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Chase cancels credit card debt for Canadian customers

Monday 12 August 2019 | 11:16 AM CET

JP Morgan Chase has retreated from the Canadian credit card market and has cancelled credit card debt for its remaining customers.

According to Quartz, rather than continue collecting payments on its two Canadian Visa cards, which it discontinued in March 2018, Chase figured debt relief was a better decision. Some customers were still making payments on their balances, preventing the US bank from closing down its Canadian credit card operation.

Chase did not disclose how many credit-card customers it had left in Canada or the total amount of debt it forgave.

A similar move happened in 2010, when Citigroup exited the Canadian credit-card market and sold its USD 2 billion Mastercard portfolio (paywall) to the Canadian Imperial Bank of Commerce.

More: Link
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