Chase is Forgiving the Debts of Some of its Credit Card Holders

Some of you may be thrilled to read this while some of you may feel a little bitter.

Chase Canadian credit card holders may have their debts wiped out as the bank is forgiving balances.

The bank is speeding up its exit in that market and for this reason is wiping out the consumer debts of many people.

J.P. Morgan Chase Bank has decided to forgive the outstanding debt of its credit card holders in Canada, said a spokeswoman for the firm. That includes the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa branded cards.

Chase decided to exit the Canadian credit card market in 2018. The affected accounts were closed by March 2018. To finish the departure, the bank said it is wiping out any outstanding balances.

The bank wouldn’t discuss its reasons behind the extreme move.

“I haven’t seen this happen before,” remarked Matt Schulz, chief industry analyst at CompareCards.

According to Schulz, forgiving the debt is easier and faster than selling the debts to a third party.
For those who may be fortunate enough to have their balance wiped out, double-check any notification you receive and call the bank to make sure it is real.

“There’s so many scams out there,” Schulz said. “It’s hard to tell a legitimate email from a phishing email or fake email.”

Make sure to also hold on to the notification you received for at least six months and keep an eye on that account and your credit report, Schulz suggested.

“The last thing you want is to be told that you don’t have to pay and then have to pay and have it show up on your credit report,” Schulz said.

Disclaimer: We have no position in JPMorgan Chase & Co. (NYSE: JP) and have not been compensated for this article.