Patent ID: 6070153
Filing Date: 2000-05-30
Classification: G06Q

Abstract:
A method employed by an offering entity such as a credit card issuer, mutual fund or investment company or frequent flyer program sponsor, for using a computer having a memory with associated data processing means to create and operate credit and investment accounts for individual cardholder/investors and to provide for automatic investment into the investment account based upon a set percentage of interest charged comprising:(a) selecting a percentage of interest charged and entering and storing the selected percentage into the memory of the computer;(b) each time the cardholder/investor makes a purchase or processes a cash advance using a credit card of the offering entity, entering and storing a record of the purchase or advance in the computer memory, including the date and the amount of the purchase or advance;(c) automatically calculating, by using the data processing means of the computer, a sum of total purchases and/or advances made by the cardholder/investor and the amount of interest charged to the cardholder/investor during a preselected period based on said sum; and(d) under the control of the computer, automatically calculating an amount to be contributed by the offering entity to the cardholder/investor's investment account by applying said selected percentage to the amount of interest charged to the cardholder/investor to establish an investment amount and automatically investing said investment amount on behalf of and for the credit of the cardholder/investor into the investment account and automatically issuing a statement to the cardholder/investor indicating said invested amount the balance and activity in the credit account and the balance and activity in the investment account.