When you receive a notification from your bank, it’s often a payment reminder, a fee increase, unusual activity, or maybe a missed payment…
But there’s one thing you don’t see so often…
“Hey, your debt is gone. See you later.”
In an act that certainly put a smile on many people’s faces, while leaving the credit card industry shocked…
Chase forgave all credit card debt owed by Canadian customers as a final goodbye to Canada after folding its two Visa cards in March 2018.
While it’s not yet known how many customers have been affected and exactly how much debt has been forgiven, there have been stories across the internet of those who owed a few hundred, even up to a few thousand dollars.
Yet to release an official press statement, spokesperson for Chase Bank Maria Martinez has told several news outlets that “Ultimately, we felt it was a better decision for all parties, particularly our customers.”
But another unknown that remains is…
Why is Chase forgiving Canadian debt? Is there a catch?
Was forgiving all debt cheaper? Is insurance going to cover this for Chase?
For now, the reasons remain a mystery.
There have also been questions raised about whether the customers will have to pay up come income tax time on the amount of debt that they were cleared of.
Tax experts have weighed in with a no – as long as purchases were for personal use.
But if customers used their cards for their businesses, their debt forgiveness could be viewed as income by the Canadian Revenue Agency.
Like we said, it’s not too often this type of news story comes along…but we’re so happy to hear that customers have a fresh start on their personal finance journeys.
Our top Chase Amazon Visa alternative
If you were missing your Amazon Visa, we understand. A break up from a good credit card can be hard.
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Home Trust Preferred
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We want to hear your story
Were you a Chase Bank customer given the gift of debt forgiveness?
We’d love to help share your story in the comments below.