Consumer complaint received 2024-02-20 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Charged too much interest
Company: NAVY FEDERAL CREDIT UNION
State: VA

Complaint narrative:
I am filing this complaint in regards to a credit card issued to me by Navy Federal Credit Union. The complaint I have is that they have been charging me an above 6 % interest rate. I am protected as an XXXX XXXX XXXX XXXX enlisted in XXXX  from these interest rates by state law listed below : XXXXXXXX XXXX Laws Revised Statutes XXXX  XXXX - XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX - Limits on creditor interest rates Universal Citation : XXXX XXXX XXXX XXXXXXXX ( XXXX ) XXXX. Limits on creditor interest rates XXXX. Notwithstanding any provision of law to the contrary, no creditor in connection with an obligation entered into on or after XX/XX/XXXX, shall charge or collect from a person, or spouse of a person, who is on XXXX XXXX interest or finance charges exceeding six percent per annum during the period that the person is XXXX on XXXX XXXX. 

B. Notwithstanding any provision of law to the contrary, interest or finance charges in excess of XXXX percent per annum that otherwise would be incurred but for the prohibition in XXXX XXXX of this Section are forgiven. 

XXXX XXXX amount of any periodic payment due from a person, or spouse of a person, who is on XXXX XXXX under the terms of the obligation shall be reduced by the amount of the interest and finance charges forgiven under XXXX XXXX of this Section that is allocable to the period for which the periodic payment is made. 

XXXX XXXX order for an obligation to be subject to the interest and finance charges limitation of this Section, the person, or spouse of the person on XXXX XXXX, shall provide the creditor with written notice and a copy of the military or gubernatorial orders calling the person to XXXX XXXX and of any orders further extending XXXX XXXX, not later than XXXX XXXX XXXX days after the date of the person 's termination of or release from XXXX XXXX. 

XXXX Upon receipt of the written notice and a copy of the orders referred to in Subsection D of this Section, the creditor shall treat the obligation in accordance with Subsection A of this Section, effective as of the date on which the person is on XXXX XXXX. 

XXXX XXXX court may XXXX a creditor relief from the interest and finance charges limitation of this Section, if, in the opinion of the court, the ability of the person, or spouse of the person, on XXXX XXXX to pay interest or finance charges with respect to the obligation at a rate in excess of six percent per annum is not materially affected by reason of the person 's service on XXXX XXXX. 

XXXX XXXX XXXX XXXX XXXX  eff. XX/XX/XXXX. 


Following this legislature is the credit card, current interest rate, current balance, and issued date : XXXX XXXX XXXX XXXX : Current Interest 16.24 %, Current Balance {$22000.00} ; Issued XX/XX/XXXX. 

I have frozen the Navy Federal credit card to make above minimum payments in advance of due dates.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation