SYSTEM AND METHOD FOR REWARDS PROGRAM FOR CREDIT CARD ISSUER

• US 20130080237A1
• Filed: 11/15/2012
• Published: 03/28/2013
• Est. Priority Date: 06/10/2005
• Status: Abandoned Application

• Current Assignee: Michael J. Hart
• Original Assignee: Michael J. Hart
• Inventors: HART, Michael J.
• Application Number:
  US13/678,286
• Publication Number:
  US 20130080237A1
• Time in Patent Office: Days
• US Class Current: 705/14.27
• CPC Class Codes: G06Q 20/145 Payments according to the detected use or quantity
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• 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

The exemplary embodiments of the present invention provide a system and method for administering a rewards program. The system includes a computer system in communication with a network. The computer system includes a creation module that creates a reward account upon issuing a credit card from a credit card issuer, a reward adjusting module that adjusts the reward account when the credit card is used in a transaction, and a reward module that grants at least one reward transaction for the credit card issuer. The method includes creating a reward account upon issuing a credit card from a credit card issuer, adjusting the reward account when the credit card is used in at least one transaction, and coordinating at least one rewards transaction for the credit card issuer.

Claims

1. A method of administering a rewards program embodied in a computer program product for execution on an instruction processing computer system, comprising a tangible storage medium readable by the instruction processing computer system and storing instructions for execution by the instruction processing computer system for performing said method comprising:

creating a cardholder reward account by the credit card issuer as part of a loyalty reward program in which reward points are earned and redeemed by the cardholder, the cardholder reward account stored in the tangible storage medium, the points are earned by the cardholder associated with purchases made with a cardholder credit card, the cardholder credit card being issued from a credit card issuer;

creating a reward program credit card account issued from the credit card issuer, the reward program credit card account being a single account used exclusively for payment of all loyalty reward program transactions for all cardholders participating in the program, the loyalty reward program transactions resulting from a loyalty program reward redemption by the cardholder, the rewards program credit card account stored in the tangible storage medium;

adjusting the cardholder reward account stored in the tangible storage medium when the cardholder reward account is used in at least one loyalty reward program transaction;

coordinating for the credit card issuer all loyalty reward program transactions associated with all cardholder reward accounts, wherein the reward program credit card account is used to pay for all loyalty reward program transactions, thereby generating transaction interchange revenue for each transaction amount to the credit card issuer.

2. The method of claim 1, further comprising granting a reward to a recipient.

3. The method of claim 2, wherein the credit card issuer designates the recipient.

4. The method of claim 1, wherein the credit card issuer receives a percentage of the payment for the rewards transaction.

5. The method of claim 1, wherein the coordinating of all loyalty reward program travel transactions is performed by accessing a website.

6. The method of claim 5, wherein the reward is a travel-based reward.

7. The method of claim 6, wherein the travel-based reward is obtained from a travel website using a single sign on.

8. The method of claim 1, wherein the reward is a merchandise provider.

9. A system for administering a rewards program, comprising:

a computer system in communication with a network, the computer system further comprising;

an instruction processing system;

a tangible storage medium readable by the instruction processing system and storing instructions for execution by the instruction processing;

a creation module stored in the tangible storage medium that when executed by the instruction processing system creates a cardholder reward account that is stored in the tangible storage medium that is associated with a cardholder credit card, the cardholder credit card being issued from a credit card issuer;

a reward adjusting module stored in the tangible storage medium that when executed by the instruction processing system adjusts the cardholder reward account when the cardholder credit card is used in a transaction;

a reward module as part of a loyalty reward program for the credit card issuer stored in the tangible storage medium that when executed by the instruction processing system grants each loyalty reward program transaction associated with each cardholder reward account redemption, wherein all reward transactions are paid for using a single reward credit card account issued by the credit card issuer, thereby generating transaction interchange revenue amounts to the credit card issuer for each loyalty reward travel redemption.

10. The system of claim 9, wherein the reward is granted to a recipient.

11. The system of claim 10, wherein the credit card issuer designates the recipient.

12. The system of claim 9, wherein the credit card issuer receives a percentage of the payment for the rewards transaction.

13. The system of claim 9, wherein the reward module interacts with a website to allow the cardholder to select their loyalty reward program transaction.

14. The system of claim 9, wherein the loyalty reward program transaction is a travel-based reward.

15. The system of claim 14, wherein the travel-based reward is obtained from a travel website using a single sign on.

16. The system of claim 15, wherein the loyalty reward program transaction is with a merchandise provider.