Patent ID: 7949559
Filing Date: 2011-05-24
Classification: G06Q,G07F

Abstract:
1. A computerized method for rewarding use of a payment product by the payment product holder, the method comprising the steps of: (a) issuing a payment product from an issuer to a holder, said payment product representing funds available to said holder, said payment product providing means of payment for at least one purchase transaction by said holder, (b) comparing said at least one purchase transaction using said payment product with pre-defined rewards eligibility criteria of said issuer to determine whether said at least one purchase transaction is a qualifying purchase transaction in compliance with said pre-defined rewards eligibility criteria, said comparing being performed by a data processor; (c) calculating and storing a first value redeemable by said holder for at least one benefit based on said at least one purchase transaction when said at least one purchase transaction is a qualifying purchase transaction, said calculating and storing being performed by a data processor; (d) determining one or more travel distance associated with said qualifying purchase transaction and calculating and storing a second value redeemable by said holder for said at least one benefit based on said determined travel distances, said calculating and storing being performed by a data processor, and (e) providing access to said stored value and said stored additional value to said holder to facilitate redemption of at least a part of at least one of said first value and said second value, wherein said pre-defined rewards eligibility criteria provide that a qualified purchase transaction is a transaction in which a ticket or a travel pass for any of various authorized travel modes is purchased, said authorized travel modes including at least two of air, water, bus, vehicle and locomotive.