Systems, methods, and apparatus for instant issuance of a credit card

• US 6,877,656 B1
• Filed: 10/24/2000
• Issued: 04/12/2005
• Est. Priority Date: 10/24/2000
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: Jaros, Richard J., Steadman, Monique J.
• Primary Examiner(s): Frech, Karl D.
• Assistant Examiner(s): Labaze, Edwyn
• Application Number:
  US09/694,791
• Time in Patent Office: 1,631 Days
• Field of Search: 235/380, 235/375, 235/379, 235/381, 235/487, 705/35, 705 38- 39
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/355 Personalisation of cards for use
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G07F 17/42 for ticket printing or like apparatus , e.g. apparatus for dispensing of printed paper tickets or payment cards
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system
• CPC Class Codes: G07F 7/12 Card verification

Abstract

Systems, methods, and apparatus are provided for instant decisioning and remote dispensing of credit cards. In accordance with one implementation the system for instantly issuing a credit card includes means for receiving a credit card application from an applicant, means for instantly decisioning the credit card application, if declined, means for instantly notifying the applicant of that decision, and if approved, means for instantly issuing the credit card. The instant issuance credit card system can also receive a security deposit from the applicant where a determination is made that the applicant may need to remit a security deposit in order to secure the credit card. A decision to require security deposit may be based on the credit history of the applicant. A method for instantly issuing a credit card is also provided. Additionally, an apparatus for remotely dispensing a credit card is provided. The remote dispensing apparatus includes: an input device; a security deposit acceptor; a remote dispensing module, wherein the remote dispensing module communicates with a central real-time decisioning platform; a credit card dispenser; and a display.

Claims

1. A method for instantly issuing a credit card using a central computing platform and a remote dispensing apparatus, the method comprising:

receiving a credit card application from an applicant at a remote location;

instantly decisioning the credit card application;

if declined;

instantly notifying the applicant at the remote location; and

if approved;

determining whether a security deposit is necessary, based on the application;

receiving a security deposit at the remote location, if it is determined that the security deposit is necessary; and

instantly dispensing the credit card using the remote dispensing apparatus at the remote location, after the security deposit, if determined necessary, has been received.

2. The method of claim 1, wherein determining whether a security deposit is necessary includes evaluating the credit worthiness of the applicant.

3. The method of claim 1, further including:

tracking security deposit information concerning the applicant, if it is determined that the security deposit is necessary.

4. The method of claim 1, wherein instantly dispensing the credit card using the remote dispensing apparatus further includes:

receiving an embossing record from the central computing platform.

5. The method of claim 4, wherein instantly dispensing the credit card using the remote dispensing apparatus further includes:

embossing the information contained in the embossing record on the credit card.

6. The method of claim 1, wherein receiving a security deposit includes receiving at least one of currency, a funds transfer, or a check at the remote location.

7. The method of claim 1, wherein instantly decisioning the application comprises decisioning the application in real-time.

8. The method of claim 1, wherein instantly notifying the applicant comprises notifying the applicant in real-time.

9. The method of claim 1, wherein instantly dispensing the credit card comprises dispensing the credit card when the application is processed and the credit card is embossed.

10. The method of claim 1, wherein instantly decisioning the application comprises decisioning the application upon receiving the application.

11. The method of claim 1, wherein instantly notifying the applicant comprises notifying the applicant upon decisioning the application.

12. The method of claim 1, wherein instantly dispensing the credit card comprises dispensing the credit card upon approval of the application and receipt of the security deposit, if determined necessary.

13. A system for instantly issuing a credit card, comprising:

means for receiving a credit card application from an applicant at a remote location;

means for instantly decisioning the credit card application;

means for instantly notifying the applicant if the application is declined;

means for determining whether a security deposit is necessary, based on the application;

means for receiving a security deposit at the remote location, if it is determined that the security deposit is needed; and

means for instantly dispensing the credit card at the remote location, if the application has been approved and after the security deposit, if determined necessary, has been received.

14. The system of claim 13, wherein the determining means includes means for evaluating the credit worthiness of the applicant.

15. The system of claim 13, wherein the means for receiving a security deposit includes means for receiving at least one of currency, a funds transfer, or a check at the remote location.

