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With the recent news that Chase Canada is officially closing all Amazon.ca Rewards Visa accounts, it was only a matter of time before they closed their Marriott Cards as well…
And this week, cardholders all over Canada received letters informing them that that would be the case.
On March 15th, 2018, Chase Canada will be closing all of their Marriott Rewards Visa accounts, However, because the Marriott Visa was a premium travel card with a $120 annual fee, the closing of accounts isn’t quite as straightforward.
What About My Annual Fee?
If you have paid an annual fee for your card any time between April 2017 and December 2017, Chase Canada has said that they will give you a prorated rebate of the fee back as a statement credit on your account.
If, however, your annual renewal fee is due between January 2018 and March 2018, you will NOT have to pay it at all – and you’ll still be able to use your card up until March 15th, 2018.
What About My Monthly Statements?
Marriott has said that cardholders will continue to receive monthly credit card statements, until any outstanding balance is paid in full. Cardholders can chose to:
- pay their balance in full,
- continue to make payments as set out in their statement until the balance is paid in pull, or…
- transfer their balance to another credit card (like one of the Top 10 Balance Transfer Cards in Canada).
What About My Rewards?
As long as you hang on to your Marriott Rewards Visa, you will continue to earn rewards right up until March 14th.
And because the closure of the Marriott Visa does not impact the Marriott Rewards Program, you will be able to access and use any rewards that you have earned through the Marriott Rewards Program, even after your Marriott Rewards Visa has closed.
So, thankfully, you don’t need to go out and use up all your rewards just yet.
Should I Hang On To This Card Until March 15th?
At this news, many people might be tempted to get rid of their Marriott Visa, to try and help themselves move on. But before you do that, Marriott mentioned in their closure letter that:
“Upon closure of your Marriott Rewards Visa Card account you will be awarded your anniversary Free Night Certificate to your Marriott Rewards Program account”
There is a possibility that if you close your account before March 15th, you may miss out on that final Free Night Certificate.
If you have other questions regarding your Marriott Rewards Visa Card, give them a call at 1-866-705-6755.
Other Fish In The Sea
Even though we all saw these announcements from Chase Canada coming, it’s still a shame to see two really great cards being completely removed from the Canadian credit card market.
The most comparable card on the Canadian market right now is the recently released Scotiabank Passport Visa Infinite Card.
This card is making quite a stir in the credit card community due to the fact it gives cardholders:
- valuable rewards,
- premium travel benefits,
- a really solid insurance package,
- 6 annual airport lounge passes,
- the ability to get 10,000 bonus points every year, and…
- 0% foreign exchange fees!
It does come with a slightly higher annual fee than the old Marriott card, but if you’re someone who travels a lot, a no FX fee card is important, and you spend $40,000/year to qualify for the 10,000 point bonus (worth $100 in travel), this card could really pay off.
If a premium travel card isn’t what you’re looking for, however, there are other replacement cards out there. So, whether you’re looking for:
- a card with no foreign transaction fees,
- a card that will help you get rid of your outstanding Chase balance, or
- an overall great credit card
…there are still are some great cards out there. With a little shopping around, you should be able to find a replacement card that you can get excited about.
Pssst. Check out this exclusive offer for Marriott Rewards Visa cardholders – not all may be lost.