Patent ID: 8041608

Claim:
A method for offering to a holder of a purchasing device, a new financial account for association with the purchasing device, the method comprising: wirelessly reading account information stored on the purchasing device, wherein the wirelessly read account information identifies an existing financial account associated with the purchasing device; obtaining information about the existing financial account based on the wirelessly read account information, wherein the obtained information reflects an outstanding balance associated with the existing financial account; generating, based on the obtained information, terms for the new financial account for offering to the holder of the purchasing device, wherein the terms include an indication when the new financial account is available for use with the purchasing device; wirelessly replacing information of the existing financial account stored on the purchasing device with information reflecting the new financial account if the offer is accepted, wherein after replacement, the wirelessly read account information of the purchasing device identifies the new financial account; and transferring the outstanding balance of the existing financial account to a balance transfer sub-account associated with the new account.