Registers – Systems controlled by data bearing records – Credit or identification card systems
Reexamination Certificate
2002-02-19
2004-05-11
Le, Thien M. (Department: 2876)
Registers
Systems controlled by data bearing records
Credit or identification card systems
C235S375000
Reexamination Certificate
active
06732919
ABSTRACT:
TECHNICAL FIELD
The present invention relates to credit cards and more specifically to the aggregation of multiple credit card accounts on a single multiple-use credit card for use by the consumer.
BACKGROUND
As credit cards become more available, they are increasingly displacing currency and checks to make everyday purchases. Presently, many people receive and use numerous credit cards. Approvals are easily obtained, and can even be provided instantly over the Internet.
The use of credit cards for purchases by consumers is well known throughout the industrialized world. Credit cards offer consumers numerous benefits including: (1) reducing or eliminating the necessity for carrying cash; (2) “floating” or postponing actual payment of purchases for 45 to 60 days until the credit card bill is received and due; (3) providing users with a monthly or annual record of all purchases; (4) allowing consumers to monitor spending; (5) use during times of emergency when adequate cash is not readily available; (6) a convenient forum for financing purchases; (7) simplified return of items; (8) enhanced opportunities for resolution of disputed purchases; and (9) as use as an identification card. Credit cards have become so accepted in current day transactions that many people carry multiple cards.
From the consumer's point of view, the use of multiple credit cards is desirable for at least the following reasons: (1) a single credit card is not accepted by every merchant; (2) varying interest rates on balances carried on credit cards from month to month; (3) differences in billing dates or deferred payment; (4) different credit limits; (5) different requirements for obtaining credit cards; (6) segregation of purchases (e.g., personal, business related, etc.); and (7) recognition from carrying preferred or elite types of credit cards, such as Platinum cards. Each of these credit cards typically has a different credit limit, billing date, billing cycle, payment due date, financing alternatives, personal identification numbers (PINs), and contact information to contact the issuer of the credit card. Additionally, each credit card issuer issues a credit card that is normally carried by the card holder and that is presented when merchandise is purchased. The credit card, or similar token, typically includes embossed account information that is additionally encoded onto a magnetic strip on the rear of the card. Typically, possession of the physical credit card is required when making purchases in person. As a result of consumers carrying multiple credit cards, wallet sizes have increased and credit card carriers are faced with additional problems if a wallet is lost or stolen. Men typically carry wallets in their rear pockets, and as the size of wallets increases, health problems may occur from individuals carrying enlarged wallets in the same pocket over an extended period.
Accordingly, a need exists for a system and method for reducing the number of credit cards that must be maintained in a user's possessions without limiting account accessibility.
SUMMARY OF THE INVENTION
The present invention is directed to a system for and method of facilitating financial transactions including a terminal device that is configured to interface with a token, present information relative to the token to a user, and receive an input designating a selected account from the user. Also included in the present invention is a database that stores multiple account information for accounts at multiple financial institutions pertaining to the token and a processor that is configured to access the database, send and receive information from the terminal device and the database and generate charges on the selected account.
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Kraemer Jessica
Macklin Lee
Pinsky Maria
Hewlett--Packard Development Company, L.P.
Nowlin April
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