Chase Bank erases all credit card debt for Canadian customers

[steve58]

Makes ya almost want to be a Canuckian, eh?   >:D

American-based Chase Bank is giving its customers above the border one last gift before it bows out of the Canadian credit card market.

Chase Bank, which is part of JPMorgan Chase & Co., closed all their credit card accounts in March 2018 and customers were expected to continue to pay their debt.

That changed on Friday when the company decided to forgive all outstanding balances on either of its two VISA cards as part of their exit following 13 years in the Canadian credit card market, according to the CBC.

https://www.foxnews.com/world/chase-bank-erases-all-credit-card-debt-for-canadian-customers

[Silent Disapproval Robot]

I bet the poor bastards who were diligent and made their monthly payments are just thrilled.

[Gusington]

^Yeah really.

[Sir Slash]

I thought they were named, 'Chase' because if you DIDN'T pay, they would, 'chase' you down. I wonder if I start using a Canadian address..... :-"

[em2nought]

I bet the poor bastards who were diligent and made their monthly payments are just thrilled.

Progressive culture at its finest.  ;)

[FarAway Sooner]

Whatever their motivations, nothing about Chase's decisions in a case like this is "progressive".  Having worked in the industry for almost 20 years, I'm sure that they sharpened their pencils before making this call...

[jamus34]

Does Canada have stricter consumer protections?

Pretty sure the tax rate is higher.

I imagine Chase felt the ROI on keeping collection and processing assets in place was less than the tax credit as an operating loss they can take this year.

Just my $.02