System and method for facilitating a subsidiary card account
First Claim
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1. A method for facilitating the administration of a subsidiary credit card account comprising the steps of:
- receiving a request from a parent for a subsidiary card account, said parent identifying a parent account, said parent account being a financial account controlled by the parent, the parent account having a parent spending power;
establishing a subsidiary card account having a subsidiary spending capacity; and
reducing said parent spending power by an amount less than said subsidiary spending capacity.
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Abstract
The present invention provides a system and method for providing a flexible limit subsidiary card account. In particular, the present provides a system and method for allowing a parent to provide funds to a subsidiary and to control the spending of subsidiary or spending capacity. The card account may be issued at the request of the parent who may retain the ability to define, modify, and/or terminate the spending and/or debt accumulation limits for the subsidiary card account as well as other features as described in the attached disclosure.
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Citations
32 Claims
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1. A method for facilitating the administration of a subsidiary credit card account comprising the steps of:
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receiving a request from a parent for a subsidiary card account, said parent identifying a parent account, said parent account being a financial account controlled by the parent, the parent account having a parent spending power;
establishing a subsidiary card account having a subsidiary spending capacity; and
reducing said parent spending power by an amount less than said subsidiary spending capacity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A method for providing a plurality of subsidiary card accounts comprising the steps of:
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receiving a request from a parent for a plurality of subsidiary card accounts, each of said subsidiary card accounts having a subsidiary spending capacity, said parent identifying a financial account controlled by a parent, the financial account having a parent spending power; and
reducing said parent spending power by an amount less than the sum of said subsidiary spending capacities of each of said subsidiary card accounts.
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- 18. A system for administering a subsidiary card account having a subsidiary spending capacity, the system comprising an account administrator in communication with a transaction administrator, a settler, and a statement generator, the account administrator configured to receive a request from a parent having a parent account and to facilitate the establishment of one or more subsidiary card account by reducing said parent spending power by an amount less than said subsidiary spending capacity, the transaction administrator configured to facilitate transactions consuming said subsidiary spending capacity, the settler configured to facilitate providing a settling payment to a merchant, the statement generator configured to facilitate generating a parent account statement.
Specification