Financial transaction card with installment loan feature
First Claim
1. In a financial transaction payment system comprising a processing unit and an application program executing on said processing unit, a method of conducting a transaction, comprising:
- engaging in said transaction using a financial transaction card, said financial transaction card having associated therewith a financial account with a financial institution, and said financial transaction card further having associated therewith one or more transaction criteria; and
selecting, by said application program, a type of loan to be activated on said financial account in order to pay for the transaction, wherein said type of loan is selected, based on said one or more transaction criteria, from among a plurality of loan types including a loan type having a primary payment procedure and a loan type having an installment loan payment procedure.
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Abstract
There is provided a financial transaction payment method and system for processing a transaction conducted using a financial transaction card. The financial transaction card has associated therewith a financial account in a financial institution and one or more transaction criteria. The financial transaction payment system includes a processing unit and an application program for execution on the processing unit. The method includes the step of determining by the application program whether a transaction activates an installment loan on the financial account based on the one or more transaction criteria.
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Citations
37 Claims
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1. In a financial transaction payment system comprising a processing unit and an application program executing on said processing unit, a method of conducting a transaction, comprising:
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engaging in said transaction using a financial transaction card, said financial transaction card having associated therewith a financial account with a financial institution, and said financial transaction card further having associated therewith one or more transaction criteria; and
selecting, by said application program, a type of loan to be activated on said financial account in order to pay for the transaction, wherein said type of loan is selected, based on said one or more transaction criteria, from among a plurality of loan types including a loan type having a primary payment procedure and a loan type having an installment loan payment procedure. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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- 8. In a financial transaction payment system comprising a processing unit and an application program executing on said processing unit, a method of authorizing a transaction between a consumer and a merchant, said consumer having a financial transaction card issued by a financial institution, said financial transaction card having associated therewith a financial account with said financial institution, one or more transaction criteria, a primary financial payment processing procedure, and an installment loan processing procedure, said method comprising the step of processing an authorization request by said application program using said primary financial payment processing procedure or said installment loan processing procedure depending on said transaction criteria.
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16. In a financial transaction payment system having a processing unit, an application being executed thereon, and a memory unit coupled to said processing unit, a method of setting up an account associated with a financial transaction card of a consumer to enable said consumer to activate one or more installment loans with said financial transaction card for the payment of one or more transactions, said method comprising the steps of:
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storing by said application program in said memory unit a credit limit for said one or more installment loans that may be activated with said financial transaction card; and
storing by said application program in said memory unit one or more activation criteria for said one or more installment loans that may be activated with said financial transaction card. - View Dependent Claims (17, 18)
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19. In a financial transaction payment system having a processing unit, an application program being executed thereon, a memory unit coupled to said processing unit, a method of preparing a statement for transactions conducted using a financial transaction card and stored in said memory unit, said transactions being associated with either a primary financial payment procedure or an installment loan payment procedure, said method comprising the steps of:
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determining by said application program the totals of said transactions associated with said primary financial payment procedure;
determining by said application program the totals of said transactions associated with said installment loan payment procedure; and
printing by said application program said totals of said transactions associated with said primary financial payment procedure and said totals of said transactions associated with said installment loan payment procedure on said statement.
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20. In a financial transaction payment system having a processing unit, an application program being executed thereon, and a memory unit coupled to said processing unit, a method of processing a payment for a financial transaction card account, said financial transaction card account having an associated installment loan balance and an associated credit balance, said method comprising the steps of:
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determining by said application program whether said payment is less than said installment loan balance; and
processing by said application program a cash advance against said credit balance equal to said difference between said payment and said installment loan balance, if said payment is less than said installment loan balance.
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21. A financial transaction payment system for processing a transaction conducted using a financial transaction card, said financial transaction card having associated therewith a financial account with a financial institution, and said financial transaction card further having associated therewith one or more transaction criteria, said system comprising:
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a processing unit;
an application program for execution on said processing unit; and
means for selecting, by said application program, a type of loan to be activated on said financial account in order to pay for the transaction, wherein said type of loan is selected, based on said one or more transaction criteria, from among a plurality of loan types including a loan type having a primary payment procedure and a loan type having an installment loan payment procedure. - View Dependent Claims (22, 23, 24, 25, 26, 27)
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28. A financial transaction payment system for authorizing a transaction conducted with a financial transaction card issued by a financial institution, said financial transaction card having associated therewith a financial account with said financial institution, one or more transaction criteria, a primary financial payment processing procedure, and an installment loan processing procedure, the system comprising:
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a processing unit;
an application program for execution on said processing unit; and
means for processing an authorization request from a merchant by said application program using said primary financial payment processing procedure or said installment loan processing procedure depending on said transaction criteria. - View Dependent Claims (29, 30, 31, 32)
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33. A financial transaction payment system for setting up an account associated with a financial transaction card of a consumer to enable said consumer to activate one or more installment loans with said financial transaction card for the payment of one or more transactions, comprising:
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a processing unit;
an application for execution on said processing unit;
a memory unit coupled to said processing unit;
means for storing by said application program in said memory unit a credit limit for one or more installment loans that may be activated with said financial transaction card; and
means for storing by said application program in said memory unit one or more activation criteria for said one or more installment loans that may be activated with said financial transaction card. - View Dependent Claims (34, 35)
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36. A financial transaction payment system for processing transactions conducted using a financial transaction card, said transactions being associated with either a primary financial payment procedure or an installment loan payment procedure, comprising:
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a processing unit;
an application program for execution on said processing unit;
means for determining by said application program the totals of said transactions associated with said primary financial payment procedure;
means for determining by said application program the totals of said transactions associated with said installment loan payment procedure; and
means for printing a statement by said application program, said statement comprising said totals of said transactions associated with said primary financial payment procedure and said totals of said transactions associated with said installment loan payment procedure.
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37. A financial transaction payment system for processing a payment for a financial transaction card account, said financial transaction card account having an associated installment loan balance and an associated credit balance, comprising:
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a processing unit;
an application program for execution on said processing unit;
means for determining by said application program whether said payment is less than said installment loan balance; and
means for processing by said application program a cash advance against said credit balance equal to said difference between said payment and said installment loan balance, if said payment is less than said installment loan balance.
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Specification