A user on Reddit posted a bizarre experience with his credit card company. When he checked his balance, he found that it was zero. When he called the issuer JPMorgan Chase to figure out why, the phone representative told him the company had decided to forgive all outstanding credit card balances in its move to leave the business.
The user posted:
A rare credit card debt miracle: Chase is leaving Canada and has decided to forgive all existing credit card debt. I asked the rep on the phone about 5 times if she was sure all was truly forgiven and wouldn’t negatively affect my score. Her reply? Take it like a gift.
A Chase spokeswoman, Maria Martinez, said:
“Chase made the decision to exit the Canadian credit card market A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit.”
Banks enter and exit markets all the time, but the move to forgive the debts was odd. Typically card companies will sell the debt to another company. Clearly Chase wanted out of the Canadian market as quickly as possible. One Reddit user posted that he’d found the decision was driven by taxes.
Whatever the reason, a few Canadian borrowers got an unexpected early Christmas gift. Let’s hope they don’t celebrate by going shopping… and using credit.