Canada: Chase Canada Closing Amazon and Marriott Credit Cards

Chase Canada is terminating its Amazon Rewards Visa and Marriott Rewards Premier Visa credit cards as of March 15th, 2018. The bank stopped accepting new applications for both cards last year.

Both the discontinued cards have no foreign transaction fees, while most Canadian credit card companies charge 2.5% - 3%, making them a popular choice for those who travel abroad, shop online or conduct business in foreign currencies.

However, these products have had no major impact on the credit card landscape since launch, with Chase’s market penetration remaining at 2% over the past three years according to RFi Group data.

Cardholders will still be able to use the cards and earn rewards on purchases until March 15th, and any unredeemed cashback points will be converted to statement credits.

Cardholders will continue to receive their monthly statements until any outstanding balance is paid, and the annual interest rate on unpaid balances will not change once the account is closed.

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