Home / North America / Good News! Chase Bank Wipes Out Debt for Canadian Credit Card Holders

Good News! Chase Bank Wipes Out Debt for Canadian Credit Card Holders

Chase Bank began to offer visa cards in Canada about 14 years ago

There is no such thing as a magic credit card but do not try telling to that some very lucky Canadians. Instead of paying now or overdue notices, they can just forget about what they owe. About 14 years ago, Chase Bank began to offer visa cards in Canada. Customers using the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa were thrilled to find the balance on their credit cards was zapped, turning it into a big fat zero. One of the lucky individuals to have that notice was a 55-year-old Douglas Turner said, “I was sort of over the moon all last night, with a smile on my face.” “I couldn’t believe it,” said Turner, a long-haul trucker living in Ontario’s Coe Hill who owned more than $4,500 on his card. “It’s crazy,” Turner said. “This stuff doesn’t happen with credit cards. Credit cards are horror stories.” Moreover, Turner told that not only his debt was cleared but also reimbursed his latest payment of CAD$300.

Why would Chase Bank do this?

Part of the US-based JPMorgan Chase and Co, Chase Bank announced in March last year closed all credit card accounts in the country, the company said. In a statement, Vice-president of communications for Chase Card Services, Maria Martinez 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.”

How many people are catching this break?

How much money the bank is losing as a result of this?

Moreover, why it would just forgive these debts?

Maria told, “A further business decision has been made to forgive the debt. Ultimately, felt it was a better decision for all parties, particularly our clients.” The net income of JPMorgan Chase is $9.7 billion, or $2.82 per share, for the second quarter of 2019, according to reports.

Check Also

Andrew Scheer

Canada’s Conservative Party leader Andrew Scheer resigns

OTTAWA: Canada’s Conservative Party leader Andrew Scheer has announced his resignation on Thursday.

Leave a Reply

Your email address will not be published. Required fields are marked *