System and methods for card payment instrument with rebate applied to an insurance premium
First Claim
1. A method of rewarding usage of a credit or debit instrument, comprising:
- monitoring cardholder usage of a credit or debit card issued by a first party comprising a card issuer;
computing a measure based on the monitored usage that is redeemable with a second party comprising an insurance entity;
redeeming the measure to provide the cardholder with value applicable to an existing insurance account associated with the cardholder;
thereby rewarding conduct with respect to the first party comprising a card issuer by providing value that encourages conduct with respect to the second party comprising the insurance entity.
1 Assignment
0 Petitions
Accused Products
Abstract
An apparatus and method for a card payment instrument providing that a percentage of consumer spending is rebated to the consumer for payment of premiums or the like for an account with an insurance company. In one version, an applicant provides a benefiting insurance account number to which the rebate is credited based on the rebate amount. The rebate is automatically submitted by the card issuer to the insurance account and, depending on the sizes of the rebate and premium, the cardholder may receive a bill reflecting a reduced premium or even a credit from the insurance concern. In another version, the rebate is submitted as a two-party check which can be cashed by the consumer or submitted by the consumer to the insurance company for cashing.
214 Citations
20 Claims
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1. A method of rewarding usage of a credit or debit instrument, comprising:
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monitoring cardholder usage of a credit or debit card issued by a first party comprising a card issuer;
computing a measure based on the monitored usage that is redeemable with a second party comprising an insurance entity;
redeeming the measure to provide the cardholder with value applicable to an existing insurance account associated with the cardholder;
thereby rewarding conduct with respect to the first party comprising a card issuer by providing value that encourages conduct with respect to the second party comprising the insurance entity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A card based payment system for rewarding conduct with respect to a first party by providing value with respect to a second party, comprising:
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a credit or debit card issued by a card issuer to a cardholder;
a card issuer system for processing transactions and computing a measure based on card usage that is redeemable with an insurance concern;
an insurance concern system for redeeming the measure to provide value applicable to an existing insurance account associated with the cardholder;
thereby rewarding conduct with respect to the first party comprising a card issuer by providing value that encourages conduct with respect to the second party comprising the insurance concern. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification