Patent Publication Number: US-2005125343-A1

Title: Method and apparatus for monetizing personal consumer profiles by aggregating a plurality of consumer credit card accounts into one card

Description:
CROSS-REFERENCE TO RELATED APPLICATIONS  
      This application claims priority to U.S. Provisional Patent Application No. 60/526,765, filed Dec. 3, 2003, entitled “Method and Apparatus for Monetizing Personal Consumer Profiles by Aggregating a Plurality of Consumer Credit Card Accounts into One Card.” 
    
    
     BACKGROUND OF THE INVENTION  
      The present invention relates to a method and apparatus for monetizing personal consumer profiles, and more particularly to a method and apparatus for monetizing personal consumer profiles by aggregating a plurality of consumer credit card accounts into one card.  
      In the United States, the typical consumer holds three or more credit card accounts. Many credit card companies offer “cash back” and an opportunity to earn free air travel by accumulating points or “flyer miles” based on the amount the consumer charges on the companies&#39; credit cards. Some credit card companies hold special promotions during the year whereby the consumer is eligible to double or triple the usual number of points or cash back earned per dollar charged on the card. It is difficult for the consumer to remember and keep track of the types of promotions and rewards that the consumer&#39;s credit cards provide.  
      Credit card experts suggest that consumers should carry only those credit cards that they plan to use and leave the other ones at home. Additionally, experts suggest that consumers should familiarize themselves with the credit limits, interest rates and benefits provided by each credit card used to enable the consumers to reap the best rewards while minimizing the cost of using credit cards.  
      Furthermore, carrying too many credit cards can make it difficult for the consumer to keep track of them. Having a wallet full of credit cards is risky because it is easy to lose one and the consumer may not even realize that it is missing until it is too late. The event of losing a credit card turns a fun time into a stressful situation rather quickly.  
       FIG. 1  shows a conventional credit card transaction system  100 . When a consumer desires to carry out a credit card transaction in order to purchase a product or service provided by a vendor, a vendor transaction system  105  is used to transmit credit card account and transaction information over a network  110  to one of a plurality of credit card companies  115 ,  120 ,  125 ,  130  that process the transaction and authorize or decline the transaction. The vendor uses a card reader  135  to read information from a magnetic strip on the surface of a credit card  140  presented by the consumer. If the consumer has more than one credit card in his or her possession, the consumer must decide which credit card should be used. Since more than 50% of all consumers pay off their credit card bills each month and have good credit, the credit limit of the different credit cards does not play an important factor in making such a decision, especially in today&#39;s credit industry environment where it is not uncommon for individual credit card companies to offer credit lines of $10,000 or more. Many credit cards offer perks, e.g., free airline travel, cash back, or the like. Consumers who have a plurality of cards may find it difficult to remember which card provides a particular perk, and consumers may not be aware of special premium promotions offered by credit card companies at certain times of the year.  
      It would be advantageous for a consumer to be able to register and access any one of a plurality of the consumer&#39;s credit card accounts through the use of a single card (hereinafter referred to as “compilation card”). Furthermore, it would be desirable to automatically determine the best credit card account to use for each charge transaction based on the consumer&#39;s preferences/criteria by establishing a personal profile that is referenced each time the compilation card is used. Additionally, it would be desirable to generate more competition among credit card companies by leveraging the consumer&#39;s negotiating powers and thus enticing the credit card companies to provide better rewards and benefits to the consumer for using their credit cards while providing the credit card companies with a larger customer base.  
      It would also be desirable to maintain the privacy of the consumer&#39;s identity and the security of the consumer&#39;s credit card transactions. It would also be desirable to establish a backup system for enabling the consumer to carry out transactions with the compilation card even if the compilation card service provider was not accepted by the vendor or was temporarily disabled.  
      It would also be desirable to give the consumer an opportunity to earn extra income by providing a user-friendly forum for the consumer to receive a share of revenue generated by a compilation card service provider that manages the consumer&#39;s credit card transactions and offers merchants access to the consumer&#39;s personal information maintained in the consumer&#39;s personal profile or elsewhere, in whole or in part. It would also be desirable to give the consumer the power to demand specific levels of compensation for providing the personal information. It would also be desirable to expand the opportunity for merchants to attract new customers by providing a portal that draws consumers and provides a medium for merchants to entice the consumers with offers.  
