Consumer complaint received 2016-09-15
Product: Credit card — 
Issue: Payoff process — 
Company: JPMORGAN CHASE & CO. (NC)

Recently, XXXX, we paid off the balance of our credit card in the amount of {$2300.00}. In this the next months cycle, they are charging back interest which I see in the Credit Card Accountibility Act as double cycle billing. This has happened before after the passage of this act with other credit card companies and I have had no problem having interest or minimum fee type charges removed by making a call to the card holder. However this issuer, Chase, refuses to do anything. I have spoken with a supervisor, sent an email and gone to their XXXX page, all to no avail. They said " we charge our interest back and post it forward. This is a legitimate charge ''. Well, all issuers do that but this act says if you pay off the card they can not. Moreover, like it or not, as far as I know, if you have a card with a zero bal, use it to purchase and then pay it off, you do not incur an interest charge. Same same. Chase is doing this to all their credit card customers. When I posted this to my FBook acct others posted stating Chase had done the same to them but they did not know about the law. And, I fall into the senior market category, my spouse is first on the card at age XXXX and I am XXXX. They appear to be taking advantage of ppls lack of knowledge regarding this act, one of the few things Obama has done that I applaud. I refer to this section of the act : M. SEC. 102. LIMITS ON FEES AND INTEREST CHARGES. 
( a ) IN GENERAL. -- Section 127 of the Truth in Lending Act ( 15 U.S.C. 1637 ) is amended by adding at the end the following : '' ( j ) PROHIBITION ON PENALTIES FOR ON-TIME PAYMENTS. -- '' ( 1 ) PROHIBITION ON DOUBLE-CYCLE BILLING AND PENALTIES FOR ON-TIME PAYMENTS. -- Except as provided in paragraph ( 2 ), a creditor may not impose any finance charge on a credit card account under an open end consumer credit plan as a result of the loss of any time period provided by the creditor within which the obligor may repay any portion of the credit extended without incurring a finance charge, with respect to -- '' ( A ) any balances for days in billing cycles that precede the most recent billing cycle ; or '' ( B ) any balances or portions thereof in the current billing cycle that were repaid within such time period. '' ( 2 ) EXCEPTIONS. -- Paragraph ( 1 ) does not apply to -- '' ( A ) any adjustment to a finance charge as a result of the resolution of a dispute ; or H. R. 627 -- 5 '' ( 3 ) reduce the annual percentage rate previously increased when a reduction is indicated by the review ; and '' ( 4 ) in the event of an increase in the annual percentage rate, provide in the written notice required under section 127 ( i ) a statement of the reasons for the increase. 
'' ( c ) RULE OF CONSTRUCTION. -- This section shall not be con- strued to require a reduction in any specific amount. 
'' ( d ) RULEMAKING. -- The Board shall issue final rules not later than 9 months after the date of enactment of this section to imple- ment the requirements of and evaluate compliance with this section, and subsections ( a ), ( b ), and ( c ) shall become effective 15 months after that date of enactment. ''. 

Also please note that we have never been late, ever and the required min payment is usually around XXXX and as you will see on the attached payment activity form, we paid XXXX XXXX as a rule. They can not say anything about our payment history. Just covering that ahead of time.