Patent US5970478A successfully refreshed from Google Patents.
US5970478A
Expired / Lapsed
US
⏱️ 0.0 years remaining
Method, apparatus, and program for customizing credit accounts
Assignee: PayPal Inc
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Filing: 1997-03-12
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Granted: 1999-10-19
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Expires: 2017-03-12
Abstract
Abstract An apparatus, method, and program for customizing credit accounts and calculating an appropriate price for this customization. Customers with existing credit accounts and customers applying for new accounts can customize various parameters of their accounts, in exchange for a fee to be collected by the credit issuer. The fee may depend on the particular set of parameters selected by the customer.
Inventors
- 👤 Jay S. Walker
- 👤 James A. Jorasch
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-03 17:28
CPC Classifications
G; G06; G06Q; G06Q30/00; G06Q30/02; G06Q20/00; G06Q20/04; G06Q20/08; G06Q20/10; G06Q20/18; G06Q20/20; G06Q20/204; G06Q40/00; G06Q40/03; G07; G07F; G07F19/00; G07F19/20
Claims Analysis
Total Claims: 60
Claim 1
Independent Claim
104 words
A data processing apparatus for pricing a credit account having at least one customer specified credit parameter, comprising: a central controller including a CPU and a memory operatively connected to said CPU; and at least one terminal, adapted for communicating with said central controller, for transmitting the credit parameter to said central controller; said memory in said central controller containing a program, adapted to be executed by said CPU, for calculating a price for a credit account having the credit parameter; wherein said central controller receives the credit parameter from said terminal and calculates the price for the account based upon the credit parameter.
Claim 2
Dependent Claim
104 words
A data processing apparatus for pricing a credit account having at least one customer specified credit parameter, comprising: a central controller including a CPU and a memory operatively connected to said CPU; and at least one terminal, adapted for communicating with said central controller, for transmitting the credit parameter to said central controller; said memory in said central controller containing a program, adapted to be executed by said CPU, for calculating a price for a credit account having the credit parameter; wherein said central controller receives the credit parameter from said terminal and calculates the price for the account based upon the credit parameter.
Claim 3
Dependent Claim
41 words
The apparatus according to claim 1, wherein the terminal is further adapted to transmit customer information to said central controller, and said program in said memory calculates the price of the account having the credit parameter based upon the customer information.
Claim 4
Dependent Claim
20 words
The apparatus according to claim 2, wherein the customer information comprises an account identifier that specifies a pre-existing credit account.
Claim 5
Dependent Claim
45 words
The apparatus according to claim 1, wherein said program in said memory is adapted to receive a customer acceptance via said terminal to enter into a credit account having the credit parameter and charge the customer the calculated price by debiting the customer's credit account.
Claim 6
Independent Claim
106 words
A method of pricing a credit account having at least one customer specified credit parameter using a central controller including a CPU and a memory operatively connected to said CPU and containing a program adapted to be executed by said CPU for calculating the price of an account, and a terminal adapted for communicating with said central controller, the method comprising the steps of: inputting the credit parameter to the central controller via the terminal; executing the program to calculate, based on the credit parameter, a price for a credit account having the credit parameter; and outputting the calculated price from the controller to the terminal.
Claim 7
Independent Claim
106 words
A method of pricing a credit account having at least one customer specified credit parameter using a central controller including a CPU and a memory operatively connected to said CPU and containing a program adapted to be executed by said CPU for calculating the price of an account, and a terminal adapted for communicating with said central controller, the method comprising the steps of: inputting the credit parameter to the central controller via the terminal; executing the program to calculate, based on the credit parameter, a price for a credit account having the credit parameter; and outputting the calculated price from the controller to the terminal.
Claim 8
Dependent Claim
38 words
The method according to claim 5, further comprising the step of inputting customer information to the controller via the terminal, and wherein the step of executing the program further comprises calculating the price based on the customer information.
Claim 9
Dependent Claim
26 words
The method according to claim 5, wherein the step of inputting the customer information further comprises inputting an account identifier that specifies a pre-existing credit account.
Claim 10
Dependent Claim
83 words
A data processing apparatus for pricing a credit account having at least one customer specified credit parameter, comprising: a CPU; a memory operatively connected to said CPU, said memory containing a program, adapted to be executed by said CPU, for receiving the credit parameter and calculating a price for a credit account having the credit parameter; and input/output apparatus, operatively connected to at least one of said memory and said CPU, for input of the credit parameter and for output of the price.
