If you owe money on your Canadian Chase credit card, good news! You don't anymore.
The bank has wiped all debt clear, following its decision to exit the country's credit card market after 13 years. Although it shut down its two cards — an Amazon and a Marriott rewards Visa — in March of last year, many customers still owed thousands of dollars in outstanding bills.
Chase has not confirmed how many customers benefited from the amnesty, nor how much money it wrote off in the move. The decision to walk away rather than sell the debt to a third party to collect, which they were entitled to do, has baffled even financial experts.
However the customers who received letters informing them of the good news — some containing refunds of their most recent payments — were certainly not questioning the decision.
"I was sort of over the moon all last night, with a smile on my face," cardholder Douglas Turner told CBC News after learning his $6,157 debt had been forgiven. "I couldn't believe it."
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.
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.
Credit card rewards expert Patrick Sojka said Chas..