Change card
First Claim
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1. A method for completing a transaction without the use of coins, the method comprising:
- providing a transaction card comprising a card body and a memory storage disposed on said card body, said memory storage comprising a smart chip capable of being read by a card reader, said memory storage storing an identification for said transaction card and a monetary value for said transaction card;
purchasing goods or services having a purchase price including a fractional dollar amount;
tendering a whole dollar amount in currency either above or below said purchase price, wherein the difference between said purchase price and the whole dollar amount tendered is represented at least in part by a value in coins less than one dollar;
reading of said transaction card by a first card reader, said first card reader reading said transaction card identification and said monetary value;
generating an updated monetary value in said memory storage via said card reader; and
recording said identification for said transaction card and said updated monetary value in a memory storage in said first card reader;
wherein said monetary value is capable of both being increased by crediting an overpayment amount to said transaction card and being decreased by debiting an underpayment amount to said transaction card.
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Abstract
A transaction card allows for retail purchases involving fractional dollar amounts to be completed without the use of coin currency. Change amounts involving less than one dollar can be either credited to or debited from a monetary value stored on a smart chip in the transaction card by placing the transaction card into a card reader that reads a magnetic swipe strip associated with the smart chip. Amounts credited to the transaction card can be used for secondary transactions not involving paper or coin currency.
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Citations
17 Claims
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1. A method for completing a transaction without the use of coins, the method comprising:
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providing a transaction card comprising a card body and a memory storage disposed on said card body, said memory storage comprising a smart chip capable of being read by a card reader, said memory storage storing an identification for said transaction card and a monetary value for said transaction card;
purchasing goods or services having a purchase price including a fractional dollar amount;
tendering a whole dollar amount in currency either above or below said purchase price, wherein the difference between said purchase price and the whole dollar amount tendered is represented at least in part by a value in coins less than one dollar;
reading of said transaction card by a first card reader, said first card reader reading said transaction card identification and said monetary value;
generating an updated monetary value in said memory storage via said card reader; and
recording said identification for said transaction card and said updated monetary value in a memory storage in said first card reader;
wherein said monetary value is capable of both being increased by crediting an overpayment amount to said transaction card and being decreased by debiting an underpayment amount to said transaction card. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A transaction card comprising:
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a card body and a memory storage disposed on said card body, said memory storage comprising a smart chip capable of being read by a card reader, said memory storage storing an identification for said transaction card and a monetary value for said transaction card;
said monetary value being capable of being either increased or decreased as part of a point of sale transaction, wherein a purchase is made by tendering a whole dollar monetary value either above or below a purchase price, wherein the difference between said purchase price and the whole dollar amount tendered is represented at least in part by a value in coins less than one dollar. - View Dependent Claims (16, 17)
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Specification