Consolidating and Leveraging Features of a Loyalty Program

• US 20120010937A1
• Filed: 07/07/2010
• Published: 01/12/2012
• Est. Priority Date: 07/07/2010
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: HANSON, Carrie Anne, VERNOT, James, CAINE, Laura, DUNN, Kristen, FELLOWS, Colleen Margaret, HEALY, Jeffrey N., THORNEBURG, Amber L., SCHWEIDLER, Olaf
• Application Number:
  US12/831,872
• Publication Number:
  US 20120010937A1
• Time in Patent Office: Days
• US Class Current: 705/14.27
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems

Abstract

Aspects of the present disclosure relate to a computer assisted method for consolidating reward points or monetary rewards associated with one or more financial accounts which may include electronically receiving information regarding a financial transaction in a first financial account, determining an amount of reward points or monetary rewards based on the financial transaction in the first account, and crediting a reward points or monetary rewards account associated with the first account with the amount of reward points or monetary rewards based on the transaction with the first financial account. Further, the method may include electronically receiving information regarding a transaction in a second financial account, determining an amount of reward points or monetary rewards based on the financial transaction in the second financial account and crediting the reward points or monetary rewards account with the amount of reward points or monetary rewards based on the transaction with the second financial account. Further, the first financial account may be a credit card account and the second financial account may an account associated with a debit card.

Claims

1. A computer assisted method for consolidating reward points or monetary rewards associated with one or more financial accounts comprising:

electronically receiving information regarding a financial transaction in a first financial account;

determining an amount of reward points or monetary rewards based on the financial transaction in the first account;

crediting a reward points or monetary rewards account associated with the first account with the amount of reward points or monetary rewards based on the transaction with the first financial account;

electronically receiving information regarding a transaction in a second financial account;

determining an amount of reward points or monetary rewards based on the financial transaction in the second financial account; and

crediting the reward points or monetary rewards account with the amount of reward points or monetary rewards based on the transaction with the second financial account,

wherein the first financial account is a credit card account and the second financial account is an account associated with a debit card,

wherein an earn rate of rewards points or monetary rewards for the financial transactions is the same regardless of whether the financial transaction is authorized by a signature or by a Personal Identification Number (PIN).

2. The method according to claim 1, further comprising determining the earn rate based, at least in part, on the electronically received information, wherein the earn rate is determined based on the amount of funds involved in the financial transaction.

3. The method according to claim 1, further comprising determining the earn rate based, at least in part, on the electronically received information, wherein the earn rate is determined based on whether the financial transaction involved a credit card or a debit card.

4. The method according to claim 1, further comprising determining the earn rate based, at least in part, on the electronically received information, wherein the earn rate is determined based on items purchased in the financial transaction.

5. The method according to claim 1, further comprising determining the earn rate based, at least in part, on the electronically received information, wherein the earn rate is determined based on the customer involved in the financial transaction.

6. The method according to claim 1, further comprising electronically receiving information regarding a customer'"'"'s relationship with an organization awarding the reward points or monetary rewards, determining an amount of reward points or monetary rewards or an earn rate based on the information regarding the customer'"'"'s relationship with the organization.

7. The method according to claim 6, wherein determining the amount of reward points or monetary rewards or the earn rate includes determining if the customer has multiple accounts with the organization.

8. The method according to claim 6, wherein determining the amount of reward points or monetary rewards or the earn rate includes determining if the customer has made a predetermined amount of on-time payments to one or more credit accounts the customer has with the organization.

9. The method according to claim 6, wherein determining the amount of reward points or monetary rewards or the earn rate includes determining if the customer has had a relationship with the organization that is greater than a predetermined amount of time.

10. The method according to claim 6, wherein determining the amount of reward points or monetary rewards or the earn rate includes determining if the customer has conducted a predetermined amount of transactions or a predetermined amount of business over a predetermined amount of time.

11. A reward points or monetary rewards consolidating computer comprising:

a processor and a memory,

wherein the memory stores computer executable instructions that cause the processor to perform a method wherein reward points or monetary rewards associated with one or more financial accounts are generated and consolidated into a single account by;

electronically receiving information regarding a financial transaction in a first financial account;

determining an amount of reward points or monetary rewards based on the financial transaction in the first account;

crediting a reward points or monetary rewards account associated with the first account with the amount of reward points or monetary rewards based on the transaction with the first financial account;

electronically receiving information regarding a transaction in a second financial account;

determining an amount of reward points or monetary rewards based on the financial transaction in the second financial account; and

crediting the reward points or monetary rewards account with the amount of reward points or monetary rewards based on the transaction with the second financial account,

wherein the first financial account is a credit card account and the second financial account is an account associated with a debit card,

wherein an earn rate of rewards points or monetary rewards for the financial transactions is the same regardless of whether the financial transaction is authorized by a signature or by a Personal Identification Number (PIN).

12. The computer according to claim 11, wherein the method further comprises determining the earn rate based, at least in part, on the electronically received information, wherein the earn rate is determined based on the amount of funds involved in the financial transaction.

13. The computer according to claim 11, wherein the method further comprises determining the earn rate based, at least in part, on the electronically received information, wherein the earn rate is determined based on whether the financial transaction involved a credit card or a debit card.

14. The computer according to claim 11, wherein the method further comprises determining the earn rate based, at least in part, on the electronically received information, wherein the earn rate is determined based on items purchased in the financial transaction.

15. The computer according to claim 11, wherein the method further comprises determining the earn rate based, at least in part, on the electronically received information, wherein the earn rate is determined based on the customer involved in the financial transaction.

16. The computer according to claim 11, wherein the method further comprises electronically receiving information regarding a customer'"'"'s relationship with an organization awarding the reward points or monetary rewards, determining an amount of reward points or monetary rewards or an earn rate based on the information regarding the customer'"'"'s relationship with the organization.

17. The computer according to claim 16, wherein determining the amount of reward points or monetary rewards or the earn rate includes determining if the customer has multiple accounts with the organization.

18. The computer according to claim 16, wherein determining the amount of reward points or monetary rewards or the earn rate includes determining if the customer has made a predetermined amount of on-time payments to one or more credit accounts the customer has with the organization.

19. The computer according to claim 16, wherein determining the amount of reward points or monetary rewards or the earn rate includes determining if the customer has had a relationship with the organization that is greater than a predetermined amount of time.

20. A computer assisted method for consolidating reward points or monetary rewards associated with one or more financial accounts comprising:

electronically receiving information regarding a financial transaction in a first financial account;

determining an amount of reward points or monetary rewards based on the financial transaction in the first account;

crediting a reward points or monetary rewards account associated with the first account with the amount of reward points or monetary rewards based on the transaction with the first financial account;

electronically receiving information regarding a transaction in a second financial account;

determining an amount of reward points or monetary rewards based on the financial transaction in the second financial account;

crediting the reward points or monetary rewards account with the amount of reward points or monetary rewards based on the transaction with the second financial account;

electronically receiving information regarding a customer'"'"'s relationship with an organization awarding the reward points or monetary rewards; and

determining an earn rate of reward points or monetary rewards based on the information regarding the customer'"'"'s relationship with the organization.