Patent ID: 8065230

Claim:
A computer-implemented method for establishing a family purchase card, the method comprising: establishing a family purchase card in association with a principal owner of a family with a purchase card transaction system including an electronic processor and at least one computer-readable memory device, wherein the family purchase card is associated with a household account held at a financial institution and wherein the family purchase card includes a total purchase limit; establishing at least one secondary purchase card associated with the family purchase card with the transaction system for at least one cardholder within the family; and configuring at least one parameter for at least one of the secondary purchase cards with the transaction system, wherein the parameter is selected from the group consisting of: (i) purchase limit, (ii) billing arrangement, (iii) activation or deactivation rule, and (iv) financial development milestone rule; adjusting a centralized billing arrangement associated with at least one secondary purchase card to an individualized billing arrangement in response to achieving a financial development milestone; wherein if payment on the secondary purchase card is delinquent or in default, negatively impacting only the credit score of the cardholder associated with the secondary purchase card which is delinquent or in default.