Chase Bank erases all credit card debt for Canadian customers

Signage is displayed outside a JPMorgan Chase & Co. bank branch in New York. Victor J. Blue/Bloomberg via Getty Images

American-based Chase Bank is giving its customers above the border one last gift before it bows out of the Canadian credit card market.

Chase Bank, which is part of JPMorgan Chase & Co., closed all their credit card accounts in March 2018 and customers were expected to continue to pay their debt.

That changed on Friday when the company decided to forgive all outstanding balances on either of its two VISA cards as part of their exit following 13 years in the Canadian credit card market, according to the CBC.

"Chase made the decision to exit the Canadian credit card market," said Maria Martinez, vice president of communications for Chase Card Services. "As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit."

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