Methods, systems, and articles of manufacture for providing financial accounts with conditions

• US 20050209938A1
• Filed: 03/19/2004
• Published: 09/22/2005
• Est. Priority Date: 03/19/2004
• Status: Abandoned Application

• Current Assignee: Capital One Financial Corporation
• Original Assignee: Capital One Financial Corporation
• Inventors: Shaffer, Kevin T., Nghiem, Shawn, Kernkraut, Jon, Czyzewski, Nathan T., Hotic, Alihan, Kohli, Srishti
• Application Number:
  US10/804,170
• Publication Number:
  US 20050209938A1
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/00 Commerce
• 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
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Methods, systems, and articles of manufacture for providing a benefit credit card products to customers are disclosed. A financial account provider provides a consumer with a benefit financial account that having conditions associated with it to be used to compare against purchase transactions. The financial account provider applying different account parameters to the purchase transactions to the financial account that satisfy conditions associated with the account than it would apply against standard transactions. The financial account has one or more benefit account parameters that include terms that are more beneficial to the customer than terms associated with the standard account parameters. For example, the benefit account parameter may include an interest rate that is lower than the interest rate included with standard account parameters if a customer purchases exceed a certain amount.

Claims

1. A method of managing a financial account comprising:

defining at least one condition for the financial account;

defining first and second account parameters, wherein the first account parameter is associated with the condition;

determining whether transactions associated with the financial account satisfy the condition;

processing transactions that satisfy the condition based on the first account parameter; and

processing other transactions based on the second account parameter.

2. The method of claim 1, wherein the condition and transactions each comprise at least one attribute, the attribute comprising an attribute class and an attribute value.

3. The method of claim 1, wherein the financial account is a credit card account.

4. The method of claim 1, wherein the first and second account parameters are a first and a second interest rate, respectively, wherein the first interest rate is lower than the second interest rate.

5. The method of claim 1, wherein the first and second account parameters are a first and a second interest rate, respectively, wherein the first interest rate is higher than the second interest rate.

6. The method of claim 1, wherein defining first and second account parameters further comprises:

defining at least one account parameter with at least one account parameter type and at least one account parameter time period, wherein the account parameter time period is associated with the account parameter type.

7. The method of claim 1, further comprising:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a next billing cycle; and

providing a financial account holder with a notification stating that the account parameter time period associated with the transaction will end during the next billing cycle based on the determining step.

8. The method of claim 1, further comprising:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that expired at the end of the previous billing cycle; and

processing all transactions associated with the account parameter time period that expired at the end of the previous billing cycle with the second account parameter.

9. The method of claim 1, further comprising:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire at the end of a current billing cycle; and

processing all transactions associated with the account parameter time period that will expire at the end of the current billing with the first account parameter.

10. The method of claim 1, further comprising:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a current billing cycle; and

processing all transactions associated with the account parameter time period that will expire during the current billing with the first account parameter until the account parameter time period expires and with the second account parameter after the account parameter time period expires.

11. The method of claim 1, further comprising:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a current billing cycle; and

processing all transactions associated with the account parameter time period that will expire during the current billing with the first account parameter until the end of the current billing cycle.

12. The method of claim 1, further comprising:

generating a billing statement reflecting an amount to be paid by a financial account holder based on at least the first and second account parameters.

13. The method of claim 2, wherein the class is at least one of:

a merchant name;

a merchant type;

a merchant location;

a transaction date;

a transaction time; and

a transaction amount.

14. The method of claim 2, wherein defining at least one condition for the financial account further comprises:

choosing the attribute class of the attribute;

choosing the attribute value of the attribute; and

setting the attribute class to either equal or be greater than the attribute value.

15. The method of claim 2, wherein determining whether transactions associated with the financial account satisfy the condition further comprises:

comparing each attribute of each transaction with each attribute of the condition; and

determining whether any attribute of the transaction satisfies each attribute of the condition.

16. The method of claim 6, wherein the account parameter type is at least one of:

an interest rate;

a finance charge waiver period;

a monthly payment waiver period; and

a payment allocation.

17. The method of claim 6, further comprising:

applying the account parameter to transactions that satisfy the condition associated with the account parameter.

