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Score one for the financially irresponsible!

Old 08-08-19, 08:09 PM
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Score one for the financially irresponsible!

Dang, I had a Chase Amazon card but I paid my balance every month! Seriously, good for these people, but they still had to pay 20% interest every month up to now.

'It's crazy': Chase Bank forgiving all debt owed by its Canadian credit card customers

Bank says this was the best way to exit Canada after folding its Amazon and Marriott Visa cards

Finally, a good-news story about credit card debt.

U.S.-based Chase Bank is forgiving all outstanding debt owed by users of its two Canadian credit cards: the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa. The bank retired both cards last year and said it's wiping out cardholders' debt to complete its exit from the Canadian credit card market.

Affected customers can't believe their luck."I was sort of over the moon all last night, with a smile on my face," said Douglas Turner of Coe Hill, Ont., after learning he's off the hook for the $6,157 still owing on his now-defunct Amazon Visa. "I couldn't believe it."

After 13 years in the Canadian market, Chase decided to fold its two Visa cards in March 2018.

The bank which is part of global financial services firm JPMorgan Chase & Co. wouldn't say how many Canadians had signed up for the cards or how much debt was outstanding.

But it is likely that many cardholders were still paying down their debt, including Turner.

Every month, he said he put $300 toward his big bill, racked up by making purchases on Amazon for items such as electronics and supplies for his six dogs.

When he received a letter from Chase this week, Turner expected bad news. "I'm thinking, 'OK, I missed a payment.'"

He instead learned that his sizeable credit card debt had been obliterated, and that his latest $300 payment submitted after Chase made its debt-forgiveness decision would be reimbursed.

"It's crazy," said Turner, a 55-year-old long-haul trucker. "This stuff doesn't happen with credit cards. Credit cards are horror stories."

Based on his monthly payments and the 19.9 per cent interest rate on his card, Turner estimates he's actually saving a total of more than $7,500.

"I'm glad that it was up there," he said about his bill.
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(more)

https://www.cbc.ca/news/business/cha...debt-1.5239411

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Old 08-08-19, 08:17 PM
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Re: Score one for the financially irresponsible!

Hmmm, maybe I should stop paying my balance every month just in case this happens with one of my cards.
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Old 08-08-19, 08:32 PM
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Re: Score one for the financially irresponsible!

Believe me, the forgiven debts will just be passed on to existing American Chase customers. Don't believe for a microsecond that Chase did anybody any favors. They've plotted to get that debt back, and then some by spreading the love among higher fees / hidden fees for US customers.

The only time Chase could do me any favors is if the were taken down by the Feds.
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Old 08-08-19, 08:33 PM
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Re: Score one for the financially irresponsible!

I liked the Amazon card, no FOREX fee. Slim pickings now if you want a cash back card (with no annual fee) and no FOREX.
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Old 08-08-19, 09:10 PM
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Re: Score one for the financially irresponsible!

Originally Posted by zyzzle View Post
Believe me, the forgiven debts will just be passed on to existing American Chase customers. Don't believe for a microsecond that Chase did anybody any favors. They've plotted to get that debt back, and then some by spreading the love among higher fees / hidden fees for US customers.

The only time Chase could do me any favors is if the were taken down by the Feds.
Agreed. Nothing in this life is entirely free.

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Old 08-08-19, 09:20 PM
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Re: Score one for the financially irresponsible!

Good news for those 12 customers, I guess.
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Old 08-08-19, 09:26 PM
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Re: Score one for the financially irresponsible!

Originally Posted by Dan View Post
Good news for those 12 customers, I guess.

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Old 08-08-19, 09:30 PM
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Re: Score one for the financially irresponsible!

Originally Posted by zyzzle View Post
Believe me, the forgiven debts will just be passed on to existing American Chase customers. Don't believe for a microsecond that Chase did anybody any favors. They've plotted to get that debt back, and then some by spreading the love among higher fees / hidden fees for US customers.

The only time Chase could do me any favors is if the were taken down by the Feds.
I would venture to say that they did the Canadian customers, that were still carrying a balance, a favour.

I had an Amazon Visa as well. I'd always be battling my wife as to whose CC we would pay with, as we would either get Amazon points or PC points.

It was disappointing when they killed the Amazon card, but as I never carry a balance, this forgiveness would've been of no benefit to me.

It would be interesting to hear what the total debt that was cancelled amounted to.
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Old 08-08-19, 09:31 PM
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Re: Score one for the financially irresponsible!

