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CHASE to Close all Credit Card Accounts in Canada

In a move that comes as no surprise, Chase is pulling out of Canada. As of March 15, 2018, Chase will be closing all Rewards Visa Card and Marriott Rewards Premier Visa Card accounts. The link above refers to just the card, but we have confirmed with Chase that the Marriott Rewards card is also part of this change.

Chase had already stopped accepting new applications for both cards, so it was only a matter of time before they formally ended their relationship with existing customers. The timeline of the exit is a bit surprising as existing customers were able to continue using their cards, but now all accounts are being closed which leaves a void in the credit card market.

Both the Rewards Visa Card and Marriott Rewards Premier Visa had a huge fan base since both were among the only no foreign transaction fee credit cards in Canada, which was a major benefit for travellers. With this announcement, there’s a huge void in the market.

How this affects current cardholders

If you currently have any recurring payments set to one the Chase cards, you should change them to ensure you don’t miss any payments. You would still be responsible for any outstanding balances at the annual interest rate stated in your cardmember agreement even after your account is closed. To keep you on track, statements will still be sent to you until all outstanding balances are paid.

As for your points, any unredeemed cash-back points will be applied to your statement as a credit in the equivalent cash-back amount. Marriott Rewards Premier Visa cardholders don’t need to worry about any transfer of points since any points earned are automatically applied to your Marriott Rewards account.

What cards should I apply for instead?

Home Trust Preferred Visa – With Chase pulling out of Canada, the Home Trust Preferred Visa becomes the only credit card in Canada that has no foreign transaction fees and no annual fee. You’ll also earn 1% cash-back with no limits towards your rewards.

Card details

  • No annual fee
  • No foreign exchange fee charged on purchases abroad
  • Earn 1% cash back on all purchases, with no limit on the amount you can earn