Claim 11
Dependent Claim
83 words
A data processing apparatus for pricing a credit account having at least one customer specified credit parameter, comprising: a CPU; a memory operatively connected to said CPU, said memory containing a program, adapted to be executed by said CPU, for receiving the credit parameter and calculating a price for a credit account having the credit parameter; and input/output apparatus, operatively connected to at least one of said memory and said CPU, for input of the credit parameter and for output of the price.
Claim 12
Dependent Claim
28 words
The apparatus according to claim 8, wherein said program in said memory is further adapted to receive customer information and calculate the price based upon the customer information.
Claim 13
Dependent Claim
20 words
The apparatus according to claim 9, wherein the customer information comprises an account identifier that specifies a pre-existing credit account.
Claim 14
Dependent Claim
23 words
The apparatus according to claim 9, wherein said program in said memory is adapted to retrieve customer parameters corresponding to the customer information.
Claim 15
Dependent Claim
46 words
The apparatus according to claim 9, wherein said program in said memory is adapted to retrieve credit history information for a person identified by the customer information and said program in said memory is further adapted to calculate the price based upon the credit history information.
Claim 16
Dependent Claim
60 words
The apparatus according to claim 8, wherein the program in said memory is adapted to receive a plurality of credit parameters comprising a desired credit limit, a desired interest rate, and a desired time period, and wherein said program is adapted to calculate the price based on the desired credit limit, the desired interest rate, and the desired time period.
Claim 17
Dependent Claim
43 words
The apparatus according to claim 8, wherein said program in said memory is adapted to receive a customer acceptance to enter into a credit account having the credit parameter and to charge the customer the calculated price by debiting the customer's credit account.
Claim 18
Dependent Claim
19 words
The apparatus according to claim 8, wherein the credit account is a credit card account with revolving credit terms.
Claim 19
Independent Claim
73 words
A method of pricing a credit account having at least one customer specified credit parameter using a CPU and a memory operatively connected to said CPU and containing a program, adapted to be executed by said CPU, for calculating a price, the method comprising the steps of: receiving the credit parameter; executing the program in the CPU for calculating a price for a credit account having the credit parameter; and outputting the price.
Claim 20
Independent Claim
73 words
A method of pricing a credit account having at least one customer specified credit parameter using a CPU and a memory operatively connected to said CPU and containing a program, adapted to be executed by said CPU, for calculating a price, the method comprising the steps of: receiving the credit parameter; executing the program in the CPU for calculating a price for a credit account having the credit parameter; and outputting the price.
Claim 21
Dependent Claim
27 words
The method according to claim 16, further comprising the step of receiving customer information, and wherein the executing step calculates the price based on the customer information.
Claim 22
Independent Claim
40 words
A method of pricing a credit account having at least one customer specified credit parameter, the method comprising the steps of: receiving the credit parameter; calculating a price for a credit account having the credit parameter; and outputting the price.
Claim 23
Independent Claim
40 words
A method of pricing a credit account having at least one customer specified credit parameter, the method comprising the steps of: receiving the credit parameter; calculating a price for a credit account having the credit parameter; and outputting the price.
Claim 24
Dependent Claim
27 words
The method according to claim 18, further comprising the step of receiving customer information, and wherein the calculating step calculates the price based on the customer information.
Claim 25
Dependent Claim
20 words
The method according to claim 19, wherein the customer information comprises an account identifier that specifies a pre-existing credit account.
Claim 26
Dependent Claim
20 words
The method according to claim 19, further comprising the step of retrieving customer parameters corresponding to lo the customer information.
Claim 27
Dependent Claim
32 words
The method according to claim 19, further comprising the steps of retrieving a credit report for the person identified by the customer information and calculating the price based upon the credit report.
Claim 28
Dependent Claim
47 words
The method according to claim 18, wherein the receiving step comprises receiving a desired credit limit, a desired interest rate, and a desired time period, and the calculating step calculates the price based on the desired credit limit, the desired interest rate, and the desired time period.
Claim 29
Dependent Claim
32 words
The method according to claim 18, further comprising the steps of receiving a customer acceptance to enter into a credit account having the credit parameter and charging the customer the calculated price.
Claim 30
Dependent Claim
19 words
The method according to claim 18, wherein the credit account is a credit card account with revolving credit terms.
Claim 31
Dependent Claim
52 words
Computer executable process steps, stored on a computer readable medium, for pricing a credit account having at least one customer specified credit parameter, comprising: a step to receive the credit parameter; a step to calculate the price of a credit account having the credit parameter; and a step to output the price.