     SUMMARY OF THE INVENTION  
      Briefly stated, the present invention comprises a method and apparatus for using a single credit card (a “compilation card”) to access one of a plurality of credit card accounts belonging to a consumer and to select which credit card account to charge a transaction to based on a profile of the consumer&#39;s preferences and criteria stored in a database. The present invention uses artificial intelligence (AI) to automatically determine, based on the consumer&#39;s preferences/criteria and the rewards made available by credit card companies associated with the consumer&#39;s credit card accounts, which of the consumer&#39;s existing credit card accounts is to be used for a specific transaction.  
      The present invention comprises a computer-implemented method of using one of a plurality of existing credit card accounts belonging to a consumer includes providing account data to a single service provider for a plurality of existing credit card accounts belonging to the consumer and providing the consumer with a compilation credit card associated with the plurality of existing credit card accounts of the consumer. the method also includes storing predefined preferences of the consumer regarding credit card selectivity, the consumer performing a credit card transaction and selecting one existing credit card account among the plurality of existing credit card accounts to which to charge the credit card transaction based on the stored predefined preferences of the consumer.  
      The present invention also comprises an apparatus that permits a consumer to access one of a plurality of existing credit card accounts belonging to the consumer. The system includes at least one credit card transaction network configured to route credit card transactions and a compilation credit card being associated with the plurality of existing credit card accounts of the consumer. The compilation credit card has a compilation credit card number associated therewith. The system also includes a compilation card service provider having a compilation card database that stores information for the plurality of existing credit card accounts belonging to the consumer and a consumer preferences database that stores predefined consumer preferences of the consumer. The compilation card service provider has access to the plurality of existing credit card accounts of the consumer, and the compilation card service provider is accessible by the at least one credit card transaction network to receive credit card transaction requests based on the compilation credit card number and is configured to send credit card transaction approvals/denials. One of the compilation credit card and the compilation card service provider is configured to select one existing credit card account among the plurality of existing credit card accounts to which to charge a particular credit card transaction based on the predefined preferences of the consumer.  
      In one embodiment of the present invention, a compilation card service provider is authorized by the consumer to act on the consumer&#39;s behalf (e.g., as a broker, agent, back office, or the like). The compilation card service provider intercepts each of the consumer&#39;s credit card transactions made using the compilation card, selects the consumer&#39;s credit card account that best meets the consumer&#39;s previously selected preferences/criteria, and forwards the account number and expiration date of the selected credit card account, and any other information required to complete the transaction, to the credit card company associated with the selected account. The compilation card service provider keeps track of information associated with rewards offered by credit card companies on a continuous basis. The compilation card service provider then uses artificial intelligence for each compilation card transaction to correlate the reward information with the consumer&#39;s account number and selected preferences/criteria. The compilation card service provider enables the consumer to update/change data stored in the consumer&#39;s profile.  
      In another embodiment of the present invention, the compilation card service provider enables the consumer to designate compensation levels required before merchants, credit card companies, or the like, are granted access to all or part of personal information stored in the consumer&#39;s profile or elsewhere.  
      In another embodiment of the present invention, the compilation card service provider enables the consumer to screen which type of offers the consumer is interested in and is willing to receive via e-mail. The compilation card service provider also enables the consumer to designate compensation levels required before e-mail messages will be accepted for delivery, and the consumer may specify different “prices” for different types of e-mail messages.  
      In another embodiment of the present invention, the compilation card is a secured smart card that includes an account number but does not include the name of the consumer on the surface of the compilation card. A “smart chip” or other intelligent device within the card is used to validate the authority of the user of the compilation card while maintaining the consumer&#39;s privacy. The secured smart card may store personal information about the consumer, such as information related to the consumer&#39;s health, driving record, financial, work, computer access (e.g., passwords), etc. The smart chip provides a default credit card account number when inserted in a card reader in the unlikely event that the compilation card service provider is disabled, or if the merchant refuses or is unable to execute compilation card transactions.  
