Credit Cards

Chase Canada - All cards will be closed on March 15, 2018 | All debts wiped clear (Aug 8, 2019)

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  • Aug 10th, 2019 10:38 pm
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Aug 27, 2004
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Toronto, ON
ProfessorChaos wrote: How are people actually paying 19.99% interest on thousands of dollars? Why wouldn't they at least balance transfer to a lower interest card or pay it off with LOC or something that is at least close to Prime
LOCs, balance transfer offers, etc are typically only available to low risk clients who don't have much debt. (In my experience, the best way to get tons of balance transfer offers for a card is to just... have it in your drawer, unused... and I've gotten... umm... four unsecured LOCs at reasonable rates that I never applied for?) Really, many of those offers are banks' attempt to try desperately to get some people who don't seem to be borrowing to borrow at least a little.

If you're a pseudo-bankrupt debt slave, the banks aren't going to offer you a product at 6% interest when they have you paying 19.9% until you tip over into bankruptcy...
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Dec 16, 2017
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CND Brain & Hear…
this is perhaps the longest alive thread up to date for an already dead product and an out of business portfolio :))))))))))))))))
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Dec 16, 2017
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ProfessorChaos wrote: I enjoy some CBC Marketplace segments but almost always, CBC places the blame on the company or industry when the consumers have a share of the blame too.

I remember watching one where a woman was "coerced" and up sold into a higher end Hyundai on a 7-8 year loan while on a cashiers hourly salary. Is it the salesman or dealership's fault that she wasn't able to control her own impulses to say that "Oh this is too expensive for my budget at the moment." Why isn't real life financial management taught in high school?

Similarly, the monthly news articles about some cell phone user getting a $5,000 bill for not knowing what roaming was, despite getting alert text warnings before it was activated and typing Yes to global roaming charges or going over limits then complaining to the media about it. In Canada, we seem to be used to getting ripped off and therefore don't create much drama. If the companies are able to take advantage of the system, they will and customers continue to fall for it. RE: 3 year "financing" options for new phones that cost "$0" upfront, then the customers complain about their $150 a month bill.
News outlet is subject to bias and any kind of "media" are to present so. OKAY to use as resources but I agree those ppl are generally too stupid LOL.

Unfortunately the best from couple Erica Johnson and Tom Harrington no longer for CBC Marketplace.
Only those by David Common I still watch.
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Banned
Feb 23, 2004
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divx wrote: Didn't chase just started operating in Canada few months ago? what happened to them that made them give up this quick? I know Canada is not a business friendly country but even target lasted longer.
According to my records, Chase operated in Canada for two months only. You are correct.
Deal Expert
Jan 7, 2002
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Balduno wrote: According to my records, Chase operated in Canada for two months only. You are correct.
Your "records" and and @divx's conclusions are both faulty.

Chase operated in Canada for years. The Amazon Visa was available for several years. They announced in Jan18 that the party would end in Mar18. After Mar18 their cards were no longer functional, i.e. you couldn't use them to make purchases, but those with balances had to be paid off. I know this because I had the card for several years.

Incidentally rumours started to fly about a year earlier that they might close shop. I got a Home Trust Visa in the spring of 2017 as a backup, just in case.
veni, vidi, Visa
Deal Guru
Sep 2, 2008
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Balduno wrote: According to my records, Chase operated in Canada for two months only. You are correct.
Lol what kind of "records" are these?
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Mar 25, 2012
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54321scan wrote: Wrong. There were accounts with $50k+ CL
True, but likely only a handful of accounts with that balance or less based on the expected $2-3 million in total that Chase Canada wrote off (see my post # 5393).

Cheers,
Doug
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chadw01 wrote: i don't doubt that there would be, but how do you know this?
Logical supposition.

Cheers,
Doug
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masterman wrote: :lol: what planet have you resided on the past 20 years?
Chase has been in Canada for a long time.
They issued the Amazon Visa, Marriot Visa, BestBuy Visa and BestBuy/Future Shop store cards, and that’s just what I can pull off the top of my head.
Agreed, @masterman. Indeed, their largest acquisition was the Sears Canada Bank assets, which really gave them a significant toehold in the Canadian credit card market. Other cards, while having marquee names like Amazon and Marriott, never really took off either in card balances or in total cardholders. Best Buy/Future Shop was a good acquisition, but likely overpaid for that considering the PLCC market was dying as new point-of-sale, instant approval deferred and equal payment plan retail financing programs launched by fintechs like FinanceIt, Easy Financial, and Flexiti, and others, have eaten share in a major way now. TD's once dominant VFC Inc. (later rebranded as TD Retail Card Services in Canada) has been sold or folded, with likely less than $50 million in card receivables in run-off outstanding. HSBC Retail Services is also gone, and Desjardins' and Fairstone's PLCC portfolio partners are dwindling.