Originally Posted by andicus View Post

It would be interesting to hear what the total debt that was cancelled amounted to.
Yeah, I'm kind of curious about that myself.
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Old 08-08-19, 09:38 PM
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Re: Score one for the financially irresponsible!

Originally Posted by Dan View Post
Good news for those 12 customers, I guess.
That's just it, I'm guessing the buyout of that portfolio is small enough to see it as a cost-efficient move.
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Old 08-08-19, 09:44 PM
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Re: Score one for the financially irresponsible!

Originally Posted by zyzzle View Post
Believe me, the forgiven debts will just be passed on to existing American Chase customers. Don't believe for a microsecond that Chase did anybody any favors. They've plotted to get that debt back, and then some by spreading the love among higher fees / hidden fees for US customers.

The only time Chase could do me any favors is if the were taken down by the Feds.
Yeah, it's a way to pay lower taxes, shift the burden to Americans, increase the APR, etc. For a company like Chase to do this, there's something odd going on in the financial markets with them and/or they have a seriously high amount of Canadians who are racking up debt and aren't paying it off and Chase doesn't think they'll get any of it back due to different debt collection laws in Canada.

In the US, they say we have rights, but Americans are routinely fucked with debt collectors who don't care if it's you who owe the bill or if somebody was using your name or if the bill was disputed. They don't care and continue the stupid phonecalls and mailings without any protection from US AGs or otherwise.
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Old 08-08-19, 09:45 PM
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Re: Score one for the financially irresponsible!

Yeah maybe I'm way off base, but my impression was always that Canadians aren't really "into" credit cards the way Americans are. Everyone I know would get their cards through the big banks and credit unions, not so much the retailer-based cards (other that the ones tied to the big banks, of course.) If Chase was hawking these cards via Marriott and Amazon, I could see the latter being somewhat popular, but not the former.

Realistically, I bet they had a few thousand customers, if that.

Also, it's been awhile... But I don't ever recall seeing any Chase bank locations in Canada. Their only presence seemed to be in the cards themselves and some point-of-sale systems.
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Old 08-08-19, 10:02 PM
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Re: Score one for the financially irresponsible!

That's my guess as well Dan. Americans treat cc's like it's the gold standard and take most that are offered, not realizing or caring who's funding it. You're Canadian and living in the States, so you know.

You Canadians....
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Old 08-08-19, 11:10 PM
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Re: Score one for the financially irresponsible!

Originally Posted by Dan View Post
Yeah maybe I'm way off base, but my impression was always that Canadians aren't really "into" credit cards the way Americans are. Everyone I know would get their cards through the big banks and credit unions, not so much the retailer-based cards (other that the ones tied to the big banks, of course.) If Chase was hawking these cards via Marriott and Amazon, I could see the latter being somewhat popular, but not the former.

Realistically, I bet they had a few thousand customers, if that.

Also, it's been awhile... But I don't ever recall seeing any Chase bank locations in Canada. Their only presence seemed to be in the cards themselves and some point-of-sale systems.
These two cards were very popular (because of the no FOREX) on RedFlagDeals. That's where I learned about the Amazon card. Now maybe it's a few thousand, maybe it's 10-15 thousand, who knows.

Edited: Even if it's 20,000 x 5k (average), 100k is barely a drop in the bucket for those big financial institutions.

Last edited by eXcentris; 08-09-19 at 01:29 AM.
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Old 08-09-19, 12:03 AM
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Re: Score one for the financially irresponsible!

Better headline: Bank-fucks Chuck Canuck Bucks.
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Old 08-09-19, 01:12 AM
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Re: Score one for the financially irresponsible!

I love my Chase credit card. I use it for every purchase I make (instead of using my debit card) pay it off each month and rack up $100 worth of rewards every month or two.
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Old 08-09-19, 01:53 AM
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Re: Score one for the financially irresponsible!

Originally Posted by eXcentris View Post
These two cards were very popular (because of the no FOREX) on RedFlagDeals. That's where I learned about the Amazon card. Now maybe it's a few thousand, maybe it's 10-15 thousand, who knows.

Edited: Even if it's 20,000 x 5k (average), 100k is barely a drop in the bucket for those big financial institutions.
$100M

And, yeah, I think I probably saw this on RFD, as well.
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Old 08-09-19, 09:19 AM
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Re: Score one for the financially irresponsible!

i had one too, but also paid it off monthly. had it for the lack of FOREX fee. switched to home trust after.
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Old 08-09-19, 10:09 AM
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Re: Score one for the financially irresponsible!

