Credit card payment system and method
First Claim
1. A credit card payment system comprising:
- a. a zero-LOC card account having an associated zero-LOC card with a unique identification number and a zero line of credit, wherein an issuer of said zero-LOC card assumes no credit risk thereon;
b. said zero-LOC card account being independent of a funding card account, wherein said zero-LOC card account is funded by at least one funds transfer from said funding card account to provide a credit balance in said zero-LOC card account;
c. a storage means for storing said identification number for said zero-LOC card;
d. a computing means for calculating said credit balance remaining and for approving or declining a payment to a merchant or for approving a debit transaction; and
e. a communication means for transmitting and receiving between said computing means and said sale or debit transaction said identification number, or a proxy, and a charge cost comprised of a price for said goods or services or debit transaction amount.
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Accused Products
Abstract
A credit card payment system and method includes a zero-LOC card having a unique identification number and a zero line of credit issued to an individual or a small business. The zero-LOC card is appointed to be funded by at least one transfer from a funding card account to provide a credit balance on the zero-LOC card. A sub-product code is integrated within the card system to provide restrictions or expansions to usage and function of the zero-LOC card. Storage, computing and communication means are provided. Existing cardholders allocate their assigned lines of credits in creative ways to address their individual needs. The credit card payment system allows cardholders to allocate their unused credit lines at their own expense and to the mutual benefit of consumers, small businesses, merchants and credit card issuing companies, thereby facilitating more frictionless trade and growing the economy.
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Citations
25 Claims
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1. A credit card payment system comprising:
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a. a zero-LOC card account having an associated zero-LOC card with a unique identification number and a zero line of credit, wherein an issuer of said zero-LOC card assumes no credit risk thereon; b. said zero-LOC card account being independent of a funding card account, wherein said zero-LOC card account is funded by at least one funds transfer from said funding card account to provide a credit balance in said zero-LOC card account; c. a storage means for storing said identification number for said zero-LOC card; d. a computing means for calculating said credit balance remaining and for approving or declining a payment to a merchant or for approving a debit transaction; and e. a communication means for transmitting and receiving between said computing means and said sale or debit transaction said identification number, or a proxy, and a charge cost comprised of a price for said goods or services or debit transaction amount. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 23)
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21. A method for providing a credit card comprising:
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a. generating a zero-LOC card account having an associated zero-LOC card with a unique identification number and a zero line of credit, wherein an issuer of said zero-Loc card assumes no credit risk thereon. and also is independent from a funding card/account; b. issuing said zero-LOC card to an individual or a small business; c. funding said zero-LOC card by at least one transfer from the funding card account to provide a credit balance on said zero-LOC card account; d. storing said identification number for said zero-LOC card on a storage means; e. calculating said credit balance remaining and for approving or declining a payment to a merchant or for approving a debit transaction by way of a computing means; and f. transmitting and receiving between said computing means and said payment or debit transaction said identification number, or a proxy, and a charge cost comprised of a price for said goods or services or debit transaction amount by way of said communication means. - View Dependent Claims (22)
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24. A credit card that is independent of a funding credit card, comprising:
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an associated and a unique identification number and a zero line of credit; an associated credit card account; said credit card being funded by at least one funds transfer from a funding card account to provide a credit balance in said zero-LOC card account, wherein an issuer of said credit card assumes no credit risk thereon. - View Dependent Claims (25)
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Specification