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Credit card spending authorization control system

  • US 5,914,472 A
  • Filed: 09/23/1997
  • Issued: 06/22/1999
  • Est. Priority Date: 09/23/1997
  • Status: Expired due to Term
First Claim
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1. A system for authorizing monetary transactions for the procurement of goods, services or distribution of currency using a credit or debit type transaction card while allowing an account holder to control spending by a card user using the transaction card by permitting the account holder to approve or refuse a spending amount exceeding a predetermined value, said system comprising:

  • a card issued to a card user from a card issuer having a card number, the card number including an account number;

    wherein when the card user uses the issued card to procure goods or services from a merchant via a card transaction, the merchant seeks approval from the card issuer of the transaction;

    a central computer having a first database of card issuers;

    a first issuer computer having a second database of spending limits pre-approved by the account holder, a third database of spending limits pre-approved by the card issuer, and a fourth database of a contact method for contacting the account holder;

    wherein said central computer retrieves approval or refusal of the transaction from the first issuer computer, and wherein the refusal of a transaction is accompanied by the method for contacting the account holder;

    central computer contact means for contacting said account holder for approval or refusal of an increase in the procurement limit of the card user'"'"'s card for the transaction;

    and wherein the central computer passes the account holder'"'"'s approval or refusal of the pending transaction to the merchant.

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