System and method for automatically investing in an investment or savings account by using the "rounded up" of credit card purchase amounts to produce savings/investment amounts

• US 20030225649A1
• Filed: 05/21/2003
• Published: 12/04/2003
• Est. Priority Date: 05/31/2002
• Status: Abandoned Application

• Current Assignee: Mark S. Simpson
• Original Assignee: Mark S. Simpson
• Inventors: Simpson, Mark S.
• Application Number:
  US10/442,931
• Publication Number:
  US 20030225649A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A central computer includes data input means, data processing means and data storage means and is used by a credit card issuer for automatically funding an investment for the credit card holder. A rounded-up numerical figure selected by the cardholder is stored in the memory of the computer. The computer maintains a record of the purchase or advance amount each time the cardholder uses the creditcard. The data processing means determines, with reference to the rounded-up numerical figure, a rounded amount which is in excess of the purchase or advance amount. The data processing means also determines a savings amount (which is periodically transferred to the investment account) by subtracting the purchase or advance amount from the rounded amount.

Claims

1. A method to be employed by an offering entity, such as credit card issuer, for using a computer having a memory and associated data input means and data processing means to create and operate credit and investment accounts for individual cardholder/investors and to provide automatic investment into the investment account comprising:

(a) selecting a rounded-up numerical figure and storing the same in the memory of the computer;

(b) each time the cardholder/investor makes a purchase or processes an advance using a credit card of the offering entity, determining and storing a record of the purchase or advance amount in the computer memory;

(c) using the data processing means of the computer to determine, with reference to the rounded-up numerical figure, a rounded amount which is in excess of the purchase or advance amount;

(d) using the data processing means of the computer to determine a savings amount by subtracting the purchase or advance amount from the rounded amount; and

(e) using the data processing means of the computer to transfer the savings amount to the investment account.

2. The method according to claim 1 wherein the investment account is an individual retirement account.

5. The method according to claim 1 wherein the investment account is an 401(k) plan.

6. The method according to claim 1 wherein the investment account is a 529 plan.

7. The method according to claim 1 wherein the investment account is a savings account.

3. A system for use by an offering entity, such as a credit card issuer, to provide for automatic investment in an investment account comprising:

(a) central computer means with associated data storage means, data processing means and data input means;

(b) the data input means including means for selecting and storing in the data storage means a rounded-up numerical figure;

(c) the data input means and the data processing means including means for determining and storing in the data storage means a record of the purchase or advance amount each time the cardholder/investor makes a purchase or processes an advance using the credit card of the offering entity;

(d) the data processing means including means to determine, with reference to the rounded-up numerical figure, a rounded amount which is in excess of the purchase or advance amount;

(e) the data processing means including means to determine a savings amount by subtracting the purchase or advance amount from the rounded amount; and

(f) the data processing means including means to transfer the savings amount to the investment account.

4. The system according to claim 3 wherein the investment account is an individual retirement account.

8. The system according to claim 3 wherein the investment account is a 401(k) plan.

9. The system according to claim 3 wherein the investment account is a 529 plan.

10. The system according to claim 3 wherein the investment account is a savings account.