System and method for granting promotional rewards to financial account holders

• US 8,676,642 B1
• Filed: 03/06/2008
• Issued: 03/18/2014
• Est. Priority Date: 07/05/2007
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Sheley, William S.
• Primary Examiner(s): FELTEN, DANIEL S
• Application Number:
  US12/043,760
• Time in Patent Office: 2,203 Days
• Field of Search: 705/14.24, 705/4.28, 705/14.3
• US Class Current: 705/14.24
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 50/00 Information and communication technology [ICT] specially adapted for implementation of business processes of specific business sectors, e.g. utilities or tourism healthcare informatics G16H

Abstract

A system and method for offering rewards. The method comprising the steps of: receiving a plurality transaction occurrences from a plurality of merchants relating to at least one account; ordering the plurality of transaction occurrences based on an ordering scheme; selecting a winning transaction from the plurality of transaction occurrences based on a reward selection scheme; and rewarding at least one reward to a user associated with the winning transaction.

Claims

1. A method for offering rewards, comprising the steps of:

electronically receiving, by at least one computer processor, a plurality of transaction occurrences from a plurality of merchants relating to at least one account wherein the plurality of transaction occurrences comprise purchases;

ordering, by the at least one computer processor, the plurality of transaction occurrences based on an ordering scheme;

selecting, by the at least one computer processor, a winning transaction, for a winning reward, from the plurality of transaction occurrences based on a selection scheme applied to the plurality of transaction occurrences; and

receiving, by the at least one computer processor, from a user associated with the winning transaction, a designation of a reward or transaction to realize the winning reward;

rewarding, by the at least one computer processor, the user with the winning reward as designated.

2. The method of claim 1, wherein each of the plurality of transaction occurrence is consummated with a check, electronic funds transfer (EFT), cash, automated teller machine (ATM) transaction, or a credit, debit, gift, stored value, smart, or radio frequency identification (RFID) device or account.

3. The method of claim 1, wherein the purchases comprise a withdrawal, funds transfer, or deposit transaction.

4. The method of claim 1, wherein the ordering scheme is based on the date of the transaction occurrence, the amount of the transaction occurrence, the identity of a user associated with the transaction occurrence, or the identity of a merchant associated with the transaction occurrence.

5. The method of claim 1, wherein each of the steps of ordering and rewarding are performed periodically or randomly.

6. The method of claim 1, wherein the steps of ordering and rewarding are performed daily, weekly, monthly, bi-monthly, quarterly or according to another periodic time frame.

7. The method of claim 1, wherein the winning reward is changed or modified by the user.

8. The method of claim 1, wherein the winning transaction is changed or modified by the user.

9. The method of claim 1, wherein the ordered plurality of transaction occurrences receives a bonus reward based on an occurrence of a particular transaction in the ordered plurality of transaction occurrences.

10. A system for identifying and offering rewards, comprising:

a transaction reception processor for receiving a plurality of transaction occurrences, relating to at least one account, from a plurality of merchants wherein the plurality of transaction occurrences comprise purchases;

an ordering processor for ordering the plurality of transaction occurrences based on an ordering scheme; and

a rewards selection processor for rewarding at least one reward to a user associated with at least one of the plurality of transaction occurrences based on a selection scheme applied to the plurality of transaction occurrences and for receiving, from the user, a designation of a reward or transaction to realize the at least one reward.

11. The system of claim 10, wherein each of the plurality of transaction occurrences is consummated with a check, electronic funds transfer (EFT), cash, automated teller machine (ATM) transaction, or a credit, debit, gift, stored value, smart, or radio frequency identification (RFID) device or account.

12. The system of claim 10, wherein each the purchases comprise a withdrawal, funds transfer, or deposit transaction.

13. The system of claim 10, wherein the ordering scheme is based on the date of the transaction occurrence, the amount of the transaction occurrence, the identity of a user associated with the transaction occurrence, or the identity of a merchant associated with the transaction occurrence.

14. The system of claim 10, wherein each of the steps of ordering and rewarding are performed periodically or randomly.

15. A method for offering rewards, comprising the steps of:

receiving, by at least one computer processor, a plurality of transaction occurrences from a plurality of merchants relating to a user or account wherein the plurality of transaction occurrences comprise purchases;

selecting, by the at least one computer processor, a winning transaction from the plurality of received transaction occurrences based on a selection scheme applied to the plurality of received transaction occurrences;

applying, by the at least one computer processor, at least one reward to the winning transaction; and

receiving, by the at least one computer processor, from a user associated with the winning transaction, a designation of a reward or transaction to realize at least one reward.