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August 9, 2019 01:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/pIn41aUbWO8/chase-bank-forgives-all-debt-owed-by-its-canadian-credit-card-customers
Chase Bank Forgives All Debt Owed By Its Canadian Credit Card Customers
An anonymous reader quotes a report from CBC.ca: 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. 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. Credit card rewards expert Patrick Sojka said Chase likely concluded that debt forgiveness was ultimately cheaper than continuing to collect credit card payments in Canada. But he's stumped as to why the bank didn't instead opt to sell the debt to a third-party debt collector, which would allow Chase to recoup some cash. Chase spokesperson Maria Martinez said in an email to CBC News: "Ultimately, we felt it was a better decision for all parties, particularly our customers."Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/pIn41aUbWO8/chase-bank-forgives-all-debt-owed-by-its-canadian-credit-card-customers
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