System and method for providing borrowing schemes
First Claim
1. An automated method, wherein the method is executed by a programmed computer processor which communicates with a user via a network, comprising:
- receiving at least one pay-in-full requirement from a user via the network wherein the at least one pay-in-full requirement comprises at least one transaction parameter designating transactions that the user wants to pay-in-full and the at least one transaction parameter comprises a merchant category code (MCC), identity of a merchant or a vendor, a transaction amount, a transaction level, an identity of a product purchased, or a type of device or account used;
storing in a database the at least one pay-in-full requirement from the user;
receiving transaction information, via the network, relating to a transaction conducted by the user;
determining, by the programmed computer processor, whether the transaction information meets the at least one pay-in-full requirement;
allocating, by the programmed computer processor, the transaction into a pay-in-full bucket, that does not accrue interest, that is part of an account, upon the transaction information meeting the pay-in-full requirement;
reporting a balance of the pay-in-full bucket to the user;
receiving a payment from the user which pays at least a portion of the balance in the pay-in-full bucket; and
moving any unpaid portion of the balance to a second bucket, that is part of the account, that accrues interest upon any balance therein.
1 Assignment
0 Petitions
Accused Products
Abstract
A system and method providing a borrowing scheme. The method comprises the steps of: establishing an interest-free revolving amount or account using the computer processor; establishing a periodic payment for maintaining the interest-free revolving amount or account using the computer processor; and automatically revising the interest-free revolving amount or account or the periodic payment using the computer processor 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 the network.
548 Citations
15 Claims
-
1. An automated method, wherein the method is executed by a programmed computer processor which communicates with a user via a network, comprising:
-
receiving at least one pay-in-full requirement from a user via the network wherein the at least one pay-in-full requirement comprises at least one transaction parameter designating transactions that the user wants to pay-in-full and the at least one transaction parameter comprises a merchant category code (MCC), identity of a merchant or a vendor, a transaction amount, a transaction level, an identity of a product purchased, or a type of device or account used; storing in a database the at least one pay-in-full requirement from the user; receiving transaction information, via the network, relating to a transaction conducted by the user; determining, by the programmed computer processor, whether the transaction information meets the at least one pay-in-full requirement; allocating, by the programmed computer processor, the transaction into a pay-in-full bucket, that does not accrue interest, that is part of an account, upon the transaction information meeting the pay-in-full requirement; reporting a balance of the pay-in-full bucket to the user; receiving a payment from the user which pays at least a portion of the balance in the pay-in-full bucket; and moving any unpaid portion of the balance to a second bucket, that is part of the account, that accrues interest upon any balance therein. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
-
9. A system, comprising:
-
a transaction card, device or account associated with a user; and a borrowing scheme processor for; receiving at least one pay-in-full requirement from the user via a network wherein the at least one pay-in-full requirement comprises at least one transaction parameter designating transactions that the user wants to pay-in-full and the at least one transaction parameter comprises a merchant category code (MCC), identity of a merchant or a vendor, a transaction amount, a transaction level, an identity of a product purchased, or a type of device or account used; storing the at least one pay-in-full requirement in a database; receiving transaction information, via the network, relating to a transaction conducted by the user; determining whether the transaction information meets the at least one pay-in-full requirement; allocating the transaction into a pay-in-full bucket, that does not accrue interest, that is part of an account, upon the transaction information meeting the pay-in-full requirement; reporting a balance of the pay-in-full bucket to the user; receiving a payment from the user which pays at least a portion of the balance in the pay-in-full bucket; and moving any unpaid portion of the balance to a second bucket, that is part of the account, that accrues interest upon any balance therein. - View Dependent Claims (10, 11, 12, 13, 14)
-
-
15. An automated method, wherein the method is executed by a programmed computer processor which communicates with a user via a network, comprising:
-
receiving at least one pay-in-full requirement from a user via the network, wherein the at least one pay-in-full requirement comprises at least one transaction parameter designating transactions that the user wants to pay-in-full and the at least one transaction parameter is determined by a user via an online portal or by communicating with a live agent and the at least one transaction parameter comprises a merchant category code (MCC), identity of a merchant or a vendor, a transaction amount, a transaction level, an identity of a product purchased, or a type of device or account used; storing, in a database, the at least one pay-in-full requirement from the user; receiving, via the network, transaction information relating to a transaction conducted by the user; receiving a payment from the user which pays at least a portion of a balance in the pay-in-full bucket; determining, by the programmed computer processor, whether the transaction information meets the at least one pay-in-full requirement; allocating, by the programmed computer processor, the transaction into a pay-in-full bucket, that does not accrue interest, that is part of an account, upon the transaction information meeting the at least one pay-in-full requirement; reporting the balance in the pay-in-full bucket to the user; receiving a payment from the user which pays at least a portion of the balance in the pay-in-full bucket; and moving any unpaid portion of the balance to a second bucket, that is part of the account, that accrues interest upon any balance therein.
-
Specification