System and method for making a synthetic cash advance using a purchase payment exchange
First Claim
1. A method to transform a credit card purchase into synthetic cash advance, comprising:
- selecting a credit cardholder'"'"'s bid by a purchase payment exchange system,using the cardholder'"'"'s credit card by the purchase payment exchange system to complete a second person'"'"'s financial transaction; and
making an amount of money available to the cardholder in exchange for use of the cardholder'"'"'s credit card to complete the second person'"'"'s financial transaction, wherein the amount of money is a synthetic cash advance that is less than the amount charged to the cardholder'"'"'s credit card.
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Accused Products
Abstract
System and method provide for making a synthetic cash advance to a credit cardholder via a purchase-payment exchange. A second person selects an item to be purchased by a cardholder for the second person, and in exchange for the cardholder'"'"'s credit card purchase, the second person pays the cardholder an amount of money that is less than the amount charged to the cardholder'"'"'s credit card. Using this invention, the second person receives the selected item (or has a payment made) at a discount, and the cardholder is able to transform a credit card purchase into a synthetic cash advance at the credit card'"'"'s purchase interest rate. Two or more cardholders may bid in an online auction to complete the second person'"'"'s financial transaction in exchange for the second person'"'"'s money. A cardholder who submits a conforming bid, that is willing to accept the least amount of money, may be selected as the auction winner.
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Citations
20 Claims
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1. A method to transform a credit card purchase into synthetic cash advance, comprising:
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selecting a credit cardholder'"'"'s bid by a purchase payment exchange system, using the cardholder'"'"'s credit card by the purchase payment exchange system to complete a second person'"'"'s financial transaction; and making an amount of money available to the cardholder in exchange for use of the cardholder'"'"'s credit card to complete the second person'"'"'s financial transaction, wherein the amount of money is a synthetic cash advance that is less than the amount charged to the cardholder'"'"'s credit card. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A system to have a financial transaction completed at a discount, comprising:
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means to receive a second person'"'"'s bid request to complete the second person'"'"'s financial transaction; means to select a credit cardholder'"'"'s conforming bid; means to use the credit cardholder'"'"'s credit card to complete the second person'"'"'s financial transaction; and means to pay the credit cardholder an amount of money in exchange for using the credit cardholder'"'"'s credit card to complete the second person'"'"'s financial transaction, wherein the amount of money is less than the cost to complete the second person'"'"'s financial transaction. - View Dependent Claims (14, 15)
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16. A system to facilitate a purchase-payment exchange, comprising:
means for making an amount of money available to a credit cardholder in exchange for using the cardholder'"'"'s credit card to complete a second person'"'"'s financial transaction, wherein the amount of money made available to the credit cardholder is less than the amount charged to the cardholder'"'"'s credit card. - View Dependent Claims (17, 18, 19, 20)
Specification