According to Quartz, rather than continue collecting payments on its two Canadian Visa cards, which it discontinued in March 2018, Chase figured debt relief was a better decision. Some customers were still making payments on their balances, preventing the US bank from closing down its Canadian credit card operation.
Chase did not disclose how many credit-card customers it had left in Canada or the total amount of debt it forgave.
A similar move happened in 2010, when Citigroup exited the Canadian credit-card market and sold its USD 2 billion Mastercard portfolio (paywall) to the Canadian Imperial Bank of Commerce.
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