Several days ago, Chase Bank, a national U.S. bank headquartered in Manhattan, New York City, informed their Canadian credit card holders about the full cancellation of their credit card debts. And it is definitely not a joke!
It will be recalled that last year, Chase announced their decision to leave the Canadian credit card market after significant thirteen years. In Canada, the bank had offered two rewards credit cards – the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa. All the card accounts were closed before the end of March 2018. Nevertheless, cardmembers were supposed to continue to gradually pay off their outstanding balances. Until last week everything unexpectedly changed.
According to the company official, this step was taken to finally complete the exit. Up to now, there is no information on how many Canadian cardholders Chase had and what amount to write off is concerned. But more and more enthusiastic comments from Canada keep endlessly appearing on the Internet. Full of astonishment and joy, now the former clients of Chase, share their emotions in social networks and forums, as well as photos of received official letters from the issuer confirming the complete cancellation of their debt.
Still, the issuer’s generosity evokes such emotions as shock and utter disbelief in Canadians as well. Many of them can’t believe their happiness and rush to their phones to call Chase customer service in order to make sure there is no mistake or misunderstanding. Fortunately, the information turns out to be genuine.
One can only guess why the debts weren’t passed to some collector agencies or sold to other banks. All in all, Chase Bank is one of the Big Four banks of the United States, and it’s hard to believe that such a decision was taken rashly.
