Portable financial transaction card capable of authorizing a transaction in foreign currencies

• US 4,766,293 A
• Filed: 06/26/1986
• Issued: 08/23/1988
• Est. Priority Date: 06/26/1986
• Status: Expired due to Term

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: Visa International Service Association (Visa, Inc.)
• Inventors: Boston, Vincent
• Primary Examiner(s): Cardillo, Raymond F.
• Assistant Examiner(s): Weinhardt, Robert A.
• Application Number:
  US06/878,619
• Time in Patent Office: 789 Days
• Field of Search: 235/379, 235/380, 235/492, 235/487, 235/488, 235/381, 235/384, 235/382, 235/382.5, 340/825.33, 340/825.35, 364/400, 364/401, 364/405, 364/408, 364/406
• US Class Current: 705/41
• CPC Class Codes: G06K 19/07 with integrated circuit chips
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/3415 Cards acting autonomously as pay-media
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A transaction card is disclosed capable of authorizing a transaction in a foreign currency. The subject transaction card includes an internal microprocessor which is connected to a memory. Stored within the memory is a transaction limit associated with each account of the cardholder. Also stored in the memory are one or more rates for converting the transaction limit into foreign currencies. In operation, the cardholder will select the foreign currency which will be used for a purchase. After the selection, the processor will convert the transaction limit from a local or base currency to the selected foreign country. Thereafter, during the transaction, the processor will compare the transaction amount with the converted transaction limit to determine if an approval code should be generated. In a preferred embodiment, a key pad is provided on the transaction card to facilitate data entry. In addition, an LCD readout is provided for displaying the approval code.

Claims

1. A transaction card capable of authorizing a transaction in foreign currencies comprising:

data entry means;

storage means for holding a transaction limit represented in a base currency and at least one rate for converting the base currency to a different, foreign currency, said storage means also holding an expiration date associated with each said conversion rate; and

processor means, which includes a calender function and is connected to the data entry means and the storage means, said processor means functioning such that when a transaction is to be carried out in a foreign currency said processor means will initially determine whether the current date is before the expiration date associated with the conversion rate of said foreign currency, and if so, the processor means will convert the transaction limit initially represented in said base currency into said foreign currency using the associated conversion rate and thereafter compare the transaction amount expressed in the foreign currency supplied through said data entry means to said converted transaction limit to determine if the transaction should be approved.

2. A transaction card as recited in claim 1 wherein said processor means generates an approval code if the transaction amount expressed in a foreign currency does not exceed said converted transaction limit.

3. A transaction card as recited in claim 2 further including a display means.

4. A transaction card as recited in claim 3 wherein after said approval code is generated it is displayed on said display means.

5. A transaction card as recited in claim 3 wherein said transaction amount is shown on said display means after it has been entered.

6. A transaction card as recited in claim 1 wherein if said transaction is approved, said processor means debits the transaction limit by the transaction amount.

7. A transaction card as recited in claim 1 wherein after said transaction limit has been converted into a first foreign currency and said processor means must convert the transaction limit from said first foreign currency to a second foreign currency, said processor means first converts said transaction limit into said base currency from said first foreign currency and thereafter into said second foreign currency using the appropriate currency conversion rate.

8. A transaction card as recited in claim 1 wherein the foreign currency is selected through said data entry means.

9. A transaction card as recited in claim 1 wherein said data entry means is defined by electrical contacts.

10. A transaction card as recited in claim 1 wherein said data entry means is defined by a key pad.