I am in the process of testing our credit card periodic statements and came up with a question. Our cards call for a minimum payment of 3% of the outstanding balance or $25.00 whichever is greater. My issue is ... on a sample of cards, when I compute the 3% I come up with a figure -dollars & cents ( 154.67 due for example); however, when I look at the statement the amount is rounded up to the nearest whole dollar so the min. payment in this case would be $155.00. I know in other types of credit, you must disclose how you calculate the minimum payment and more importantly if you round, how you round.
As far as our cards are concerned then, we are silent as to rounding in our account agreements.... is this a problem??? If yes, where do I find this as 1026.7 does not appear to address. Thank you for your help!

It is not a regulatory issue, it is a breach of contract. You are not abiding by your contractual agreement.

Thank you, so not necessary to do a change in terms notice then since it is not a regulatory issue?

We can change our account agreement. ( credit card vendor does not give option for no rounding)

Well, if you are going to continue to round, I would highly suggest that you do a change in terms to eliminate the breach of contract going forward.

Good point, we will be doing a complete card re-issue in the new year, so will highlight change in agreement then.