      In another embodiment of the present invention, the compilation card service provider establishes a debit card account, separate from any of the consumer&#39;s credit card accounts, in which earned rewards are saved and redeemed. The compilation card can also serve as a debit card to redeem accumulated rewards earned from the consumer accessing particular credit card accounts using the compilation card. The compilation card service provider can also convert or exchange non-cash rewards, such as frequent flyer miles, into cash which can then be accessed through an ATM or used as a method of payment for merchandise at a premium exchange rate over the Internet or when visiting a merchant.  
      In another embodiment of the present invention, a compilation card service provider portal attracts new customers for merchants by providing convenient and extensive benefits. Merchants benefit by being exposed to a large consumer base, which enhances their chances of procuring new customers. 
    
    
     BRIEF DESCRIPTION OF THE SEVERAL VIEWS OF THE DRAWING  
      The following detailed description of preferred embodiments of the invention, will be better understood when read in conjunction with the appended drawings. For the purpose of illustrating the invention, there are shown in the drawings embodiments which are presently preferred. It should be understood, however, that the invention is not limited to the precise arrangements and instrumentalities shown. In the drawings:  
       FIG. 1  is a block diagram of a conventional credit card transaction management system;  
       FIG. 2  is an exemplary top plan view of a compilation card in accordance with a first preferred embodiment of the present invention;  
       FIG. 3  is a diagram of an apparatus used to implement compilation card transactions in accordance with a second preferred embodiment of the present invention;  
       FIG. 4  is a consumer credit card correlation database in accordance with the preferred embodiments of the present invention;  
       FIG. 5  is a flow chart illustrating a credit card transaction method implemented by the apparatus of  FIG. 3  in accordance with the preferred embodiments of the present invention; and  
       FIG. 6  is a diagram of a communications device including a smart chip that executes credit card transactions with a vendor in accordance with embodiments of the present invention. 
    
    
     DETAILED DESCRIPTION OF THE INVENTION  
      Certain terminology is used in the following description for convenience only and is not limiting. “Compilation” refers to combining, gathering and/or aggregating a plurality of different sources and/or a collection of sources. “Credit card” includes any one or more of a credit card, a charge card, a check card, a debit card, a stored value card, a phone card and an automated teller machine (ATM) card. “Artificial intelligence” as used herein may include an expert system, fuzzy logic, a neural network(s), a comparison lookup table(s), weighted or un-weighted usage averaging, a decision tree(s), a software program and the like. Additionally, the word “a”, as used in the claims and in the corresponding portions of the specification, means “at least one.” 
      To implement the present invention, a system and method is implemented for monetizing personal consumer profiles by aggregating a plurality of consumer credit card accounts into a compilation card, i.e., a single card—similar to a conventional credit card  140 —having a plurality of pre-existing consumer accounts associated therewith.  
       FIG. 2  shows a compilation card  200 , in accordance with a first preferred embodiment of the present invention, that is obtained by a consumer  355   a - 355   e  ( FIG. 3 ) applying for and providing information to a compilation card service provider (like  330  in  FIG. 3 ). The application process may be carried out over the Internet, via telephone, by mail, in person, or by any other well known communications means. The compilation card service provider may charge the consumer  355   a - 355   e  a fee, but it is anticipated that, at least initially, the compilation card  200  would be provided at no cost to the consumer  355   a - 355   e.  The compilation card may be structured as a club providing benefits to its members (subscribers).  
      The compilation card  200  enables the consumer  355   a - 355   e  to access any one of a plurality of credit card accounts for which the consumer  355   a - 355   e  has already been approved and has already received separate individual credit cards  140 . The compilation card  200  does not interfere with the use of the individual credit cards  140 , which can be used independently of the compilation card  200  at any time desired by the consumer  355   a - 355   e.  The compilation card  200  is not a credit card, per se, but a means for accessing the consumer&#39;s existing credit card accounts to carry out credit card transactions using one of the account numbers associated with the existing accounts.  
      The compilation card  200 , in conjunction with the compilation card service provider  330 , acts as an intermediary to determine which of the consumer&#39;s plural (existing) credit card accounts, that are registered with the compilation card service provider  330 , should be used to carry out a particular credit card transaction based on a consumer profile established by the consumer  355   a - 355   e.  The compilation card service provider  330 , itself, does not take a financial risk in extending credit to the consumer  355   a - 355   e,  as this risk is borne by the credit card companies that provide the consumer  355   a - 355   e  with credit card accounts. The compilation card  200  provides consumers  355   a - 355   e  convenience, time and money savings, security and an opportunity to generate extra cash. The compilation card  200  provides consumers  355   a - 355   e  the opportunity to redeem rewards at a premium exchange rate through special deals negotiated by the compilation card service provider  330  on behalf of the consumers  355   a - 355   e.    
