Canadian? You should've indulged in your TEA purchases with a Chase Credit Card! - Page 1
Forum section: electronics / general

author: windsmurf
author_rank: Frequent Contributor
timestamp: August 09, 2019, 10:56:47 pm
content: Chase Bank forgives all credit card debts in Canada as Chase exits the Canadian market!Yes you could have had that Keysight Network Analyzer scot-free!https://www.nytimes.com/2019/08/09/business/chase-credit-card-debt-canada.html

author: 25 CPS
author_rank: Frequent Contributor
timestamp: August 10, 2019, 07:09:53 pm
content: No kidding. Shit, just test equipment? If I had a Chase credit card and knew that was coming, I’d have indulged in everything!

author: rbm
author_rank: Regular Contributor
timestamp: August 10, 2019, 11:01:50 pm
content: There's the rub, eh? Who's to say that the decision couldn't have gone the other way where Chase would have demanded all outstanding credit balances be immediately paid. That would have been fun!

author: Nominal Animal
author_rank: Super Contributor
timestamp: August 11, 2019, 07:48:23 pm
content: I wonder how many relatives/friends of Chase executives live in Canada, and what their outstanding balances were.

author: edy
author_rank: Super Contributor
timestamp: August 11, 2019, 08:06:53 pm
content: I had a Chase Amazon card that I ended up with because I got a free $25 "bonus" credit on my Amazon Canada account if I signed up for it. It was one of those promos. Anyways, I used the card to purchase some books from Amazon, cashed in on my $25 sign-up bonus, then paid off the debt as usual so I had nothing owing. I rarely if ever used that card again. Very soon after, Amazon said they no longer used Chase and decided to close the account down. When they closed the account they said they owed me $1. Not sure why... that was a year ago, they sent me a cheque for $1. That was the end of it.I am still using Chase Paymentech as a credit card processor (for my POS terminal) service, they seem to be alive and healthy in Canada. So it must only be their consumer credit card business that is pulling out, but not their merchant services.

author: Bud
author_rank: Super Contributor
timestamp: August 11, 2019, 08:41:56 pm
content: I do not think it was a sensible debt for Chase to recover. It was likely cheaper for them to forgive it than put efforts in recovering. Canada is a small market already dominated by 5 big domestic banks, and out of Chase customers it would be a percentage of those who carried the balance on their cards.

author: 25 CPS
author_rank: Frequent Contributor
timestamp: August 11, 2019, 10:21:44 pm
content: Quote from: Bud on August 11, 2019, 08:41:56 pmPlus, added to all that, there’s also the lowest common denominator for businesses when something goes bad and loses money: it also becomes a writeoff on the corporation’s taxes so it’s not like the parent company eats the full loss either. Most likely, this was the most cost effective, simple way for Chase to wind up their Canadian credit card operations.

author: Mr. Scram
author_rank: Super Contributor
timestamp: August 11, 2019, 10:29:52 pm
content: This sounds like the start of a bad Hollywood movie.

author: Dundarave
author_rank: Regular Contributor
timestamp: August 11, 2019, 10:59:07 pm
content: There must be a very low number of accounts involved, as in the usual course of events, they would have just sold the accounts & associated receivables to one of the big 5 banks here. Cost-of-acquisition of a credit card account is not insubstantial. There’s money in getting new accounts onboard!I’m guessing they probably tried, but they couldn’t make a deal work, likely because the number of accounts was too small for an integration effort on behalf of any potential acquiring bank.

author: Bud
author_rank: Super Contributor
timestamp: August 11, 2019, 11:19:45 pm
content: Ironically, Canadian banks are expanding into the US.