits contended that Visa, Mastercard and several other credit and debit card issuers overcharged when foreign transactions are converted into dollars and withheld to disclose all fees.
Credit cards companies typically charge up to 1% to 2% to convert foreign transactions into U.S. dollars, a policy that many consumers don't realize until the billing statements arrive.
On August 2006, the Houston Chronicle reported on a $336 million dollar settlement entered into by the credit and debit card issuers to resolve the case.