      The compilation card  200  preferably has emblems representing various credit card companies such as MasterCard®  205 , Visa®  210 , Discover®  215 , American Express®  220  on the surface of the card  200  that have previously extended credit and supplied credit card accounts to the consumer  355   a - 355   e  and that the compilation card service provider  330  can access on behalf of the consumer  355   a - 355   e.  Visa is a registered service mark of Visa International Service Association, Foster City, Calif.; MasterCard is a registered service mark of MasterCard International Incorporated, Purchase, N.Y.; Discover is a registered service mark of NOVUS Credit Services Inc., Riverwoods, Ill.; and American Express is a registered service mark of American Express Company, New York, N.Y. The emblems  205 ,  210 ,  215 ,  220  may be customized for each individual consumer  355   a - 355   e  based on the particular existing credit card accounts that the consumer  355   a - 355   e  has registered with the compilation card service provider  330 , or the emblems may be generic in that they simply represent those companies that the compilation card service provider  330  carries out credit card transactions with, irrespective of which accounts a given consumer  355   a - 355   e  actually has preconfigured. Below the emblems  205 ,  210 ,  215 ,  220  is the name of the compilation card  200  and/or the compilation card service provider  330 , which may vary if more than one service provider or different types of the compilation card  200  are established, and a compilation card account number  225 . The compilation card account number  225  serves as a trigger to direct credit card transactions associated with the use of the compilation card  200  to the compilation card service provider  330 . The compilation card  200  also includes a magnetic stripe or strip (“mag-stripe”)  230  on the surface of the card, and a “smart chip”  235  to provide security features.  
      The mag-strip  230  includes data such as an American Banking Association (ABA) banking identification number (BIN) which provides routing instructions for data through a banking or other dedicated transaction network (such as network  320  in  FIG. 4 ). It is contemplated that the mag-strip  230  may include all of the necessary data for a transaction request thereby negating the need for the smart chip  235 . However, the compilation card  200  is preferably a smart card having a smart chip  235 .  
      The compilation card  200  is a secured smart card that does not include a visible indication of the consumer&#39;s name on the surface of the card. The consumer&#39;s identity is validated through the use of the smart chip  235  while maintaining the privacy of the identity of the consumer  355   a - 355   e.  The smart chip  235  may incorporate or operate in conjunction with other security features, such as an image of the consumer  355   a - 355   e  using the card, fingerprint validation, personal identification number (PIN) code, passwords, or the like. The smart chip  235  may also contain information associated with the consumer&#39;s existing credit card accounts and sufficient artificial intelligence required to select one of the accounts to charge a transaction made using the compilation card  200 . For example, the smart chip  235  may include a default credit card account number to charge a transaction when the compilation card service provider  330  is inoperable or when the vendor is unable or does not desire to use the compilation card service provider  330 . Thus, the compilation card  200  can be used independently of the compilation card service provider  330  to partially provide some benefit to the consumer  355   a - 355   e.  The smart chip  235  may also store personal information about the consumer  355   a - 355   e,  such as information related to the consumer&#39;s health, driving record, financial data, work identification and/or data, computer access (e.g., passwords), etc., which can be accessed with the authorization of the consumer  355   a - 355   e.    
      The compilation card  200  also provides website information  240 , which identifies a website assigned to the individual consumer  355   a - 355   e  at which a vendor may obtain marketing information about the consumer  355   a - 355   e,  preferably at a cost specified by the consumer  355   a - 355   e.    
       FIG. 3  shows a compilation card system or an compilation card apparatus  300  for implementing the features of a compilation card  305  in accordance with a second preferred embodiment of the present invention, similar to the compilation card  200  described above. The compilation card apparatus  300  includes a card reader  310  (e.g., a point-of-sale or POS terminal), a vendor transaction system  315 , and a network  320 . The network  320  maybe connected directly to a compilation card service provider  330  via path  325 . The compilation card service provider  330  may alternatively be connected to the network  320  through another intermediary provider or through other intermediary providers such as banks or transaction processors (i.e., hosting providers).  