18. The method of claim 6, wherein the account parameter time period comprises more than one billing cycle.

19. The method of claim 15, further comprising:

comparing the transaction attribute class with the condition attribute class;

determining whether the transaction attribute class matches any condition attribute class; and

comparing the transaction attribute value with the condition attribute value based on the determining step.

20. A system for managing a financial account, comprising:

means for defining at least one condition for the financial account;

means for defining first and second account parameters, wherein the first account parameter is associated with the condition;

means for determining whether transactions associated with the financial account satisfy the condition;

means for processing transactions that satisfy the condition based on the first account parameter; and

means for processing other transactions based on the second account parameter.

21. The system of claim 20, wherein the condition and transactions each comprise at least one attribute, the attribute comprising an attribute class and an attribute value

22. The system of claim 20, wherein the financial account is a credit card account.

23. The system of claim 20, wherein the first and second account parameters are a first and a second interest rate, respectively, wherein the first interest rate is lower than the second interest rate.

24. The system of claim 20, wherein the first and second account parameters are a first and a second interest rate, respectively, wherein the first interest rate is higher than the second interest rate.

25. The system of claim 20, wherein defining first and second account parameters further comprises:

means for defining at least one account parameter with at least one account parameter type and at least one account parameter time period, wherein the account parameter time period is associated with the account parameter type.

26. The system of claim 20, further comprising:

means for determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a next billing cycle; and

means for providing a financial account holder with a notification stating that the account parameter time period associated with the transaction will end during the next billing cycle based on the determining step based on the determination made by the means for determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a next billing cycle.

27. The system of claim 20, further comprising:

means for determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that expired at the end of the previous billing cycle; and

means for processing all transactions associated with the account parameter time period that expired at the end of the previous billing cycle with the second account parameter.

28. The system of claim 20, further comprising:

means for determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire at the end of a current billing cycle; and

means for processing all transactions associated with the account parameter time period that will expire at the end of the current billing with the first account parameter.

29. The system of claim 20, further comprising:

means for determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a current billing cycle; and

means for processing all transactions associated with the account parameter time period that will expire during the current billing with the first account parameter until the account parameter time period expires and with the second account parameter after the account parameter time period expires.

30. The system of claim 20, further comprising:

means for determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a current billing cycle; and

means for processing all transactions associated with the account parameter time period that will expire during the current billing with the first account parameter until the end of the current billing cycle.

31. The system of claim 20, further comprising:

means for generating a billing statement reflecting an amount to be paid by a financial account holder based on at least the first and second account parameters.

32. The system of claim 21, wherein the class is at least one of:

a merchant name;

a merchant type;

a merchant location;

a transaction date;

a transaction time; and

a transaction amount.

33. The system of claim 21, wherein defining at least one condition for the financial account further comprises:

means for choosing the attribute class of the attribute;

means for choosing the attribute value of the attribute; and

means for setting the attribute class to either equal or be greater than the attribute value.

34. The system of claim 21, wherein determining whether transactions associated with the financial account satisfy the condition further comprises:

means for comparing each attribute of each transaction with each attribute of the condition; and

means for determining whether any attribute of the transaction satisfies each attribute of the condition.

35. The system of claim 25, wherein the account parameter type is at least one of:

an interest rate;

a finance charge waiver period;

a monthly payment waiver period; and

a payment allocation.

36. The system of claim 25, further comprising:

means for applying the account parameter to transactions that satisfy the condition associated with the account parameter.

37. The system of claim 25, wherein the time period comprises more than one billing cycle.

38. The system of claim 34, further comprising:

means for comparing the transaction attribute class with the condition attribute class;

means for determining whether the transaction attribute class matches any condition attribute class; and

means for comparing the transaction attribute value with the condition attribute value based on the determination made by the means for determining whether the transaction attribute class matches any condition attribute class.

39. A computer-readable medium including instructions for performing a method, when executed by a processor, for managing a financial account, the method comprising:

defining at least one condition for the financial account;

defining first and second account parameters, wherein the first account parameter is associated with the condition;

determining whether transactions associated with the financial account satisfy the condition;

processing transactions that satisfy the condition based on the first account parameter; and

processing other transactions based on the second account parameter.

