US5970480A
Expired / Lapsed
US
⏱️ 0.0 years remaining
Centralized credit interchange system of converting purchase credit awards through credit exchange system for purchase of investment vehicle
Assignee: Vishay Dale Electronics LLC
•
Filing: 1997-04-14
•
Granted: 1999-10-19
•
Expires: 2017-04-14
Abstract
Abstract A debt credit award interchange system interfacing with a credit award exchange system for conversion of any form of merchant or creditor credit award resulting from consumer incurring debt due to consumer purchase of goods or services of creditor. The debtor earns a preassigned credit award per credit vehicle utilized and amount of purchased item. At central location of credit award interchange system, secured creditor debt credit award agreement contracts are matched with point of sale transaction purchases, utilizing data processing methods to increment consumer account, summing accumulations; debiting creditors, authorized and confirmed thru interchange system. Interchange system communicates accumulated credit awards to credit award exchange that processes the conversion of credit award into purchase of mutual funds and/or imvestment vehicle of award account holder choice; maintaining open account of award holder for further purchase of investment vehicle as preassigned credit award accumulations direct and providing statements of purchase and periodic statements of account transactions and status.
Inventors
- 👤 Dyan T. Kalina
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-09 19:13
CPC Classifications
G; G06; G06Q; G06Q30/00; G06Q30/02; B; B42; B42D; B42D12/00; G06Q20/00; G06Q20/38; G06Q20/387; G06Q30/06; G06Q30/0601; G06Q40/00; G06Q40/04
Claims Analysis
Total Claims: 29
Claim 1
Independent Claim
90 words
A method for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of: a. crediting an account of the consumer with the credit awards; b. accumulating the credit awards in the account; and c. purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
Claim 2
Independent Claim
90 words
A method for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of: a. crediting an account of the consumer with the credit awards; b. accumulating the credit awards in the account; and c. purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
Claim 3
Dependent Claim
32 words
The method of claim 1 wherein the investment vehicle is selected from a group of investment vehicles including a mutual fund, a bond, an insurance investment vehicle, and an annuity investment vehicle.
Claim 4
Dependent Claim
30 words
The method claim 2 wherein the mutual fund is selected from a group of mutual funds including a stock mutual fund, a money market fund, and a bond mutual fund.
Claim 5
Dependent Claim
23 words
The method of claim 1 wherein the purchase credit awards are associated with a credit card and the purchase utilizes the credit card.
Claim 6
Dependent Claim
64 words
The method of claim 1 wherein the step of purchasing the ownership interest in the investment vehicle comprises the steps of: determining a current market value associated with the investment vehicle; determining an amount of ownership interest that can be purchased in the investment vehicle based upon the accumulated credit awards; and converting the credit awards into the ownership interest in the investment vehicle.
Claim 7
Dependent Claim
85 words
The method of claim 5 wherein the step of converting the credit awards into the ownership interest includes the steps of: accessing a database to determine legal requirements necessary for consummating the purchase of the ownership interest in the investment vehicle; generating forms representative of the legal requirements; forwarding the forms to the purchaser for signature; receiving the forms from the purchaser, verifying the presence of the signatures, and completing the purchase of the ownership interest in the investment vehicle on behalf of the purchaser.
Claim 8
Dependent Claim
39 words
The method of claim 1 further including the steps of: generating a report for each consumer of the ownership interest, if any, purchased on behalf of the consumer in the investment vehicle; and forwarding the report to the consumer.
Claim 9
Dependent Claim
22 words
The method of claim 7 wherein the steps of generating the report and forwarding the report to the consumer are performed periodically.
Claim 10
Dependent Claim
39 words
The method of claim 1 wherein, after the purchase of the ownership interest in the investment vehicle is made, any interest or dividends from the investment vehicle are automatically reinvested in the investment vehicle on behalf of the consumer.
Claim 11
Independent Claim
142 words
A method for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of: a. assessing the merchant an interchange fee associated with the purchase and depositing at least a portion of the interchange fee in an interchange fee account; b. crediting a credit awards account of the consumer with credit awards associated with the purchase; c. accumulating credit awards in the credit awards account; d. upon the credit awards reaching a predetermined value, withdrawing at least a portion of the interchange fee in the interchange fee account; e. purchasing an ownership interest in the investment vehicle on behalf of the consumer using the portion of the interchange fees withdrawn from the interchange account, with the investment vehicle being subject to appreciation or depreciation.
Claim 12
Independent Claim
142 words
A method for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of: a. assessing the merchant an interchange fee associated with the purchase and depositing at least a portion of the interchange fee in an interchange fee account; b. crediting a credit awards account of the consumer with credit awards associated with the purchase; c. accumulating credit awards in the credit awards account; d. upon the credit awards reaching a predetermined value, withdrawing at least a portion of the interchange fee in the interchange fee account; e. purchasing an ownership interest in the investment vehicle on behalf of the consumer using the portion of the interchange fees withdrawn from the interchange account, with the investment vehicle being subject to appreciation or depreciation.
