Patent ID: 8376223

Claim:
A method of securely activating a credit card or debit card having a standard magnetic strip for a limited period of time comprising the steps of: a) swiping a previously inactive credit card or debit card through a cell phone having an integral credit card or debit card reader and identifying information specific to the cell phone in the form of an electronic serial number and/or phone number; b)having the integral credit card or debit card reader read preselected information identifying the owner of the swiped card from at least one magnetic stripe provided on the credit card or debit card; c) having the integral credit card or debit card reader cause the cell phone to transmit at least a portion of the preselected information, and the specific identifying information, to the credit card or debit card issuer or its designee; d) determining from the at least a portion of the preselected information the identity of the card owner; e) determining what the specific identifying information of the card owner's cell phone should be; f) matching the specific identifying information transmitted by the cell phone with the specific identifying information of the card owner's cell phone; g) activating the swiped credit card or debit card if the specific identifying information transmitted by the cell phone matches the specific identifying information of the card owner's cell phone.