System and method for providing borrowing schemes
First Claim
Patent Images
1. An automated method for providing a borrowing scheme, comprising:
- establishing, by a computer processor, an interest-free revolving amount at the request of a user;
establishing, by the computer processor, a periodic payment for maintaining the interest-free revolving amount; and
automatically revising the periodic payment, using the computer processor, based upon at least one user performance metric measured over a predetermined period of time;
wherein the interest-free revolving amount is determined by the user via a network.
1 Assignment
0 Petitions
Accused Products
Abstract
The method according to exemplary embodiments comprises establishing an interest-free revolving amount or account, establishing a periodic payment for maintaining the interest-free revolving amount or account, and automatically revising the interest-free revolving amount or account or the periodic payment based upon at least one user performance metric over a predetermined period of time; wherein the interest-free revolving amount or account or the periodic payment for maintaining the interest-free revolving amount is determined by the user via a network.
674 Citations
25 Claims
-
1. An automated method for providing a borrowing scheme, comprising:
-
establishing, by a computer processor, an interest-free revolving amount at the request of a user; establishing, by the computer processor, a periodic payment for maintaining the interest-free revolving amount; and automatically revising the periodic payment, using the computer processor, based upon at least one user performance metric measured over a predetermined period of time; wherein the interest-free revolving amount is determined by the user via a network. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
-
-
15. A system for associating a borrowing scheme with a transaction device, comprising:
-
a transaction card, device or account associated with a user; and a borrowing scheme processor for receiving, from the user, a request to designate a portion of a transaction balance for the card, device or account as an interest-free revolving amount and for calculating a periodic payment for maintaining the interest-free revolving amount, wherein the interest-free revolving amount is determined by the user, and wherein the periodic payment is revised based upon at least one user performance metric measured over a predetermined period of time. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24)
-
-
25. A system for associating a borrowing scheme with a transaction device, comprising:
-
a transaction card, device or account associated with a user; and a borrowing scheme processor for receiving, from the user, a request to designate at least a portion of a transaction balance associated with the transaction card, device or account as an interest-free revolving amount and for calculating a periodic payment for maintaining the interest-free revolving amount, wherein the interest-free revolving amount is determined by the user via an online portal or by communicating with a live agent, and wherein the periodic payment comprises;
a fee or charge required to maintain the interest-free revolving amount and comprises a daily, weekly, monthly, quarterly, or yearly payment, andwherein the interest-free revolving amount or the periodic payment is revised based upon at least one user performance metric measured over a predetermined period of time, and wherein the at least one user performance metric measured over a predetermined period of time comprises a predetermined number of timely payments, a predetermined number of transactions, or maintenance of a minimum transaction balance, and wherein the interest-free revolving amount begins to accrue interest upon the periodic payment for maintaining the interest-free revolving amount or account not being made.
-
Specification