Quoted – Creditcards.com – What to do if your retail credit card issuer goes bankrupt

Circuit City Stores, Inc.
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What to do if your retail credit card issuer goes bankrupt.

http://www.creditcards.com/credit-card-news/bankrupt-retailer-credit-cards-1282.php

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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