Cheers,
Doug
Banking & Savings: Tangerine & EQ Bank
Credit Cards: American Express SimplyCash, Rogers World Elite MasterCard, Scotiabank Scene+ Visa (was Tangerine Money-Back World MasterCard)
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Mar 25, 2012
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Balduno wrote: According to my records, Chase operated in Canada for two months only. You are correct.
Sarcasm, @Balduno?

Cheers,
Doug
Banking & Savings: Tangerine & EQ Bank
Credit Cards: American Express SimplyCash, Rogers World Elite MasterCard, Scotiabank Scene+ Visa (was Tangerine Money-Back World MasterCard)
Investments: Scotia iTRADE | Pension: Municipal Pension Plan
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Feb 7, 2006
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My wife got a cheque from Chase/Marriott two weeks ago for 0.39, kinda bizarre. Not sure if were going to cash it or frame it....
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Dec 16, 2017
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MMMM wrote: My wife got a cheque from Chase/Marriott two weeks ago for 0.39, kinda bizarre. Not sure if were going to cash it or frame it....
you can still cash and keep it.
Ever heard of Mobile Deposit?
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Jr. Member
Jul 28, 2014
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Toronto, ON
dmehus wrote: True, but likely only a handful of accounts with that balance or less based on the expected $2-3 million in total that Chase Canada wrote off (see my post # 5393).

Cheers,
Doug
And you're sure that these weren't written off before and/or collaterized at some point in the past?
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Mar 25, 2012
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54321scan wrote: And you're sure that these weren't written off before and/or collaterized at some point in the past?
@54321scan JP Morgan Chase & Co. consolidates the financial statements of its geographic subsidiaries, including those in Canada, with the publicly-traded parent company, so they'd have to report their subsidiaries' (or subbies', as @titaniumtux says) balance sheet data there as well. We know that they held $12 million in assets for sale, globally, as at Q1 2019 (March 31, 2019) and $8 million as at (June 30, 2019). It sounds like the debts were written off months ago, and those small values include other credit card portfolios that may have been for sale. At any rate, even if written off subsequent to Q2 2019, it's quickly likely Chase tried to sell them in the preceding quarter(s), in which case they'd be marked for sale on the consolidated balance sheet. It's quite possible that the value of the credit card back in Canada is equal to or less than the difference between the Q1 and Q2 2019 credit card receivables held for sale (or $4 million). :)

@titaniumtux Does my logic seem sound? Unfortunately, with a lack of granular clarity from financial statements, it's all we've got to go on.

Cheers,
Doug
Banking & Savings: Tangerine & EQ Bank
Credit Cards: American Express SimplyCash, Rogers World Elite MasterCard, Scotiabank Scene+ Visa (was Tangerine Money-Back World MasterCard)
Investments: Scotia iTRADE | Pension: Municipal Pension Plan
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dmehus wrote: @54321scan JP Morgan Chase & Co. consolidates the financial statements of its geographic subsidiaries, including those in Canada, with the publicly-traded parent company, so they'd have to report their subsidiaries' (or subbies', as @titaniumtux says) balance sheet data there as well. We know that they held $12 million in assets for sale, globally, as at Q1 2019 (March 31, 2019) and $8 million as at (June 30, 2019). It sounds like the debts were written off months ago, and those small values include other credit card portfolios that may have been for sale. At any rate, even if written off subsequent to Q2 2019, it's quickly likely Chase tried to sell them in the preceding quarter(s), in which case they'd be marked for sale on the consolidated balance sheet. It's quite possible that the value of the credit card back in Canada is equal to or less than the difference between the Q1 and Q2 2019 credit card receivables held for sale (or $4 million). :)

@titaniumtux Does my logic seem sound? Unfortunately, with a lack of granular clarity from financial statements, it's all we've got to go on.

Cheers,
Doug
Sound speculation IMO, given that I don't think any of us have exact numbers to do the full math.
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Balduno wrote: Records of sarcasm.
Oh, you mean I correctly interrupted your sarcasm, @Balduno? Usually I'm very bad with sarcasm. ;)

Amazing!

Cheers,
Doug
Banking & Savings: Tangerine & EQ Bank
Credit Cards: American Express SimplyCash, Rogers World Elite MasterCard, Scotiabank Scene+ Visa (was Tangerine Money-Back World MasterCard)
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dmehus wrote: Oh, you mean I correctly interrupted your sarcasm, @Balduno? Usually I'm very bad with sarcasm. ;)

Amazing!

Cheers,
Doug
Interrupted or interpreted? :lol:

Opportunity for a meme roll...

Image
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titaniumtux wrote: Interrupted or interpreted? :lol:

Opportunity for a meme roll...

Image
@titaniumtux Oops, nice catch! :facepalm:

But yeah, my mom even says, "Okay, Sheldon," when I don't get sarcasm. :P

Cheers,
Doug
Banking & Savings: Tangerine & EQ Bank
Credit Cards: American Express SimplyCash, Rogers World Elite MasterCard, Scotiabank Scene+ Visa (was Tangerine Money-Back World MasterCard)
Investments: Scotia iTRADE | Pension: Municipal Pension Plan

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