      The compilation card service provider  330  is connected to a consumer credit card correlation database  335 , a consumer profile database  340  and a consumer earned rewards database  345 . Databases  335 ,  340  and  345  are illustrated as being separate from the compilation card service provider  330 . However, these databases  335 ,  340 ,  345  can, and likely will, reside within systems of the compilation card service provider  330 , and thus may functionally operate together as a single unit. The consumer credit card correlation database  335  and the consumer profile database  340  are connected to the Internet  350  to permit compilation card consumers  355   a - 355   e  to access the databases  335 ,  340  and add or delete information used by the compilation card service provider  330  to make intelligent decisions regarding which one of a plurality of credit card accounts for each compilation card consumer  355   a - 355   e  should be used to carry out a particular transaction. All features and benefits of each consumer&#39;s registered credit card accounts, such as interest rates, rewards, special perks, or the like, are automatically incorporated by the compilation card service provider  330  into each intelligent decision. The decision making process is transparent to both the consumer  355   a - 355   e  and the merchant. The decision making process automatically incorporates principles and guidelines that were previously designated by the consumer  355   a - 355   e  and stored in the consumer profile database  340 . The databases  335 ,  340  are also used by the compilation card service provider  330  to determine whether certain personal information associated with the consumer  355   a - 355   e  should be provided to a merchant, and at what price it should be provided.  
      Referring again to  FIG. 3 , the compilation card service provider  330  is also connected to a plurality of credit card companies  360 ,  365 ,  370 ,  375  that provide credit card accounts to the consumer  355   a - 355   e  and authorize transactions using associated credit card account numbers such as Visa  360 , MasterCard  365 , Discover  370  and American Express  375 . The credit card companies  360 ,  365 ,  370 ,  375  are also directly connected to network  320 , and thus credit card transactions that do not use the compilation card  305  are routed directly to the credit card company associated with the credit card used  360 ,  365 ,  370  or  375 . Of course, various banks may provide credit cards such as their own version of MasterCard or Visa cards, as well.  
      The consumer earned rewards database  345  maintains up-to-date information on rewards earned by the consumer  355   a - 355   e  accessing registered credit card accounts through the use of the compilation card  305 . The consumer rewards database  345  may be accessed by vendors such as department stores  380 , hotels,  385 , airlines  390 , and casinos  395  for redemption of the rewards by the consumer  355   a - 355   e,  or to determine offers to be presented to the consumer  355   a - 355   e.  The compilation card  305  may also be used as an automated teller machine (ATM) card or debit card to retrieve cash from an ATM  399  that the consumer  355   a - 355   e  accumulated using the compilation card. The compilation card service provider  330  can also convert or exchange non-cash rewards, such as frequent flyer miles, into cash which can then be accessed through ATM  399  or used as a method of payment for merchandise through at a premium exchange rate over the Internet or when visiting a merchant. Special deals providing higher exchange rates for rewards earned through the use of the compilation card may be negotiated by the compilation card service provider  330  on behalf of the consumer  355   a - 355   e.    
      The consumer  355   a - 355   e  and the compilation card service provider  330  can earn additional revenue by screening e-mail advertisements and offers received by vendors  396   a,    396   b,  and allowing the e-mails to be forwarded to compilation card consumers  355   a - 355   e  via path  398  and the Internet  350 . The vendors  396   a,    396   b  can be required to pay a fee, which is shared by the compilation card service provider  330  and the consumer  355   a - 355   e,  in return for permitting the vendors&#39;  396   a,    396   b  e-mails to be sent to the consumer  355   a - 355   e.  The consumer  355   a - 355   e  may indicate in the consumer profile database  340  which type of offers the consumer  355   a - 355   e  is interested in and is willing to receive via e-mail for. The compilation card service provider  330  can either maintain the confidentiality of the consumer&#39;s current e-mail address and/or establish a new compilation card e-mail address solely for the purpose of generating revenue for the compilation card service provider  330  and the consumer  355   a - 355   e.  The compilation card service provider  330  also enables the consumer  355   a - 355   e  to designate compensation levels required before e-mail messages will be accepted for delivery. The consumer  355   a - 355   e  may specify different “prices” for different types of e-mail messages. The vendor may review the consumer&#39;s prices by visiting the website of the consumer&#39;s compilation card provider  330  or by using the consumer&#39;s account number to search a database (such as consumer credit card correlation database  400  shown in  FIG. 4 ) established by the compilation card service provider  330 . Thus, the privacy of the consumer  355   a - 355   e  is maintained.  