40. The computer-readable medium of claim 39, wherein the condition and transactions each comprise at least one attribute, the attribute comprising an attribute class and an attribute value.

41. The computer-readable medium of claim 39, wherein the financial account is a credit card account.

42. The computer-readable medium of claim 39, wherein the first and second account parameters are a first and a second interest rate, respectively, wherein the first interest rate is lower than the second interest rate.

43. The computer-readable medium of claim 39, wherein the first and second account parameters are a first and a second interest rate, respectively, wherein the first interest rate is higher than the second interest rate.

44. The computer-readable medium of claim 39, wherein defining first and second account parameters further comprises:

defining at least one account parameter with at least one account parameter type and at least one account parameter time period, wherein the account parameter time period is associated with the account parameter type.

45. The computer-readable medium of claim 39, wherein the method further comprises:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a next billing cycle; and

providing a financial account holder with a notification stating that the account parameter time period associated with the transaction that will end during the next billing cycle based on the determining step.

46. The computer-readable medium of claim 39, wherein the method further comprises:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that expired at the end of the previous billing cycle; and

processing all transactions associated with the account parameter time period that expired at the end of the previous billing cycle with the second account parameter.

47. The computer-readable medium of claim 39, wherein the method further comprises:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire at the end of a current billing cycle; and

processing all transactions associated with the account parameter time period that will expire at the end of the current billing with the first account parameter.

48. The computer-readable medium of claim 39, wherein the method further comprises:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a current billing cycle; and

processing all transactions associated with the account parameter time period that will expire during the current billing with the first account parameter until the account parameter time period expires and with the second account parameter after the account parameter time period expires.

49. The computer-readable medium of claim 39, wherein the method further comprises:

determining whether any transactions processed using the first account parameter in a previous billing cycle are associated with an account parameter time period that will expire during a current billing cycle; and

processing all transactions associated with the account parameter time period that will expire during the current billing with the first account parameter until the end of the current billing cycle.

50. The computer-readable medium of claim 39, wherein the method further comprises:

generating a billing statement reflecting an amount to be paid by a financial account holder based on at least the first and second account parameters.

51. The computer-readable medium of claim 40, wherein the class is at least one of:

a merchant name;

a merchant type;

a merchant location;

a transaction date;

a transaction time; and

a transaction amount.

52. The computer-readable medium of claim 40, wherein defining at least one condition for the financial account further comprises:

choosing the attribute class of the attribute;

choosing the attribute value of the attribute; and

setting the attribute class to either equal or be greater than the attribute value.

53. The computer-readable medium of claim 40, wherein determining whether transactions associated with the financial account satisfy the condition further comprises:

comparing each attribute of each transaction with each attribute of the condition; and

determining whether any attribute of the transaction satisfies each attribute of the condition.

54. The computer-readable medium of claim 44, wherein the account parameter type is at least one of:

an interest rate;

a finance charge waiver period;

a monthly payment waiver period; and

a payment allocation.

55. The computer-readable medium of claim 44, wherein the method further comprises:

applying the account parameter to transactions that satisfy the condition associated with the account parameter.

56. The computer-readable medium of claim 44, wherein the account parameter time period comprises more than one billing cycle.

57. The computer-readable medium of claim 53, further comprising:

comparing the transaction attribute class with the condition attribute class;

determining whether the transaction attribute class matches any condition attribute class; and

comparing the transaction attribute value with the condition attribute value based on the determining step.

58. A method of setting up a condition for a financial account, wherein the condition comprises of at least one attribute, comprising:

choosing a class and a value of the attribute;

assigning the attribute to the condition;

determining whether to set up another attribute; and

setting up account parameters associated with the condition based on the determining step.

59. A method of defining an account parameter for a financial account, wherein the account parameter is associated with a condition, comprising:

determining a type of account parameter to associate with the condition;

selecting a time period to associate with the type of account parameter; and

assigning the account parameter to the condition.

60. A method of managing a financial account, wherein the financial account is associated with at least one condition, the condition comprising at least one attribute, comprising:

collecting transaction information from a financial account user, wherein the transaction comprises at least one attribute;

comparing each attribute of each transaction with each attribute of the condition;

determining whether any attribute of the transaction satisfies each attribute of the condition; and

processing the transaction with an account parameter based on the determining step.