News Column

"System for the Optimization of the Credit Card Decision Process" in Patent Application Approval Process

June 5, 2014



By a News Reporter-Staff News Editor at Politics & Government Week -- A patent application by the inventors Espey, III, John R. (Charlotte, NC); Hart, Christopher T. (Pineville, NC), filed on November 12, 2013, was made available online on May 22, 2014, according to news reporting originating from Washington, D.C., by VerticalNews correspondents.

This patent application has not been assigned to a company or institution.

The following quote was obtained by the news editors from the background information supplied by the inventors: "The present invention relates to a credit card decision process and, more particularly, to a system for the optimization of a credit card decision process for individual transactions.

"Reward credit cards have become very confusing, with rotating limits, variable reward rates, and complex rules. It is very difficult on a per-transaction basis to know which card to use, and nearly impossible to pick the best new card. Issuers of credit cards also struggle to create plans that are useful for their customers.

"Currently, for card based solutions, the user has no discretion and no way to verify what rewards will be earned. Most web-based solutions only consider historic spending behavior when making recommendations, typically using manually entered estimates by users which is an error prone process, and do not optimize for the current decision making process.

"As can be seen, there is a need for a system for the optimization of the credit card decision process that may be through a mobile application, cloud based service or the like and that provides current solutions in real time."

In addition to the background information obtained for this patent application, VerticalNews journalists also obtained the inventors' summary information for this patent application: "In one aspect of the present invention, a system for recommending a preferred payment method comprises: a computer having a user interface; and a program product comprising machine-readable program code for causing, when executed, the computer to perform the following process steps: prompting a user to set up an account including personal information, payment information, and store information; receiving the personal information, payment information, and store information; initiating a request for location information; receiving a store choice; estimating a purchase amount based at least in part on the store choice and past purchase data; displaying a recommended payment method based at least in part on the purchase amount, the payment information, user preferences, and the store information; receiving a purchase quantity; and displaying a cash-back quantity based at least in part on the purchase quantity.

"These and other features, aspects and advantages of the present invention will become better understood with reference to the following drawings, description and claims.

BRIEF DESCRIPTION OF THE DRAWINGS

"FIG. 1 is a schematic view of an exemplary embodiment of the present invention; and

"FIG. 2 is a schematic view of an exemplary embodiment of the present invention."

URL and more information on this patent application, see: Espey, III, John R.; Hart, Christopher T. System for the Optimization of the Credit Card Decision Process. Filed November 12, 2013 and posted May 22, 2014. Patent URL: http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.html&r=904&p=19&f=G&l=50&d=PG01&S1=20140515.PD.&OS=PD/20140515&RS=PD/20140515

Keywords for this news article include: Patents.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


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Source: Politics & Government Week


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