NEW YORK—Some Canadian consumers have had their credit card debt erased by one bank. Chase Bank says it is forgiving all outstanding debt owed by users of its two Canadian credit cards as it exits the market.
The move follows a move by Chase in 2018 to fold all Visa accounts that are part of its co-branded Amazon and Marriott programs into one, and now it said it is opting to cut its loan losses completely. The bank said it made the move after concluding it was less expensive to forgive the card debt that it would be to continue to service it.
Chase had been in the Canadian card market for 13 years.
According to the New York Times, recipients of the windfall reacted with a mix of elation and shock. “I asked the rep on the phone about five times if she was sure all was truly forgiven,” one person posted on a personal finance board after seeing the $883.67 balance on her card drop to zero. “Her reply? Take it like a gift.”