Chase has announced that all owners of a Chase Canadian credit card will have their debt forgiven. Last year J.P. Morgan Chase Bank announced it would be leaving the Canadian market and accounts were closed in March. It’s not clear how much debt Chase is actually forgiving. Normally in situations like this card issuers would sell the entire card portfolio including existing accounts and debt to another card issuer but in this case Chase didn’t do that. Any payments that were made from July 27th, 2019 onwards will also be returned to customers and accounts will be reported as having a balance of zero.
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