What to do if your retail credit card issuer goes bankrupt.
Circuit City cardholders hold cards that were underwritten by Chase Bank. Any payments, liabilities or issues pertaining to the card must be taken up with Chase. “If you have a negative balance with Circuit City, or with most retailers who have gone out of business, you have to pay the balance,” warns Scott Testa, a professor of marketing at St. Joseph’s University, located just outside of Philadelphia. “It’s Chase that assumes the debt as it’s the bank behind the Circuit City credit card.”
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