United States-based banking giant, Chase Bank, recently decided to forgive outstanding Canadian debt for two if its credit cards. This news follows the company’s decision to exit the credit card market in the country.

The two Canadian cards include the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa. The banking giant stopped its operations in the country in March of last year, states Bloomberg. In line with the bank’s exit, Chase announced its decision to wipe all cardholders’ debt.

Despite closing its operations in the Canadian market, the company remained mum on the outstanding amount of debt incurred by its cardholders.

Industry expert, Patrick Sojka, reckons that Chase Bank waived the debt instead of wasting operational costs.

ADVERTISEMENT

Good News

Customers who received the good news are over the moon over their luck. In a statement to CBC News, Douglas Turner from Coe Hill, Ontario, said that he could not believe his luck. Based on his report, Turner still owed the bank $6,157 in his Amazon.ca Rewards Visa card.

Turner reportedly made $300 payments every month towards debt repayment. However, the banking giant waived his latest payment and instead, would be reimbursed by Chase.

Paul Adamson from Dundalk, Ontario also had a similar payment. Adamson had an outstanding debt of $1,645 on the Amazon Rewards Visa card. However, he discovered that the company already closed his account prior to paying his monthly payment.

CBC News reveals that Adamson remained “flabbergasted” about the situation. In a statement, Adamson says he “called my bank a little frantic. I’m like, ‘I don’t want to miss a payment here.”

Both Turner and Adamson agree that when they receive notices or sudden account closures, these usually come with extra charges and surprise fees.

Chase Bank spokesperson Maria Martinez said to CBC News that they “felt it was a better decision for all parties, particularly our customers.”

ADVERTISEMENT
Previous articleIndia Central Bank Cuts Off Lending Rate to 5.40%
Mirka Santos is a writer from Quezon City whose works encompass all kinds of topics, from lifestyle blogs to technical articles. She worked as a web content writer and research assistant at the Commission on Filipinos Overseas, where she wrote informative and feature articles, profiles of notable overseas Filipinos and PR-related works. Moreover, she has worked as a freelance transcriber, editor, documenter and writer for various clients.