CBC | 'It's crazy': Chase Bank forgiving all debt owed by its Canadian credit card customers
Finally, a good-news story about credit card debt.
U.S.-based Chase Bank is forgiving all outstanding debt owed by users of its two Canadian credit cards: the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa. The bank retired both cards last year and said it's wiping out cardholders' debt to complete its exit from the Canadian credit card market.
Affected customers can't believe their luck.
"I was sort of over the moon all last night, with a smile on my face," said Douglas Turner of Coe Hill, Ont., after learning he's off the hook for the $6,157 still owing on his now-defunct Amazon Visa. "I couldn't believe it."
After 13 years in the Canadian market, Chase decided to fold its two Visa cards in March 2018.
The bank — which is part of global financial services firm JPMorgan Chase & Co. — wouldn't say how many Canadians had signed up for the cards or how much debt was outstanding.
But it is likely that many cardholders were still paying down their debt, including Turner.