Systems and methods for providing a separate interest rate for an individual transaction

• US 10,445,825 B2
• Filed: 12/05/2017
• Issued: 10/15/2019
• Est. Priority Date: 09/09/2014
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Inventors: Apelt, Marcie, Edds, Megan, Barron, Keith, Gibbs, Ashley, Vischulis, Matthew, Ashby, Carl, Hu, Baining, Liu, Yi, Schardt, David
• Primary Examiner(s): Norman, Samica L
• Application Number:
  US15/831,875
• Publication Number:
  US 20180096424A1
• Time in Patent Office: 679 Days
• Field of Search: 705 35- 45
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Systems and methods for providing a separate interest rate for an individual transaction are disclosed. A system may provide a service associated with a account having an account balance and an associated first interest rate. The system may include a service device having one or more memory devices storing instructions and one or more processors configured to execute the instructions to perform a separate interest rate service process. The process may include providing a separate interest rate service offer to a client device and receiving a separate interest rate selection from the client device. The process may also include determining a selected portion of the account balance corresponding to an amount to which a second interest rate, different from the first interest rate, is to be applied based on the separate interest rate selection.

Claims

1. A system for providing a service associated with an account, the system comprising:

one or more memory devices storing instructions; and

one or more processors configured to execute the instructions to perform operations comprising;

maintaining the account associated with a customer and a client device, the account comprising a first account balance and a first interest rate;

determining whether the account is eligible for a separate interest rate service offer based on a first offer activation criteria, the first offer activation criteria being associated with the separate interest rate service offer, and the separate interest service rate offer being associated with a second interest rate different from the first interest rate;

if it is determined that the account is eligible for a separate interest rate service offer;

receiving, from the client device, location information of the client device;

determining, based on the received location information, that the client device is at a merchant location;

providing to the client device, via a communication network, a notification for display in a user interface in the client device, the notification identifying the separate interest rate service offer as being available for application to a transaction to be completed at a merchant associated with the merchant location;

providing to the client device, via the communication network, a list of previously-completed transactions for display in the user interface in the client device;

receiving a separate interest rate selection from the client device, the separate interest rate selection comprising;

an indication of an acceptance of the separate interest rate service offer applied to a transaction to be completed at the merchant, and

a selection of a first one of the previously-completed transactions to which the second interest rate is to be applied in response to user input via the user interface;

determining, based on the separate interest rate selection, a second account balance to which the second interest rate is to be applied;

generating a first data structure for the first account balance and a second data structure for the second account balance, the first data structure being different from the second data structure; and

maintaining the first data structure and the second data structure separately.

2. The system of claim 1, wherein the operations further comprise determining the second account balance based on an amount of the the first one of the previously-completed transactions.

3. The system of claim 1, wherein the separate interest rate selection comprises transaction information associated with the first one of the previously-completed transactions.

4. The system of claim 3, wherein the operations further comprise:

determining that the transaction information satisfies a second offer activation criteria; and

determining an amount of the first one of the previously-completed transactions.

5. The system of claim 4, wherein the second offer activation criteria comprises a second merchant at which transactions automatically qualify for the separate interest rate service.

6. The system of claim 1, wherein the separate interest rate service offer comprises terms associated with the separate interest rate service offer.

7. The system of claim 6, wherein the terms comprise the second interest rate and a period of time over which the second interest rate would apply.

8. The system of claim 7, wherein the operations further comprise:

determining whether the second interest rate has expired based on the period of time; and

if the second interest rate has expired;

ceasing to separately maintain the first account balance and the second account balance.

9. The system of claim 7, wherein the operations further comprise:

determining whether a difference between a current time and an expiration time of the second interest rate is less than a threshold; and

if the difference is less than the threshold;

sending a notification to the client device indicating that the second interest rate service offer is about to expire.

10. The system of claim 1, wherein the operations further comprise:

applying the first interest rate to the first account balance; and

applying the second interest rate to the second account balance.

11. The system of claim 10, wherein the operations further comprise:

receiving a payment amount from the customer; and

reducing the first account balance by the payment amount if the first interest rate is greater than the second interest rate.

12. The system of claim 10, wherein the operations further comprise providing a grace period benefit based on a status of the first account balance.

13. The system of claim 10, wherein the second interest rate is 0%.

14. The system of claim 10, wherein the operations further comprise exempting the second account balance from a determination of available credit associated with the account.

15. The system of claim 1, wherein the first offer activation criteria is associated with the customer being a new customer.

16. The system of claim 1, wherein the first offer activation criteria is associated with the customer making a particular purchase.

17. A method for providing a service associated with an account, the method comprising:

maintaining the account associated with a customer and a client device, the account comprising a first account balance and a first interest rate;

determining whether the account is eligible for a separate interest rate service offer based on a first offer activation criteria, the first offer activation criteria being associated with the separate interest rate service offer, and the separate interest rate service offer being associated with a second interest rate different from the first interest rate;

in response to determining that the account is eligible for a separate interest rate service offer;

receiving, from the client device, location information of the client device;

determining, based on the received location information, that the client device is at a merchant location;

providing to the client device, via a communication network;

a notification for display in a user interface in the client device, the notification identifying the separate interest rate service offer as being available for application to a transaction to be completed at a merchant associated with the merchant location, and

a list of previously-completed transactions for display in the user interface;

receiving a separate interest rate selection from the client device, the separate interest rate selection comprising;

an indication of an acceptance of the separate interest rate service offer applied to a transaction to be completed at the merchant, and

a selection of one of the previously-completed transactions to which the sperate interest rate service offer is to be applied in response to user input via the user interface;

determining, based on the separate interest rate selection, a second account balance to which the second interest rate is to be applied;

generating a first data structure for the first account balance and a second data structure for the second account balance, the first data structure being different from the second data structure; and

maintaining the first data structure and the second data structure separately.

18. A non-transitory computer-readable medium having stored thereon executable instructions that, when executed by a processor, cause the processor to perform operations for providing a service associated with an account, the operations comprising:

maintaining the account associated with a customer and a client device, the account comprising a first account balance and a first interest rate;

determining whether the account is eligible for a separate interest rate service offer based on a first offer activation criteria, the first offer activation criteria being associated with the separate interest rate service offer, and the separate interest rate service offer being associated with a second interest rate different from the first interest rate;

in response to determining that the account is eligible for a separate interest rate service offer;

receiving, from the client device, location information of the client device;

determining, based on the received location information, that the client device is at a merchant location;

providing to the client device, via a communication network;

a notification for display in a user interface in the client device, the notification identifying the separate interest rate service offer as being available for application to a transaction to be completed at a merchant associated with the merchant location, and

a list of previously-completed transactions for display in the user interface;

receiving a separate interest rate selection from the client device, the separate interest rate selection comprising;

an indication of an acceptance by the user to apply the separate interest rate service offer to a transaction to be completed at the merchant, and

a selection of one of the previously-completed transactions to which the sperate interest rate service offer is to be applied in response to user input via the user interface;

determining, based on the separate interest rate selection, a second account balance to which the second interest rate is to be applied;

generating a first data structure for the first account balance and a second data structure for the second account balance, the first data structure being different from the second data structure; and

maintaining the first data structure and the second data structure separately.

19. The non-transitory computer-readable medium of claim 18, wherein the first offer activation criteria is further associated with the customer being a new customer.