       FIG. 4  shows a consumer credit card correlation database  335  that includes the compilation card account number record  405  of each consumer using the compilation card  220 ,  305 , a consumer profile identification (ID) field  410  used to access each compilation card consumer&#39;s profile, a plurality of credit card descriptions of the consumer&#39;s credit card accounts  415  (e.g., the type and issuer of each credit card), the associated (existing) credit card account numbers  420  and expiration dates  425 , and supplemental information  430  about the consumer and/or the consumer&#39;s credit card accounts, such as credit card limits, consumer name, address and telephone number, or the like. The compilation card account number data  405  and consumer profile ID data  410  are provided by the compilation card service provider  330 . All of the other information  415 ,  420 ,  425 ,  430  may be obtained from the consumer through the use of the Internet  350 , telephone, mail or other well known communications means. The information may be obtained by prompting the consumer for particular information, or by hosting questionnaires that require a response from the consumer.  
      For example, account number “9909 8808 7707 6606” (i.e., the one card account) has consumer profile identification number “49,514” and four existing credit card accounts (Platinum Visa, “4305 8770 1234 5678” expiration date 03-03; Discover Platinum, account number “6011 0025 9876 5432”, expiration date 04-04; MasterCard, account number “5140 2100 3487 6543”, expiration date 07-02; and American Express, account number “3737 3213 4567 8910”, expiration date 09-01), associated therewith. Additionally, the supplemental information  430  associated with account number “9909 8808 7707 6606” can include the full name and address of the card holder, or as shown, “John Smith, 100 Oak Street, Anywhere, USA (555) 555-1234.” 
       FIG. 5  shows a flow chart of a method implemented in accordance with preferred embodiments of the present invention. A consumer  355   a - 355   e  uses the compilation card  200 ,  305  to carry out a credit card transaction by inserting or having the vendor insert the compilation card  200 ,  305  into the vendor&#39;s card reader  310  (step  505 ). Alternatively, the compilation card account number  225  can be read off the surface of the compilation card  200 ,  305  and be manually inputted into the vendor&#39;s transaction system  315  (step  510 ), such as in the case where the compilation card  200 ,  305  is used to make purchases from the consumer&#39;s home via the Internet  350  or by telephone. Data regarding the particular transaction (e.g., amount charged) and the account number  225  of the compilation card  200 ,  305  is routed to the compilation card service provider  330  (step  515 ). The compilation card service provider  330  queries the consumer credit card correlation database  335  using the compilation card account number (step  520 ). Using artificial intelligence, the compilation card service provider  330  analyzes the credit card account information stored in the consumer credit card correlation database  335  and the consumer&#39;s profile stored in the consumer profile database  340 , and compares rewards associated with the consumer&#39;s credit card accounts, from the various credit card companies  360 ,  365 ,  370 ,  375 , with the predefined preferences and criteria established by the consumer (step  525 ). The compilation card service provider  330  continuously aggregates and updates rewards available to compilation card consumers  355   a - 355   e  in real-time. The compilation card service provider  330  then selects the one credit card account among the plurality of existing creditor card accounts that best meets the consumer&#39;s preferences and criteria and sends the selected credit card account number, expiration data and transaction data to the appropriate credit card company  360 ,  365 ,  370 ,  375  for processing (step  530 ). The transaction is then completed by the particular credit card company  360 ,  365 ,  370 ,  375  either approving or declining the transaction (step  535 ). The compilation card service database then immediately updates the consumer earned rewards database based on the completed transaction, such that the consumer can redeem the earned rewards without delay (step  540 ). While described here as the credit card company  360 ,  365 ,  370 ,  375  processes and approves/declines the transaction, the processing and approval/denial may be performed by a bank or other transaction processor. The compilation card service provider  330  ultimately passes the transaction information from the vendor  315  to the selected credit card company  360 ,  365 ,  370 ,  375  and passes the approval/denial from the selected credit card company  360 ,  365 ,  370 ,  375  to the vendor  315 .  