16. The system of claim 13, further including means for tracking security deposit information concerning the applicant, if it is determined that the security deposit is necessary.

17. The system of claim 13, wherein the means for instantly decisioning the application comprises means for decisioning the application in real-time.

18. The system of claim 13, wherein the means for instantly notifying the applicant comprises means for notifying the applicant in real-time.

19. The system of claim 13, wherein the means for instantly dispensing the credit card comprises means for dispensing the credit card when the application is processed and the credit card is embossed.

20. The system of claim 13, wherein the means for instantly decisioning the application comprises means for decisioning the application upon receiving the application.

21. The system of claim 13, wherein the means for instantly notifying the applicant comprises means for notifying the applicant upon decisioning the application.

22. The system of claim 13, wherein the means for instantly dispensing the credit card comprises means for dispensing the credit card upon approval of the application and receipt of the security deposit, if determined necessary.

23. An apparatus for remotely dispensing credit cards, comprising:

an input device for receiving an application from an applicant at a remote location;

a remote dispensing module for receiving an indication of whether the application is approved and an indication of whether a security deposit is necessary;

a security deposit acceptor for accepting the security deposit at the remote location, if the remote dispensing module receives an indication that the security deposit is necessary; and

a credit card dispenser for dispensing a credit card at the remote location if the remote dispensing module receives an indication that the application is approved and after the security deposit, if determined necessary, has been accepted.

24. The apparatus of claim 23, wherein the security deposit acceptor accepts at least one of currency, a funds transfer, or a check at the remote location.

25. The apparatus of claim 23, further including a security deposit tracker for tracking security deposit information concerning the applicant, if it is determined that the security deposit is necessary.

26. A system for remotely dispensing credit cards, comprising:

means for receiving a credit card application from a customer located at a remote location

means for receiving an indication of whether the applicant is approved and an indication of whether a security deposit is necessary;

means for receiving the security deposit at the remote location, if the receiving means receives an indication that the security deposit is necessary and

means for dispensing a credit card at the remote location if the receiving means receives an indication that the application is approved and after the security deposit, if determined necessary, has been received.

27. The system of claim 26, wherein the means for receiving the security deposit includes means for receiving at least one of currency, a funds transfer, or a check at the remote location.

28. The system of claim 26, further including means for tracking security deposit information concerning the applicant, if it is determined that the security deposit is necessary.

29. A computer-readable medium containing instructions corresponding to a method for instantly issuing a credit card using a central computing platform and a remote dispensing apparatus, the method comprising:

receiving a credit card application from an applicant at a remote location;

instantly decisioning the credit card application;

if declined;

instantly notifying the applicant at the remote location; and

if approved;

determining whether a security deposit is necessary, based on the application;

receiving a security deposit at the remote location, if it is determined that the security deposit is necessary; and

instantly dispensing the credit card using the remote dispensing apparatus at the remote location, after the security deposit, if determined necessary, has been received.

30. The computer-readable medium of claim 29, wherein determining whether a security deposit is necessary includes evaluating the credit worthiness of the applicant.

31. The computer-readable medium of claim 29, wherein receiving a security deposit includes receiving at least one of currency, a funds transfer, or a check at the remote location.

32. The computer-readable medium of claim 29, the method further including tracking security deposit information concerning the applicant, if it is determined that the security deposit is necessary.

33. The computer-readable medium of claim 29, wherein instantly decisioning the application comprises decisioning the application in real-time.

34. The computer-readable medium of claim 29, wherein instantly notifying the applicant comprises notifying the applicant in real-time.

35. The computer-readable medium of claim 29, wherein instantly dispensing the credit card comprises dispensing the credit card when the application is processed and the credit card is embossed.

36. The computer-readable medium of claim 29, wherein instantly decisioning the application comprises decisioning the application upon receiving the application.

37. The computer-readable medium of claim 29, wherein instantly notifying the applicant comprises notifying the applicant upon decisioning the application.

38. The computer-readable medium of claim 29, wherein instantly dispensing the credit card comprises dispensing the credit card upon approval of the application and receipt of the security deposit, if determined necessary.