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August 9, 2019

Chase Bank erases credit card debt for Canadian customers

By Evie Rusman

Chase bank has decided to forgive the outstanding debt owed by customers following its exit from the Canadian market last year.

The US bank, which is part of JPMorgan Chase & Co, announced in January 2018 that it would be cancelling its two Canadian credit cards.

On Thursday customers were greeted to the news that the balance on their Rewards cards and Marriott Rewards Premier cards had been erased.

Maria Martinez, vice-president of communications for Chase Card Services, commented on the situation saying it was the best decision for all parties including the customers.

For some customers the debt was over $6,000.

Douglas Turner, a customer from Ontario, told CBC: “It’s crazy. This stuff doesn’t happen with credit cards. Credit cards are horror stories.”

Chase has not disclosed when they decided to wipe the debt or how many customers will be affected.

Speaking on the decision, Scott Hannah, president of the Credit Counselling Society, has said that it is a very unique situation and is unlikely to happen again.

Chase Bank was part of the Canadian credit card market for 13 years and officially left in March 2018.

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