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Credit Cards

“A Gift”: Chase Erases Credit Card Debt in a Good ‘Bye

“A Gift”: Chase Erases Credit Card Debt in a Good ‘Bye
Joe Cortez

Canadian Chase credit cardholders are celebrating the bank’s exit from the nation – for a rather unexpected reason. As part of the withdrawal, the company forgave all debts of credit cardholders to “complete the exit.”

Having all debts erased is often the dream that comes with getting a surprise inheritance, or winning the lottery. But Chase made the dream real for cardholders to complete their exit from Canada. The New York Times reports Canadian cardholders will have their debts forgiven as part of their retreat from the nation.

In a statement to the Times, Chase confirmed that the move was not a fluke or computer glitch. Instead, forgiving debts made it easier for the bank to close business in Canada completely.

“Chase made the decision to exit the Canadian credit card market,” Maria Martinez, spokesperson for Chase, told the newspaper. “A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit.”

The forgiveness is two years in the making as Chase sought to close business. In 2017, the bank stopped accepting new applications for their two Canadian cards: one with Amazon and one with Marriott. By March 2018, all accounts were closed, forcing cardholders to pay off the remainder of the outstanding balance.

How much did Canadians save as a result of the forgiveness? According to CBC News, the bills written off entirely range from around $1,600 CAD ($1,208 USD) to over $7,500 CAD ($5,664 USD). Furthermore, those who only made personal purchases on the cards will not have to pay income tax on the forgiven payments.

Many found out about the forgiveness when they went to pay their credit card bills, or received notification from Chase in the mail. Ontario resident Douglas Turner discovered his balance was forgiven when he received a letter.

“It’s crazy,” Turner told CBC News. “This stuff doesn’t happen with credit cards. Credit cards are horror stories.”

 

[Featured Image: Chase]

View Comments (8)

8 Comments

  1. alexmyboy

    August 14, 2019 at 4:59 am

    no fair, universal healthcare, no this

  2. awayIgo

    August 14, 2019 at 5:21 am

    Kinda makes those who work hard to pay their bills and not incur more debt than they can afford, into fools.

    Chase rewarded overspending!

  3. razzaba

    August 14, 2019 at 5:27 am

    How would you like to be the people that worked their butts off and paid their balance, now to find out that everyone else’s debt is going to be forgiven? I’d be livid.

    It’s the same reason I don’t like the idea of forgiving student loan debt. I worked my tail off on 2 jobs while in college to pay down some of the debt and help ensure I didn’t accumulate more and place a bigger burden on my parents, and then contributed as much as I could after graduation (instead of going out all the tine with friends, or making all of the frivolous purchases many of my friends did – leading to aforementioned credit card debt) and paid off 100% of it.

    To forgive all that debt is an insult to the people who budget, sacrifice, and are financially responsible.

  4. olwagner

    August 14, 2019 at 6:59 am

    The use of US based credit cards and US dollars as pics are click baits, when in fact only Canadian credit cards were affected

  5. Ethicist

    August 14, 2019 at 8:29 am

    So we Americans, will have to make up the bottom line loss . Too we have toothless regulatory agencies,

  6. acoblack

    August 14, 2019 at 8:51 am

    My mortgage identifies as Canadian credit card debt.

  7. lbotez

    August 14, 2019 at 11:54 am

    I dunno.. I think it’s kind of cool. That would never happen here in the US. They must have figured it would cost them more to do it a different way. It’s a bank.

  8. SamirD

    August 14, 2019 at 10:37 pm

    This is why I have no sympathy for anyone that has a story of why they don’t have any money or that they are illegal in the US or any other country–there’s millions of us that make the tough decisions and sacrifices to abide by laws and strive to be better citizens and individuals. And then there’s the others who try to find every little loophole to cheat the system or put personal pleasure before personal sacrifice and want the rest of us to give them ‘mercy’ while we slave away to cover their deficiencies.

    It’s unfortunate that today the rewards went to those that didn’t earned them or deserve them.

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