Chase Bank Just Forgave Credit Card Debt Owed By Canadians

It's a rare moment of good credit card news.

The U.S.-based Chase Bank says it is forgiving all the debt owed by Canadian users after its two credit cards in Canada were retired last year.

The Amazon.ca Rewards Visa and Marriot Rewards Premier Visa were the only cards operated by Chase in Canada, and the bank says its wiping clear any leftover debt after retiring the two cards. 

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"I was sort of over the moon all last night, with a smile on my face," Douglas Turner of Coe Hill, Ont., told CBC after learning he no longer owes $6,157. "I couldn't believe it."

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Turner, a trucker in Canada, told CBC that he was paying $300 a month towards his credit card debt and when he got a letter from Chase this week he was expecting bad news. Instead, it was a notice that his debate had been forgiven and his latest $300 payment was going to be reimbursed. 

The bank didn't say how much debt they were forgiving, but social media posts indicate a number of Canadians were let off the hook. Another Canadian, Paul Adamson, said he tried to open his account to make a payment and it was closed. When he called the bank, he learned his $1,645 of debt as forgiven.

Nobody is exactly sure how Chase made their decision, but credit card experts said they probably realized it'd be cheaper to forgive the debt than to keep paying taxes and spend money tracking people down after they had closed the two remaining Canadian credit cards.

"It's crazy," Turner told CBC. "This stuff doesn't happen with credit cards. Credit cards are horror stories."

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