Systems and methods for a payment device with cardholder selected transaction preferences

A system comprising:

• a payment card having a micromodule, the micromodule comprising a primary memory component storing payment account details for a payment account, a PIN associated with the payment account, and governing rules for performing a transaction, the governing rules including user-selected transaction preferences data associated with one or more user-selected transaction preferences for performing a transaction;
• a point-of-sale device comprising a processor and a payment card reader/writer component, said processor programmed by computer-executable instructions to:
• transmit a cold reset signal to the micromodule;
• receive an answer-to-reset message from the micromodule, the answer-to-reset message including the user-selected transaction preferences data;
• receive the payment account details from the micromodule;
• transmit a payment authorization request message to an interchange network, the payment authorization request message including one or more data elements associated with the user-selected transaction preferences data;
• receive a payment authorization request response message, based on the user-selected transaction preferences data, from the interchange network;
• and
• execute one or more of the user-selected transaction preferences, the user-selected transaction preferences including discretionary transaction functions selected by a cardholder, including one or more of the following:
• receipt preferences, automatic tipping, automatic rewards redemption, “rounding up” for charity, warranty preferences, authentication preferences, and store card-on-file preferences,
• wherein the payment authorization request response message is an ISO 8583 message type identifier (MTI) “0110” message,
• the payment card further comprising:
• a user data memory component storing the user-selected transaction preferences data;
• and
• an electronic switch disposed between the user data memory component and a system bus of the micromodule and configured to open and close a circuit coupled to the user data memory component only when certain requirements are met, the electronic switch being actuated by a processor of the micromodule to selectively couple the user data memory component to the system bus to enable access to the user-selected transaction preferences data.