Centralized credit interchange system of converting purchase credit awards through credit exchange system for purchase of investment vehicle
First Claim
1. A method for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of:
- a. crediting an account of the consumer with the credit awards;
b. accumulating the credit awards in the account; and
c. purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
3 Assignments
0 Petitions
Accused Products
Abstract
A debt credit award interchange system interfacing with a credit award exchange system for conversion of any form of merchant or creditor credit award resulting from consumer incurring debt due to consumer purchase of goods or services of creditor. The debtor earns a preassigned credit award per credit vehicle utilized and amount of purchased item. At central location of credit award interchange system, secured creditor debt credit award agreement contracts are matched with point of sale transaction purchases, utilizing data processing methods to increment consumer account, summing accumulations; debiting creditors, authorized and confirmed thru interchange system. Interchange system communicates accumulated credit awards to credit award exchange that processes the conversion of credit award into purchase of mutual funds and/or imvestment vehicle of award account holder choice; maintaining open account of award holder for further purchase of investment vehicle as preassigned credit award accumulations direct and providing statements of purchase and periodic statements of account transactions and status.
-
Citations
23 Claims
-
1. A method for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of:
-
a. crediting an account of the consumer with the credit awards; b. accumulating the credit awards in the account; and c. purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
-
-
10. A method for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of:
-
a. assessing the merchant an interchange fee associated with the purchase and depositing at least a portion of the interchange fee in an interchange fee account; b. crediting a credit awards account of the consumer with credit awards associated with the purchase; c. accumulating credit awards in the credit awards account; d. upon the credit awards reaching a predetermined value, withdrawing at least a portion of the interchange fee in the interchange fee account; e. purchasing an ownership interest in the investment vehicle on behalf of the consumer using the portion of the interchange fees withdrawn from the interchange account, with the investment vehicle being subject to appreciation or depreciation. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19)
-
-
20. A method for converting credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of:
-
a. crediting an account of the consumer with the credit award; b. accumulating the credit awards in the account; and c. periodically purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards, the investment vehicle being subject to appreciation or depreciation.
-
-
21. A method for converting credit awards resulting from credit card interest payments by a consumer to a bank into an ownership interest in an investment vehicle, the method comprising the steps of:
-
a. crediting an account of the customer with the credit awards; b. accumulating the credit awards in the account; and c. purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
-
-
22. An electronic data processing device for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the device comprising:
-
means for crediting an account of the consumer with the credit awards; means for accumulating the credit awards in the accounts; and means for purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards in the account reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
-
-
23. An electronic data processing device for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the device comprising:
-
an account processing unit for crediting an account of the consumer with the credit awards; a credit award accumulation unit for accumulating the credit awards in the accounts; and an investment vehicle purchase processing unit for purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards in the account reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
-
Specification