Originally Posted by eXcentris View Post
I liked the Amazon card, no FOREX fee. Slim pickings now if you want a cash back card (with no annual fee) and no FOREX.
Can you get a Discover Card? When I went to Canada not everyone took it, but I pay no annual fee, it has cash back rewards, and it did not have foreign exchange fees.
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Old 08-09-19, 01:55 PM
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Re: Score one for the financially irresponsible!

Originally Posted by andicus View Post
$100M

And, yeah, I think I probably saw this on RFD, as well.

Oops yeah, math, doh! 100M would sting a little more.
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Old 08-09-19, 02:45 PM
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Re: Score one for the financially irresponsible!

Originally Posted by Dan View Post
Yeah maybe I'm way off base, but my impression was always that Canadians aren't really "into" credit cards the way Americans are. Everyone I know would get their cards through the big banks and credit unions, not so much the retailer-based cards (other that the ones tied to the big banks, of course.) If Chase was hawking these cards via Marriott and Amazon, I could see the latter being somewhat popular, but not the former.

Realistically, I bet they had a few thousand customers, if that.

Also, it's been awhile... But I don't ever recall seeing any Chase bank locations in Canada. Their only presence seemed to be in the cards themselves and some point-of-sale systems.
Yeah, retailer based cards seem less common up here. The only retailer one I have is a Canadian Tire Mastercard, my other cards are through Scotiabank (Scene card that gives me points to use at the movies, through a deal between Scotiabank and Cineplex Odeon) and CIBC (no rewards). Debit cards seem more popular in Canada for many folks (I rarely use mine though).

Originally Posted by spainlinx0 View Post
Can you get a Discover Card? When I went to Canada not everyone took it, but I pay no annual fee, it has cash back rewards, and it did not have foreign exchange fees.
Yeah, we have Discover, but many places don't take it (I don't have one myself). I don't know if it's still true now, but it seemed like in the US people had to do it in steps, start with a store credit card, then a "lower tier" card like Discover and when they finally built up enough credit they could apply for a Visa or Mastercard. Is that the case, or am I mistaken? On the other hand, my first card was a Visa, I never had to bother with store cards or Discover.
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Old 08-09-19, 03:07 PM
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Re: Score one for the financially irresponsible!

Originally Posted by eXcentris View Post
I liked the Amazon card, no FOREX fee. Slim pickings now if you want a cash back card (with no annual fee) and no FOREX.
Are you in the US? If so there are many: PenFed, the new Apple Card, Capital One (I think all their cards), Fidelity, Schwann, etc...
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Old 08-09-19, 03:30 PM
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Re: Score one for the financially irresponsible!

Originally Posted by Kdogg View Post
Are you in the US? If so there are many: PenFed, the new Apple Card, Capital One (I think all their cards), Fidelity, Schwann, etc...
Nope, eX is one of those pesky Quebecers.
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Old 08-09-19, 03:34 PM
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Re: Score one for the financially irresponsible!

Originally Posted by cultshock View Post
Yeah, retailer based cards seem less common up here. The only retailer one I have is a Canadian Tire Mastercard, my other cards are through Scotiabank (Scene card that gives me points to use at the movies, through a deal between Scotiabank and Cineplex Odeon) and CIBC (no rewards). Debit cards seem more popular in Canada for many folks (I rarely use mine though).
I also have a CT MC, used to be called "Option" but got changed to "Triangle". I only use that for gas at CT and CT itself, otherwise it's a backup card. I mainly use two cards, a Tangerine MC (cash back 2% on 3 categories, 0.5 on the rest), and an Amex Simplycash (2% on everything, but of course you'll often get "Oh we don't take Amex. However it has decent travel insurance). I just don't like point (or other reward which ain't cash) cards.

But Tangerine have been cutting back the benefits. 3 categories are now 2 (for new customers), and 1% "on the rest" became 0.5% (for everyone). They also had 1.5% FOREX (instead of 2.5 I believe) but that's also gone. Bastards!
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Old 08-09-19, 06:10 PM
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Re: Score one for the financially irresponsible!

Oh yeah, I forgot the CT card is now called "Triangle", I don't know why they keep changing the name. It's my backup card too, but it does come in handy if I need some kind of gardening item or something.
I really like the Scotiabank Scene card though, the points build up fast so we get to see a lot free movies and eat free snacks at the theatre.

I forgot about Amex, like Discover I don't have that card either. All of mine are either Visa or Mastercard.
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