System and methods for processing credit transactions

A method of processing a credit card transaction, the method comprising the steps of:

• processing and transmitting transaction information pertaining to a credit card from a first location to a second location through a communications network, wherein the transaction information includes a transaction amount and a subscriber identifier provided by a system user;
• determining at the second location the identity of an authorized user of the credit card based upon the subscriber identifier;
• establishing a communications link with the authorized user;
• providing to the authorized user through the established communications link the transaction amount and prompting the authorized user for a transaction authorization;
• authorizing the credit card transaction if the authorized user provides the transaction authorization;
• and
• negating the credit card transaction if the authorized user does not provide the transaction authorization.

A distributed computing system for processing a credit card transaction, said computing system comprising:

• a first computer-readable storage medium having computer-readable code stored thereon for directing a first computing device to process and transmit transaction information pertaining to a credit card from a first location to a second location through a communications network, wherein the transaction information includes a transaction amount and a subscriber identifier provided by a system user;
• and
• a second computer-readable storage medium having computer-readable code stored thereon for directing a second computing device to
• determine the identity of an authorized user of the credit card based upon the subscriber identifier,
• establish a communications link with the authorized user,
• provide to the authorized user through the established communications link the transaction amount and prompt the authorized user for a transaction authorization,
• authorize the credit card transaction if the authorized user provides the transaction authorization, and
• negate the credit card transaction if the authorized user does not provide the transaction authorization.