JPMorgan Forgives Canadians’ Credit-Card Debt After Market Exit

(Bloomberg) -- It’s a good time to be in debt -- as long as you’re Canadian.

JPMorgan Chase & Co. announced it is forgiving all outstanding balances on its two Canadian credit cards, after exiting the market in March 2018.

“Chase made the decision to exit the Canadian credit-card market. As part of that exit, all credit card accounts were closed,” bank spokeswoman Maria Martinez said Friday in an emailed statement. “A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit.”

Martinez declined to comment on the number of affected customers or the amount of outstanding debt.

Customers will see zero balances on the Amazon.ca Rewards Visa and Marriott Rewards Premier Visa credit cards, the Canadian Broadcasting Corp. reported earlier.

To contact the reporter on this story: Elizabeth Rembert in New York at erembert@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Steve Dickson

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