System and method for administrating a credit card use incentive program by which a credit card holder earns rebate in the form of an additional payment toward an outstanding loan principal to reduce overall cost of the installment loan
First Claim
Patent Images
1. A credit card incentive system comprising:
- a credit card issuer computing system including a processor and a memory having a program residing therein for causing the processor to perform the steps ofestablishing a credit card account with the credit card issuer for a credit card holder having an account at a particular lending institution for an installment loan with a cost that requires a fixed number of periodic equal-sized payments made by the credit card holder to retire the loan,accumulating the total value of all purchases made by the card holder using the credit card during a period of time,checking to determine whether the credit card account is in good standing with the credit card issuer,calculating an installment loan benefit amount based on the accumulated value of purchases, if the credit card account is in good standing,determining whether there is an outstanding balance on the credit card holder'"'"'s installment loan at the particular lending institution, andtransferring the installment loan benefit amount to the particular lending institution to apply the installment loan benefit amount, as an additional payment, against the outstanding principal on the installment loan account, if the credit card account is in good standing and there is an outstanding principal balance, so as to reduce the cost of the installment loan.
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Accused Products
Abstract
A credit card incentive program wherein a credit card issuer issues a credit card to a credit card holder, who has an outstanding installment loan account with a lending institution; wherein the credit card holder can earn a periodic rebate through use of the credit card, which rebate is in the form of a payment to the lending institution made by the credit card issuer on behalf of the credit card holder; and wherein the payment is applied against the outstanding principal on the installment loan account.
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Citations
24 Claims
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1. A credit card incentive system comprising:
a credit card issuer computing system including a processor and a memory having a program residing therein for causing the processor to perform the steps of establishing a credit card account with the credit card issuer for a credit card holder having an account at a particular lending institution for an installment loan with a cost that requires a fixed number of periodic equal-sized payments made by the credit card holder to retire the loan, accumulating the total value of all purchases made by the card holder using the credit card during a period of time, checking to determine whether the credit card account is in good standing with the credit card issuer, calculating an installment loan benefit amount based on the accumulated value of purchases, if the credit card account is in good standing, determining whether there is an outstanding balance on the credit card holder'"'"'s installment loan at the particular lending institution, and transferring the installment loan benefit amount to the particular lending institution to apply the installment loan benefit amount, as an additional payment, against the outstanding principal on the installment loan account, if the credit card account is in good standing and there is an outstanding principal balance, so as to reduce the cost of the installment loan. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computerized method for providing credit card incentive payments, comprising:
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establishing a credit card account on a credit card issuer computer system for a credit card holder having an account at a particular lending institution for an installment loan with a cost that requires a fixed number of periodic equal-sized payments made by the credit card holder to retire the loan; accumulating, on the card issuer computer system, the total value of all purchases made by the card holder using the credit card during a period of time; checking to determine whether the credit card account is in good standing; calculating, on the card issuer computer system, an installment loan benefit amount based on the accumulated value of purchases, if the credit card account is in good standing; determining whether there is an outstanding balance on the credit card holder'"'"'s installment loan at the particular lending institution; and transferring the installment loan benefit amount to the particular lending institution to apply the installment loan benefit amount, as an additional payment, against the outstanding principal on the installment loan account, if the credit card account is in good standing and there is an outstanding principal balance, so as to reduce the cost of the installment loan. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22)
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23. A computer-readable medium having a computer program with computer-executable instructions for performing a method comprising:
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establishing a credit card account on a credit card issuer computer system for a credit card holder having an account at a particular lending institution for an installment loan with a cost that requires a fixed number of periodic equal-sized payments made by the credit card holder retire the loan; accumulating, on the card issuer computer system, the total value of all purchases made by the card holder using the credit card during a period of time; checking to determine whether the credit card account is in good standing; calculating, on the card issuer computer system, an installment loan benefit amount based on the accumulated value of purchases, if the credit card account is in good standing; determining whether there is an outstanding balance on the credit card holder'"'"'s installment loan at the particular lending institution; and transferring the installment loan benefit amount to the particular lending institution to apply the installment loan benefit amount, as an additional payment, against the outstanding principal on the installment loan account, if the credit card account is in good standing and there is an outstanding principal balance, so as to reduce the cost of the installment loan. - View Dependent Claims (24)
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Specification