SYSTEMS AND METHODS FOR PROVIDING A SEPARATE INTEREST RATE FOR AN INDIVIDUAL TRANSACTION

• US 20180096424A1
• Filed: 12/05/2017
• Published: 04/05/2018
• Est. Priority Date: 09/09/2014
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: Apelt, Marcie, Edds, Megan, Barron, Keith, Gibbs, Ashley, Vischulis, Matthew, Ashby, Carl, Hu, Baining, Liu, Yi, Schardt, David
• Granted Patent: US 10,445,825 B2
• Time in Patent Office: Days
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Systems and methods for providing a separate interest rate for an individual transaction are disclosed. A system may provide a service associated with a account having an account balance and an associated first interest rate. The system may include a service device having one or more memory devices storing instructions and one or more processors configured to execute the instructions to perform a separate interest rate service process. The process may include providing a separate interest rate service offer to a client device and receiving a separate interest rate selection from the client device. The process may also include determining a selected portion of the account balance corresponding to an amount to which a second interest rate, different from the first interest rate, is to be applied based on the separate interest rate selection.

Claims

1-20. -20. (canceled)

21. A system for providing a service associated with an account, the system comprising:

one or more memory devices storing instructions; and

one or more processors configured to execute instructions to;

maintain an account associated with a customer and a client device, the account comprising a first account balance and a first interest rate;

determine whether the account is eligible for a separate interest rate service offer based on a first offer activation criteria, the first offer activation criteria being associated with the separate interest rate service offer, and the separate interest rate offer being associated with a second interest rate different from the first interest rate;

if it is determined that the account is eligible for a separate interest rate service offer;

provide, via a communication network, the separate interest rate service offer to the client device;

receive a separate interest rate selection from the client device, the separate interest rate selection identifying the second interest rate;

determine, based on the separate interest rate selection, a second account balance to which the second interest rate is to be applied; and

maintain the first account balance and the second account balance separately.

22. The system of claim 21, wherein the separate interest rate selection further comprises an indication of a customer-selected transaction from financial transactions associated with the financial account.

23. The system of claim 22, wherein the one or more processors are further configured to execute the instructions to determine the second account balance based on an amount of the customer-selected transaction.

24. The system of claim 21, wherein the separate interest rate selection comprises transaction information associated with a previously completed transaction.

25. The system of claim 24, wherein the one or more processors are further configured to execute the instructions to:

determine that the transaction information satisfies a second offer activation criteria; and

determine an amount of the previously completed transaction.

26. The system of claim 25, wherein the second offer activation criteria comprises a merchant at which transactions automatically qualify for a separate interest rate service.

27. The system of claim 21, wherein the separate interest rate service offer comprises terms associated with the separate interest rate service offer.

28. The system of claim 27, wherein the terms comprise the second interest rate and a period of time over which the second interest rate would apply.

29. The system of claim 28, wherein the one or more processors are further configured to execute the instructions to:

determine whether the second interest rate service offer has expired based on the period of time; and

if the second interest rate has expired;

cease to separately maintain the first account balance and the second account balance.

30. The system of claim 28, wherein the one or more processors are further configured to execute the instructions to:

determine whether a difference between a current time and an expiration time of the second interest rate service offer is less than a threshold; and

if the difference is less than the threshold;

send a notification to the client device indicating that the second interest rate service offer is about to expire.

31. The system of claim 21, wherein the one or more processors are further configured to execute the instructions to:

apply the first interest rate to the first account balance; and

apply the second interest rate to the second account balance.

32. The system of claim 31, wherein the one or more processors are further configured to execute the instructions to:

receive a payment amount from the customer; and

reduce the first account balance by the payment amount if the first interest rate is greater than the second interest rate.

33. The system of claim 31, wherein the one or more processors are further configured to execute the instructions to provide a grace period benefit based on a status of the first account balance.

34. The system of claim 31, wherein the second interest rate is 0%.

35. The system of claim 31, wherein the one or more processors are further configured to execute the instructions to exempt the second account balance from a determination of available credit associated with the financial account.

36. The system of claim 21, wherein the first offer activation criteria is associated with the customer being a new customer.

37. The system of claim 21, wherein the first offer activation criteria is associated with the customer making a particular purchase.

38. The system of claim 21, wherein the one or more processors are further configured to execute the instructions to:

acquire location information associated with the client device; and

determine whether the account is eligible for the separate interest rate service offer based on a determination that the client device is at a merchant location based on the acquired location information.

39. A method for providing a service associated with an account, the method comprising:

maintaining an account associated with a customer and a client device, the account comprising a first account balance and a first interest rate;

determining whether the account is eligible for a separate interest rate service offer based on a first offer activation criteria, the first offer activation critera being associated with the separate interest rate service offer, and the separate interest rate offer being associated with a second interest rate different from the first interest rate;

in response to determining that the account is eligible for a separate interest rate service offer;

providing, via a communication network, the separate interest rate service offer to the client device;

receiving a separate interest rate selection from the client device, the separate interest rate selection identifying the second interest rate;

determining, based on the separate interest rate selection, a second account balance to which the second interest rate is to be applied; and

maintaining the first account balance and the second account balance separately.

40. A non-transitory computer-readable medium having stored thereon executable instructions that, when executed by a processor, cause the processor to perform operations for providing a service associated with an account, the operations comprising:

maintaining an account associated with a customer and a client device, the account comprising a first account balance and a first interest rate;

determining whether the account is eligible for a separate interest rate service offer based on a first offer activation criteria, the first offer activation critera being associated with the separate interest rate service offer, and the separate interest rate offer being associated with a second interest rate different from the first interest rate;

in response to determining that the account is eligible for a separate interest rate service offer;

providing, via a communication network, the separate interest rate service offer to the client device;

receiving a separate interest rate selection from the client device, the separate interest rate selection identifying the second interest rate;

determining, based on the separate interest rate selection, a second account balance to which the second interest rate is to be applied; and

maintaining the first account balance and the second account balance separately.