Claim 13
Dependent Claim
32 words
The method of claim 10 wherein the investment vehicle is selected from a group of investment vehicles including a mutual fund, a bond, an insurance investment vehicle, and an annuity investment vehicle.
Claim 14
Dependent Claim
30 words
The method claim 11 wherein the mutual fund is selected from a group of mutual funds including a stock mutual fund, a money market fund, and a bond mutual fund.
Claim 15
Dependent Claim
23 words
The method of claim 10 wherein the purchase credit awards are associated with a credit card and the purchase utilizes the credit card.
Claim 16
Dependent Claim
64 words
The method of claim 10 wherein the step of purchasing the ownership interest in the investment vehicle comprises the steps of: determining a current market value associated with the investment vehicle; determining an amount of ownership interest that can be purchased in the investment vehicle based upon the accumulated credit awards; and converting the credit awards into the ownership interest in the investment vehicle.
Claim 17
Dependent Claim
85 words
The method of claim 14 wherein the step of converting the credit awards into the ownership interest includes the steps of: accessing a database to determine legal requirements necessary for consummating the purchase of the ownership interest in the investment vehicle; generating forms representative of the legal requirements; forwarding the forms to the purchaser for signature; receiving the forms from the purchaser, verifying the presence of the signatures, and completing the purchase of the ownership interest in the investment vehicle on behalf of the purchaser.
Claim 18
Dependent Claim
39 words
The method of claim 10 further including the steps of: generating a report for each consumer of the ownership interest, if any, purchased on behalf of the consumer in the investment vehicle; and forwarding the report to the consumer.
Claim 19
Dependent Claim
22 words
The method of claim 16 wherein the steps of generating the report and forwarding the report to the consumer are performed periodically.
Claim 20
Dependent Claim
39 words
The method of claim 17 wherein, after the purchase of the ownership interest in the investment vehicle is made, any interest or dividends from the investment vehicle are automatically reinvested in the investment vehicle on behalf of the consumer.
Claim 21
Dependent Claim
51 words
The method of claim 10 wherein a plurality of purchases are made by the consumer, each resulting in an interchange fee being assessed to the merchant, the interchange fees being accumulated, and wherein the purchase of the ownership interest is funded by at least a portion of the accumulated interchange fees.
Claim 22
Independent Claim
79 words
A method for converting credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of: a. crediting an account of the consumer with the credit award; b. accumulating the credit awards in the account; and c. periodically purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards, the investment vehicle being subject to appreciation or depreciation.
Claim 23
Independent Claim
79 words
A method for converting credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the method comprising the steps of: a. crediting an account of the consumer with the credit award; b. accumulating the credit awards in the account; and c. periodically purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards, the investment vehicle being subject to appreciation or depreciation.
Claim 24
Independent Claim
90 words
A method for converting credit awards resulting from credit card interest payments by a consumer to a bank into an ownership interest in an investment vehicle, the method comprising the steps of: a. crediting an account of the customer with the credit awards; b. accumulating the credit awards in the account; and c. purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
Claim 25
Independent Claim
90 words
A method for converting credit awards resulting from credit card interest payments by a consumer to a bank into an ownership interest in an investment vehicle, the method comprising the steps of: a. crediting an account of the customer with the credit awards; b. accumulating the credit awards in the account; and c. purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
Claim 26
Dependent Claim
96 words
An electronic data processing device for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the device comprising: means for crediting an account of the consumer with the credit awards; means for accumulating the credit awards in the accounts; and means for purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards in the account reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
Claim 27
Dependent Claim
96 words
An electronic data processing device for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the device comprising: means for crediting an account of the consumer with the credit awards; means for accumulating the credit awards in the accounts; and means for purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards in the account reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
Claim 28
Dependent Claim
108 words
An electronic data processing device for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the device comprising: an account processing unit for crediting an account of the consumer with the credit awards; a credit award accumulation unit for accumulating the credit awards in the accounts; and an investment vehicle purchase processing unit for purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards in the account reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
Claim 29
Dependent Claim
108 words
An electronic data processing device for converting purchase credit awards resulting from a purchase by a consumer of goods or services into an ownership interest in an investment vehicle, the device comprising: an account processing unit for crediting an account of the consumer with the credit awards; a credit award accumulation unit for accumulating the credit awards in the accounts; and an investment vehicle purchase processing unit for purchasing the ownership interest in the investment vehicle on behalf of the consumer with the credit awards in the accounts upon the credit awards in the account reaching a predetermined level, the investment vehicle being subject to appreciation or depreciation.
References Cited (Backward Citations)
US4750119A
Cited
US5233514A
Cited
US5297026A
Cited
US5621640A
Cited
US5466919A
Cited
US5483049A
Cited
US5471669A
Cited
US5537314A
Cited
US5774870A
Cited
USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 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 |