Claim 32
Dependent Claim
52 words
Computer executable process steps, stored on a computer readable medium, for pricing a credit account having at least one customer specified credit parameter, comprising: a step to receive the credit parameter; a step to calculate the price of a credit account having the credit parameter; and a step to output the price.
Claim 33
Dependent Claim
17 words
The computer executable process steps according to claim 26, further comprising a step to receive customer information.
Claim 34
Dependent Claim
23 words
The computer executable process steps according to claim 26, wherein the customer information comprises an account identifier that specifies a pre-existing credit account.
Claim 35
Independent Claim
59 words
A method of obtaining a price of a credit account having at least one customer specified credit parameter, the method comprising the steps of: communicating to a pricing entity an inquiry on a price for a credit account having the credit parameter; and receiving from the pricing entity a price quote for a credit account having the credit parameter.
Claim 36
Independent Claim
59 words
A method of obtaining a price of a credit account having at least one customer specified credit parameter, the method comprising the steps of: communicating to a pricing entity an inquiry on a price for a credit account having the credit parameter; and receiving from the pricing entity a price quote for a credit account having the credit parameter.
Claim 37
Dependent Claim
28 words
The method according to claim 29, further comprising the step of agreeing to enter into a credit account having the credit parameter and to pay the quoted price.
Claim 38
Dependent Claim
14 words
The method according to claim 29, wherein said communicating step includes providing customer information.
Claim 39
Independent Claim
107 words
A method of obtaining a price of a credit account having at least one customer specified credit parameter, the method comprising the steps of: communicating to a pricing entity an inquiry on a price for a credit account having the credit parameter, said entity provided with a CPU and a memory operatively connected to said CPU, said memory containing a program, adapted to be executed by said CPU, for receiving the credit parameter and calculating a price for a credit account having the credit parameter based on the credit parameter; and receiving from the pricing entity a price quote for a credit account having the credit parameter.
Claim 40
Independent Claim
107 words
A method of obtaining a price of a credit account having at least one customer specified credit parameter, the method comprising the steps of: communicating to a pricing entity an inquiry on a price for a credit account having the credit parameter, said entity provided with a CPU and a memory operatively connected to said CPU, said memory containing a program, adapted to be executed by said CPU, for receiving the credit parameter and calculating a price for a credit account having the credit parameter based on the credit parameter; and receiving from the pricing entity a price quote for a credit account having the credit parameter.
Claim 41
Dependent Claim
100 words
A data processing apparatus for pricing a credit account having at least one customer specified credit parameter, comprising: a terminal adapted to communicate with a central controller, wherein the central contains a CPU and a memory operatively connected to the CPU, the memory containing a program, adapted to be executed by the CPU, for receiving the credit parameter and calculating a price based on the credit parameter for a credit account having the credit parameter, wherein said terminal is adapted to transmit the credit parameter to the central controller, and further adapted to receive the price from the central controller.
Claim 42
Dependent Claim
100 words
A data processing apparatus for pricing a credit account having at least one customer specified credit parameter, comprising: a terminal adapted to communicate with a central controller, wherein the central contains a CPU and a memory operatively connected to the CPU, the memory containing a program, adapted to be executed by the CPU, for receiving the credit parameter and calculating a price based on the credit parameter for a credit account having the credit parameter, wherein said terminal is adapted to transmit the credit parameter to the central controller, and further adapted to receive the price from the central controller.
Claim 43
Dependent Claim
40 words
The apparatus according to claim 33, wherein the terminal is further adapted to transmit customer information to the central controller, and wherein the central controller calculates the price of the account based upon the customer information and the credit parameter.
Claim 44
Dependent Claim
26 words
The apparatus according to claim 33, wherein said terminal is adapted to transmit a customer request to enter into the credit account having the credit parameter.
Claim 45
Dependent Claim
144 words
A data processing apparatus for pricing a credit account having at least one customer specified credit parameter, comprising: a CPU; a memory operatively connected to said CPU, said memory containing a program, adapted to be executed by said CPU, for receiving the customer specified credit parameter and an account identifier that specifies an existing credit account, for retrieving existing credit parameters including a credit balance for the existing credit account, and for calculating a price for converting the existing credit account by changing at least one of the existing credit parameters to match the customer specified credit parameter, wherein the price calculation is based on the customer specified credit parameter and the existing credit parameters; and input/output apparatus, operatively connected to at least one of said memory and said CPU, for input of the customer specified credit parameter and for output of the price.
