US 2014/0278897 A1Published application

Retroactive rewards based recommendation of payment vehicle to individual products of a transaction

AssigneeBank of America Corporation

InventorsDavid M. Grigg, Matthew A. Calman, Scott Lee Harkey, Laura Corinne Bondesen, Robert Scott Ellis

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Abstract

Embodiments of the invention are directed to a system, method, or computer program product for recommending payment vehicles for a transaction on a product-by-product basis based on available rewards for each product. In this way, the customer may complete a transaction with a merchant using a temporary line of credit. The invention may then apply individual products of the transaction to different recommended payment vehicles based on the maximum rewards each product may receive if applied to that payment vehicle. Once each product of the transaction has been reassigned to a recommended payment vehicle, the temporary line of credit may be terminated.

Claims21

Dependent claims

A system for recommending a payment vehicle for a transaction on a product-by-product basis, the system comprising:

a memory device with computer-readable program code stored thereon;
a communication device;
a processing device operatively coupled to the memory device and the communication device, wherein the processing device is configured to execute the computer-readable program code to:
determine one or more payment vehicles available to a customer;
determine and continually monitor rewards associated with the one or more payment vehicles available to the customer;
receive an indication of a transaction between the customer and a merchant;
receive transaction details associated with the transaction between the customer and the merchant, wherein transaction details include merchant type, merchant name, one or more products of the transaction, total purchase amount, and purchase amount of each of the one or more products of the transaction;
provide a temporary line of credit to satisfy the total purchase amount of the transaction;
determine one or more recommended payment vehicles for each of the one or more products of the transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer and the rewards associated with the one or more payment vehicles available to the customer;
provide the customer with the recommended payment vehicle for each of the one or more products of the transaction after the transaction has been completed;
and
apply the one or more recommended payment vehicles to the temporary line of credit, such that each of the one or more recommended payment vehicles satisfies the temporary line of credit.

9 more elements

A computer program for recommending a payment vehicle for a transaction on a product-by-product basis, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured for determining one or more payment vehicles available to a customer;
an executable portion configured for determining and continually monitoring rewards associated with the one or more payment vehicles available to the customer;
an executable portion configured for receiving an indication of a transaction between the customer and a merchant;
an executable portion configured for receiving transaction details associated with the transaction between the customer and the merchant, wherein transaction details include merchant type, merchant name, one or more products of the transaction, total purchase amount, and purchase amount of each of the one or more products of the transaction;
an executable portion configured for providing a temporary line of credit to satisfy the total purchase amount of the transaction;
an executable portion configured for determining one or more recommended payment vehicles for each of the one or more products of the transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer and the rewards associated with the one or more payment vehicles available to the customer;
an executable portion configured for providing the customer with the recommended payment vehicle for each of the one or more products of the transaction after the transaction has been completed;
and
an executable portion configured for applying the one or more recommended payment vehicles to the temporary line of credit, such that each of the one or more recommended payment vehicles satisfies the temporary line of credit.

6 more elements

A computer-implemented method for recommending a payment vehicle for a transaction on a product-by-product basis, the method comprising:

providing a computing system comprising a computer processing device and a non-transitory computer readable medium, where the computer readable medium comprises configured computer program instruction code, such that when said instruction code is operated by said computer processing device, said computer processing device performs the following operations:
determining one or more payment vehicles available to a customer;
determining and continually monitoring rewards associated with the one or more payment vehicles available to the customer;
receiving an indication of a transaction between the customer and a merchant;
receiving transaction details associated with the transaction between the customer and the merchant, wherein transaction details include merchant type, merchant name, one or more products of the transaction, total purchase amount, and purchase amount of each of the one or more products of the transaction;
providing a temporary line of credit to satisfy the total purchase amount of the transaction;
determining, via a computer processing device, one or more recommended payment vehicles for each of the one or more products of the transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer and the rewards associated with the one or more payment vehicles available to the customer;
providing the customer with the recommended payment vehicle for each of the one or more products of the transaction after the transaction has been completed;
and
applying the one or more recommended payment vehicles to the temporary line of credit, such that each of the one or more recommended payment vehicles satisfies the temporary line of credit.

7 more elements

Dependencies are inferred from the claim text.