Chase Bank lets Canadian credit card customers off the hook

Some credit card holders in Canada can’t believe their luck. 

Chase Bank is forgiving all outstanding debt owed by users of its two Canadian credit cards: the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa. The bank retired both cards last year and said it’s wiping out cardholders’ debt to complete its exit from the Canadian credit card market. https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411

“I was sort of over the moon all last night, with a smile on my face,” said Douglas Turner of Coe Hill, Ont., after learning he’s off the hook for the $6,157 still owing on his now-defunct Amazon Visa. “I couldn’t believe it.”

After 13 years in the Canadian market, Chase decided to fold its two Visa cards in March 2018.

The bank — which is part of global financial services firm JPMorgan Chase & Co. — wouldn’t say how many Canadians had signed up for the cards or how much debt was outstanding.

Christine Langlois, of Montreal, was also surprised by the news, especially considering she stopped making regular payments on her Amazon Visa five years ago.

“It’s kind of like I’m being rewarded for my irresponsibility,” said the 24-year-old university student who’s being forgiven a $1,300 debt.

Langlois got her card when she was 18 to use while travelling in the U.S., as users weren’t charged a fee for foreign currency transactions.

As her debts piled up, Langlois stopped making regular monthly payments and her credit rating took a hit.

Now she is off the hook. Talk about lucky.