SYSTEM AND METHOD FOR USING LOYALTY REWARDS AS CURRENCY
First Claim
1. A method comprising:
- receiving, by a computer for converting loyalty points and through a webpage, a selection to apply said loyalty points as a monetary value to a first transaction, wherein said first transaction is a previously executed charge and appears on a billing statement including a plurality of transactions of previously executed charges;
displaying, by said computer and through said webpage, a finable form to provide transaction information in response to said selection from said participant to apply said loyalty points as said monetary value;
receiving, by said computer, a first merchant name, a transaction account type, and a transaction amount level via said fillable form;
identifying, by said computer, said first transaction based on said merchant name, said transaction account type, and said transaction amount level;
performing, by said computer, an analysis of said first transaction identified in said fillable form to determine a conversion ratio based on a second merchant identifier, and said transaction account type;
applying, by said computer in real time, said currency value as a credit for said first transaction to a financial account; and
offsetting, by said computer and over said web interface and in real time, said previously executed charge with said currency value.
3 Assignments
0 Petitions
Accused Products
Abstract
The present invention involves spending loyalty points over a computerized network to facilitate a transaction. With this system, a loyalty program participant is able to use an existing transaction card to purchase an item over a computerized network, while at the same time offsetting the cost of that transaction by converting loyalty points to a currency value credit and having the credit applied to the participant'"'"'s financial transaction account. Currency credit from converted loyalty points may also be applied to stored value cards, online digital wallet accounts and the like. Further, currency credit may also be applied to other accounts to effect a gift or donation.
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Citations
18 Claims
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1. A method comprising:
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receiving, by a computer for converting loyalty points and through a webpage, a selection to apply said loyalty points as a monetary value to a first transaction, wherein said first transaction is a previously executed charge and appears on a billing statement including a plurality of transactions of previously executed charges; displaying, by said computer and through said webpage, a finable form to provide transaction information in response to said selection from said participant to apply said loyalty points as said monetary value; receiving, by said computer, a first merchant name, a transaction account type, and a transaction amount level via said fillable form; identifying, by said computer, said first transaction based on said merchant name, said transaction account type, and said transaction amount level; performing, by said computer, an analysis of said first transaction identified in said fillable form to determine a conversion ratio based on a second merchant identifier, and said transaction account type; applying, by said computer in real time, said currency value as a credit for said first transaction to a financial account; and offsetting, by said computer and over said web interface and in real time, said previously executed charge with said currency value. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A system comprising:
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a processor for converting loyalty points, a tangible, non-transitory memory configured to communicate with said processor, the tangible, non-transitory memory having instructions stored thereon that, in response to execution by said processor, cause said processor to perform operations comprising; receiving, by said processor and through a webpage, a selection to apply said loyalty points as a monetary value to a first transaction, wherein said first transaction is a previously executed charge and appears on a billing statement including a plurality of transactions of previously executed charges; displaying, by said processor and through said webpage, a fillable form to provide transaction information in response to said selection from said participant to apply said loyalty points as said monetary value; receiving, by said processor, a first merchant name, a transaction account type, and a transaction amount level via said fillable form; identifying, by said processor, said first transaction based on said merchant name, said transaction account type, and said transaction amount level; performing, by said processor, an analysis of said first transaction identified in said fillable form to determine a conversion ratio based on a second merchant identifier, and said transaction account type; applying, by said processor in real time, said currency value as a credit for said first transaction to a financial account; and offsetting, by said processor and over said web interface and in real time, said previously executed charge with said currency value.
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18. An article of manufacture including a non-transitory, tangible computer readable medium having instructions stored thereon that, in response to execution by a computer for converting loyalty points, cause said computer to perform operations comprising:
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receiving, by said computer and through a webpage, a selection to apply said loyalty points as a monetary value to a first transaction, wherein said first transaction is a previously executed charge and appears on a billing statement including a plurality of transactions of previously executed charges; displaying, by said computer and through said webpage, a fillable form to provide transaction information in response to said selection from said participant to apply said loyalty points as said monetary value; receiving, by said computer, a first merchant name, a transaction account type, and a transaction amount level via said fillable form; identifying, by said computer, said first transaction based on said merchant name, said transaction account type, and said transaction amount level; performing, by said computer, an analysis of said first transaction identified in said fillable form to determine a conversion ratio based on a second merchant identifier, and said transaction account type; applying, by said computer in real time, said currency value as a credit for said first transaction to a financial account; and offsetting, by said computer and over said web interface and in real time, said previously executed charge with said currency value.
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Specification