Systems and methods for a prepaid interest credit card account
First Claim
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1. A system for charging fees to a card holder of a credit card account comprising:
- a memory; and
a number of processors configured to execute computer readable instructions stored in the memory and executed to;
determine that the card holder has opted in for the credit card account;
calculate the prepaid interest amount based on;
a term over which the prepaid interest is to be calculated;
an amount of interest charges on the credit card account should the card holder carry a balance on the card for the term;
wherein the prepaid interest amount is defined to be a portion of the amount of interest charges on the credit card account should the card holder carry a balance on the card for the term; and
charge the prepaid interest amount to the credit card account in lieu of charging interest on an actual balance of the account;
determine whether the prepaid interest amount has been received;
responsive to a determination that the prepaid interest amount has been received, charging the card holder only an unpaid balance of the account with no interest;
responsive to a determination that the prepaid interest amount has not yet been received, charging the card holder the unpaid balance with interest; and
allow the card holder an option to start charging interest on the actual balance of the account instead of the prepaid interest amount after a pre-determined term has expired.
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Abstract
A system for charging fees to a card holder of a credit card account may comprise at least one subsystem that calculates a prepaid interest amount and at least one subsystem that charges the prepaid interest amount to the credit card account in lieu of charging interest on the actual balance of the account.
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Citations
17 Claims
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1. A system for charging fees to a card holder of a credit card account comprising:
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a memory; and a number of processors configured to execute computer readable instructions stored in the memory and executed to; determine that the card holder has opted in for the credit card account; calculate the prepaid interest amount based on; a term over which the prepaid interest is to be calculated; an amount of interest charges on the credit card account should the card holder carry a balance on the card for the term; wherein the prepaid interest amount is defined to be a portion of the amount of interest charges on the credit card account should the card holder carry a balance on the card for the term; and charge the prepaid interest amount to the credit card account in lieu of charging interest on an actual balance of the account; determine whether the prepaid interest amount has been received; responsive to a determination that the prepaid interest amount has been received, charging the card holder only an unpaid balance of the account with no interest; responsive to a determination that the prepaid interest amount has not yet been received, charging the card holder the unpaid balance with interest; and allow the card holder an option to start charging interest on the actual balance of the account instead of the prepaid interest amount after a pre-determined term has expired. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A non-transitory computer readable medium having instructions stored thereon and executed by a processor to:
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determine that a card holder has opted in for a prepaid interest credit card account; charge the account of the card holder a prepaid interest amount; determine whether the prepaid interest amount has been received; responsive to a determination that the prepaid interest amount has been received, charging the card holder only an unpaid balance of the account with no interest; responsive to a determination that the prepaid interest amount has not yet been received, charging the card holder the unpaid balance with interest; and allow the card holder an option to start charging interest on an actual balance of the account instead of the prepaid interest amount after a pre-determined term has expired. - View Dependent Claims (8, 9, 10, 11)
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12. A non-transitory computer readable medium having instructions stored thereon and executed by a processor to:
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determine that a card holder has opted in for a prepaid interest credit card account; charge the account of the card holder a prepaid interest amount based on a term and on an amount of interest charges on the credit card account; determine whether the prepaid interest amount has been received; responsive to a determination that the prepaid interest amount has been received, charging the card holder only an unpaid balance of the account with no interest; responsive to a determination that the prepaid interest amount has not yet been received, charging the card holder the unpaid balance with interest; and determine that the customer has opted out of the prepaid interest credit card account responsive to a determination that the prepaid interest amount has not yet been received after the term. - View Dependent Claims (13, 14, 15, 16, 17)
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Specification