Application program interface for conversion of stored value cards

A system that converts a value on a gift card held by a user and associated with a merchant to restricted use value on an open loop card, the system comprising:

• a processor;
• a memory coupled to the processor storing executable instructions and a redemption rule:
• a first network interface coupled to a gift card processor and programmed via an application program interface to check the value on the gift card and to extract the value from the gift card;
• a second network interface coupled to a public network and supplying a web page to the user for receiving instructions related to converting the value on the gift card and associating the converted value with a PAN of an open loop card;
• a third network interface coupled to a transaction processing system, the third network interface programmed to receive transaction data from the transaction processing system and to send to the transaction processing system a credit transaction responsive to identification that a transaction satisfies the redemption rule;
• and
• a logic unit that reviews the received transaction data and identifies when a transaction satisfies the redemption rule.

A method of converting gift card value to restricted open loop card value, the method comprising:

• transferring gift card value to value in an account associated with a personal account number (PAN) of an open loop card;
• setting a rule restriction application of the value in the account to one of a merchant or brand;
• evaluating all transactions using the PAN for a transaction satisfying the rule;
• and
• applying at least a portion of the value in the account to the transaction.