Patent ID: 8768801
Filing Date: 2014-07-01
Classification: G06Q

Abstract:
1. A method for managing credit card spending, comprising: identifying, within a credit card account comprising a credit limit, a managed spending plan set by a user and comprising a plurality of purchase categories having a plurality of managed spending limits and a plurality of balances, wherein the credit limit exceeds a sum of the plurality of managed spending limits; receiving a transaction authorization query comprising a purchase price for an item; selecting, by an issuer of the credit card account and using a hardware processor, a first purchase category of the plurality of purchase categories based on the transaction authorization query; generating, by the issuer and using the hardware processor, a comparison by comparing the purchase price with a difference between a managed spending limit for the first purchase category and a balance of the first purchase category; responding to the transaction authorization query based on the comparison; generating, using the hardware processor, a spending report for the credit card account based on the purchase price and the managed spending plan; implementing a user request to modify the spending report, wherein the user request comprises transferring the purchase price associated with the transaction authorization query from the first purchase category to a second purchase category of the plurality of purchase categories in the credit card account; receiving, from the user, a credit card account payment less than an outstanding balance on the credit card account; obtaining a user preference comprising an ongoing payment allocation for the credit card account set by a financial management application operated by the user, wherein the ongoing payment allocation applies to multiple credit card account payments; allocating, by the hardware processor and based on the ongoing payment allocation, a first portion of the credit card account payment to the first purchase category; and allocating, by the hardware processor and based on the ongoing payment allocation, a second portion of the credit card account payment to a second purchase category of the plurality of purchase categories.