Claim 46
Dependent Claim
144 words
A data processing apparatus for pricing a credit account having at least one customer specified credit parameter, comprising: a CPU; a memory operatively connected to said CPU, said memory containing a program, adapted to be executed by said CPU, for receiving the customer specified credit parameter and an account identifier that specifies an existing credit account, for retrieving existing credit parameters including a credit balance for the existing credit account, and for calculating a price for converting the existing credit account by changing at least one of the existing credit parameters to match the customer specified credit parameter, wherein the price calculation is based on the customer specified credit parameter and the existing credit parameters; and input/output apparatus, operatively connected to at least one of said memory and said CPU, for input of the customer specified credit parameter and for output of the price.
Claim 47
Dependent Claim
52 words
The apparatus according to claim 36, wherein said program in said memory is further adapted for receiving an authorization to convert the account, for replacing, in a database, the at least one of the existing credit parameters with the customer specified credit parameter, and for adding the price to the credit balance.
Claim 48
Dependent Claim
48 words
The apparatus according to claim 36, wherein said program is adapted for receiving a desired credit limit, interest rate, minimum payment, and time period; and wherein said program is further adapted for calculating the price based on the desired credit limit, interest rate, minimum payment, and time period.
Claim 49
Dependent Claim
46 words
The apparatus according to claim 36, wherein said program is further adapted for calculating the price based on parameters, retrieved from a database, selected from the group including a customer credit history, a risk of default, a current market interest rate, and the existing credit balance.
Claim 50
Dependent Claim
19 words
The apparatus according to claim 36, wherein the credit account is a credit card account with revolving credit terms.
Claim 51
Independent Claim
97 words
A method of pricing a credit account having at least one customer specified credit parameter, the method comprising the steps of: receiving the customer specified credit parameter and an account identifier that specifies an existing credit account; retrieving existing credit parameters including a credit balance for the existing credit account; calculating a price for converting the existing credit account by changing at least one of the existing credit parameters to match the customer specified credit parameter, wherein the price calculation is based on the customer specified credit parameter and the existing credit parameters; and outputting the price.
Claim 52
Independent Claim
97 words
A method of pricing a credit account having at least one customer specified credit parameter, the method comprising the steps of: receiving the customer specified credit parameter and an account identifier that specifies an existing credit account; retrieving existing credit parameters including a credit balance for the existing credit account; calculating a price for converting the existing credit account by changing at least one of the existing credit parameters to match the customer specified credit parameter, wherein the price calculation is based on the customer specified credit parameter and the existing credit parameters; and outputting the price.
Claim 53
Dependent Claim
42 words
The method according to claim 41, further comprising the steps of: receiving an authorization to convert the account; replacing the at least one of the existing credit parameters with the customer specified credit parameter; and adding the price to the credit balance.
Claim 54
Dependent Claim
55 words
The method according to claim 41, wherein the step of receiving the customer specified credit parameter comprises the steps of receiving a desired credit limit, interest rate, minimum payment, and time period, and wherein the step of calculating the price is further based on the desired credit limit, interest rate, minimum payment, and time period.
Claim 55
Dependent Claim
41 words
The method according to claim 41, wherein the step of calculating the price is further based on parameters selected from the group including a customer credit history, a risk of default, a current market interest rate, and the existing credit balance.
Claim 56
Dependent Claim
19 words
The method according to claim 41, wherein the credit account is a credit card account with revolving credit terms.
Claim 57
Independent Claim
66 words
A method of obtaining new terms for a credit account comprising the steps of: providing an account identifier that specifies an existing credit account having existing parameters including a credit balance; providing at least one desired credit parameter; and receiving a price for converting the parameters of the existing credit account by changing at least one of the existing parameters to match the desired credit parameter.
Claim 58
Independent Claim
66 words
A method of obtaining new terms for a credit account comprising the steps of: providing an account identifier that specifies an existing credit account having existing parameters including a credit balance; providing at least one desired credit parameter; and receiving a price for converting the parameters of the existing credit account by changing at least one of the existing parameters to match the desired credit parameter.
Claim 59
Dependent Claim
28 words
The method according to claim 46, further comprising the steps of: authorizing the conversion of the account; and authorizing the addition of the price to the credit balance.
Claim 60
Dependent Claim
19 words
The method according to claim 46, wherein the credit account is a credit card account with revolving credit terms.
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USPTO Annuity & Maintenance Windows
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|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2002-10-18 | 2003-04-19 | 2003-10-19 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2006-10-18 | 2007-04-19 | 2007-10-19 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2010-10-18 | 2011-04-19 | 2011-10-19 | $7700.00 | Window Closed / Lapsed |