Chase Wipes Away Canadian Credit Cardholders Debt - Card Issuers News


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Chase Wipes Away Canadian Credit Cardholders Debt

Chase Wipes Away Canadian Credit Cardholders Debt
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The content is accurate at the time of publication and is subject to change.

For many consumers having their credit card debt eliminated is a dream come true, but in general, it is a rare occurrence. But that is exactly what happened for Chase cardholders in Canada because Chase has erased the debt of people who had the Chase Rewards Visa credit card and/or the Marriott Rewards Premier Visa credit card in their wallet.

Chase announced this news on July 27, 2019, with cardholders discovering that they now have a zero balance with Chase, and this will be reflected the next time they check out their credit report. Cardholders who are concerned that this may negatively affect their credit score can breathe a sigh of relief because it won’t. According to all reports, there will be no negative outcomes for them due to this decision, just the cancellation of their debt.

This news comes more than a year after Chase decided to permanently discontinue the Chase Rewards Visa credit card and the Marriott Rewards Premier Visa credit card in Canada. That announcement was made on March 15, 2018.

At that time they also decided to shut down their credit card operations in Canada, after being in that market for more than a dozen years. They also told cardholders that it was business as usual in terms of payments, so they should keep paying down their debt as usual. But that has all changed with this reversal by Chase.

The cost of erasing Canadian debt

People who are wondering just how much this reversal cost Chase will have to keep pondering that question because they have not yet disclosed how much money it cost them or how many consumers had their debt forgiven. That said when you consider the fact that Chase is worth more than. 2.5 Trillion dollars, the cost of the debt forgiveness for Canadian cardholders is likely to be affordable for the bank.

Why would they forgive the debt? They may have decided that it was the more cost-effective option when they are trying to close down their operations in Canada.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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