'It's crazy': Chase Bank forgiving all debt owed by its Canadian credit card customers

[Opel_Justwax]

[link:https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411|]

Finally, a good-news story about credit card debt.

U.S.-based 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.

Affected customers can't believe their luck.

"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."

Oh Canada!

[Historic NY]

1. Damn....

wish I got a Canadian Card.

[hunter]

2. I wonder how much of that "debt" was bullshit to begin with?

Years ago my wife suffered a serious illness. We stopped using our VISA card almost right away because we didn't know what the future might bring. Eventually things really turned to shit, my wife's COBRA ran out, leaving her without insurance until she was accepted to our state's high risk pool.

There were, of course, bills we couldn't pay. Food and co-pays on prescriptions came first. The medical debts kept piling up.

The interest rate on our now inactive credit card account was jacked up to 30% and late fees and other charges were added to the balance monthly.

It was a very long haul, but we've enjoyed a few years now without any major medical problems.

We eventually settled the VISA account for about half of what we "owed." But of course half of what we owed by then was interest, late fees, and other charges.

Chase probably isn't loosing as much here as it seems.

They've already made their money from all the poor credit card users who can't pay off their entire credit card balance every month.

[customerserviceguy]

3. That's surprising

Surely, they could have sold that debt at a discount, to a Canadian bank that would have leapt at the chance to make some money out of the deal.

[msongs]

4. US card holders will be paying for this nt