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 the processing unit, a method of conducting a transaction, comprising:
- engaging in the transaction using a financial transaction card, the financial transaction card having associated therewith a financial account with a financial institution;
determining, by the application program, an amount of a line of credit to be activated on the financial account to pay for the transaction; and
establishing, by the application program, repayment terms for the transaction, the repayment terms including a fixed number of installment payments.
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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.
72 Citations
15 Claims
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1. In a financial transaction payment system comprising a processing unit and an application program executing on the processing unit, a method of conducting a transaction, comprising:
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engaging in the transaction using a financial transaction card, the financial transaction card having associated therewith a financial account with a financial institution;
determining, by the application program, an amount of a line of credit to be activated on the financial account to pay for the transaction; and
establishing, by the application program, repayment terms for the transaction, the repayment terms including a fixed number of installment payments. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method for generating a statement for a financial transaction card, the financial transaction card having an associated installment balance and an associated credit balance, comprising:
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obtaining a record for a card account associated with the financial transaction card;
retrieving from the card account record information about each credit transaction and each installment transaction associated with the card account for a particular period;
displaying consecutively, in a first portion of the statement, installment transaction details for each retrieved installment transaction;
displaying consecutively, in a second portion of the statement that is separate and apart from the first portion, credit transaction details for each retrieved credit transaction. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14, 15)
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Specification