Chase Bank Cancels Credit Card Debt for Canadian Customers

Chase Bank has confirmed it will forgive all outstanding credit card debt for its Canadian customers. As if we needed another reason to be jealous of the Great White North.

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The U.S.-based bank made the decision more than a year after it retired the Amazon and Marriott Visa cards in Canada. It was initially reported that all Canadian card-holders would continue to pay off their balances; however, Chase confirmed to USA Today that it was wiping all debt.

Maria Martinez, vice president of communications for Chase Card Services, in a statement said; “Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit.”

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The bank has not revealed how much debt was forgiven, or the number of customers who were affected.

Patrick Sojka, a credit card rewards expert, who spoke with CBC said: “Ultimately, we felt it was a better decision for all parties, particularly our customers,” Martinez explained. Chase, if they decided to, could have sold off the debt to a third party. “They’re still probably paying taxes, paying accountants, […] for them, they just probably worked it out and [said], ‘Let’s just forgive the debt and fully get out of the country.'”

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Needless to say, customers were very happy.

According to CBC, Ontario resident Douglas Turner said, who owed $6,157 said: “I couldn’t believe it. I was sort of over the moon all last night, with a smile on my face.”

Another Ontario resident, Paul Adamson, said: “I’m honestly still so flabbergasted about it, It’s surprise fees, extra complications things like that, definitely, but not loan forgiveness.”

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