SYSTEM AND METHOD FOR REWARDS PROGRAM FOR CREDIT CARD ISSUER
First Claim
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.
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Accused Products
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.
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Citations
16 Claims
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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:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A system for administering a rewards program, comprising:
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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. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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Specification