It’s a consumer’s dream: A credit card company forgiving all your debt without you even asking.
If you’re a Canadian credit card user of the U.S.-based Chase Bank, your dream just came through.
Chase is leaving the Canadian credit card market, according to a report by the CBC. Their going-away gift to holders of their Amazon.ca Rewards Visa and Marriott Rewards Premier Visa was to forgive all the outstanding debt from its customers.
“It’s crazy,” said Douglas Turner, a 55-year-old long-haul trucker from Coe Hill, Ontario. “This stuff doesn’t happen with credit cards. Credit cards are horror stories.” Based on his monthly payments and a 19.9 percent interest rate, Turner estimates he’s about to save over $7500.
Debt forgiveness was probably cheaper than continuing to collect credit card payments, according to credit card rewards expert Patrick Sojka.
For those non-Canadians reading this, a good primer on debt forgiveness — which will probably never again involve a bank generously letting you off the hook — can be found here.
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