      The consumer&#39;s preferences and criteria may include particular limitations to the monetary value of transactions and credit card balances for each registered credit card account. Thus, if the consumer&#39;s Bank of America® MasterCard account has a balance set by the consumer in the consumer profile database or correlation database that exceeds $4,500.00, the account would not be considered for future transactions using the compilation card  200 ,  305  even if there was sufficient credit to warrant additional purchases. Bank of America is a registered service mark of Bank of America Corporation, Charlotte, N.C.  
      The consumer&#39;s preferences and criteria could also be based on numerous other parameters such as a type of transaction, a vendor, a type of vendor, a time of the year when the compilation card is being used, a reward preference, and the like. The consumer&#39;s preferences and criteria may be obtained from the consumer through the use of the Internet, telephone, mail or other well known communications means. The consumer&#39;s preferences and criteria may be obtained by prompting the consumer for particular information, or by hosting questionnaires that require a response from the consumer.  
      In another embodiment of the present invention, the compilation card service provider  330  enables the consumer  355   a - 355   e  to be in charge of setting the price of access to personal information stored in the consumer profile database  340  or elsewhere. Individual prices may be set for small portions of the personal information. This enables the consumer  355   a - 355   e  to earn revenue and take charge of the distribution and accessibility provided to merchants of information such as economic, demographic, and even the consumer&#39;s identity, which as previously mentioned is not revealed on the surface of the compilation card  200 ,  305 . Revenue earned through the use of the compilation card  200 ,  305  would be shared with the compilation card service provider  330  in accordance with a previously established agreement. The compilation card service provider  330  will be able to leverage the power of compilation card consumers  355   a - 355   e  with merchants that desire access to the consumer&#39;s personal information.  
       FIG. 6  shows a portable electronic device  600  that contains a smart chip  605  in accordance with a third preferred embodiment of the present invention. The portable electronic device  600  can be a cellular telephone, a wireless PDA, a wireless watch and the like. The portable electronic device  600  uses the smart  605  chip to select one of a plurality of credit card accounts to carry out any type of credit card transaction with a merchant  610  over a communications link  615 . The consumer&#39;s identity is validated through the use of the smart chip  605  while maintaining the privacy of the consumer&#39;s identity. The smart chip  605  also contains information associated with the consumer&#39;s existing credit card accounts and sufficient artificial intelligence required to select one of the accounts to purchase any type of merchandise or service provided by the merchant  610 .  
      In another embodiment of the present invention, the compilation card service provider  330  establishes an environment in which merchants have ample opportunity to generate new business and expand their customer base. Customers  355   a - 355   e  are drawn to a compilation card service provider  330  portal that provide convenient and extensive benefits and services to compilation card consumers, such as access to banks, bill payment services, investment houses, credit information, frequent flyer mileage, or the like. The compilation card service provider  330  portal is user-friendly and is accessible by laptops, personal digital assistants (PDAs), telephones, or the like. Compilation card consumers  355   a - 355   e  are also drawn to their individual websites to access offers sent by merchants. Merchants benefit by being exposed to a large consumer base which enhances their chances of procuring new customers.  
      The present invention may be implemented with any combination of hardware and software. If implemented as a computer-implemented apparatus, the present invention is implemented using means for performing all of the steps and functions described above.  
      The present invention can be included in an article of manufacture (e.g., one or more computer program products) having, for instance, computer useable media. The media has embodied therein, for instance, computer readable program code means for providing and facilitating the mechanisms of the present invention. The article of manufacture can be included as part of a computer system or sold separately.  
      From the foregoing, it can be seen that the present invention is directed to a method and apparatus for monetizing personal consumer profiles by aggregating a plurality of consumer credit card accounts into one card. It will be appreciated by those skilled in the art that changes could be made to the embodiments described above without departing from the broad inventive concept thereof. It is understood, therefore, that this invention is not limited to the particular embodiments disclosed, but it is intended to cover modifications within the spirit and scope of the present invention.