Method and system for managing a mortgage rebate transaction card account
AssigneeCiticorp Credit Services, Inc.
InventorGina Doynow
Life of this patent
Estimating the term…
Abstract
A method and system of managing a mortgage rebate transaction card account in which a transaction card provider computes a mortgage rebate amount based on the amount of charges incurred against the account and periodically arranges for application of the mortgage rebate amount against a mortgage loan balance for the cardholder. The account is provided by the transaction card provider in connection with either a pre-existing mortgage loan of the cardholder or a prospective mortgage loan of the cardholder. Further, the account can be provided in connection with a mortgage loan from any mortgage lender regardless of the existence or non-existence of an affiliation or association between the transaction card provider and the mortgage lender.
Claims15
A method of managing a mortgage rebate transaction card account, comprising:
- providing a mortgage rebate transaction card account for a cardholder by a transaction card provider;
- allowing the cardholder to incur charges against the mortgage rebate transaction card account;
- computing a mortgage rebate amount by the transaction card provider based on an amount of charges incurred against the mortgage rebate transaction card account;
- and
- periodically arranging for application of the mortgage rebate amount against a mortgage loan balance for the cardholder by the transaction card provider;
- wherein providing the mortgage rebate transaction card account further comprises:
- determining, according to pre-defined mortgage and credit card application score parameters, that an applicant qualifies for the mortgage rebate transaction card account when the applicant applies for a mortgage loan;
- offering the mortgage rebate transaction card account to the qualified applicant;
- applying mortgage loan application-related costs to a temporary transaction card account with a generic account number upon acceptance of the offer by the qualified applicant;
- issuing the mortgage rebate transaction card for the qualified applicant with a mortgage rebate transaction card account number to which mortgage loan application-related costs are ported;
- and
- including the mortgage loan application-related costs on a first mortgage rebate transaction card statement to the cardholder.
A system for managing a mortgage rebate transaction card account, comprising:
- means for providing a mortgage rebate transaction card account for a cardholder by a transaction card provider;
- means for allowing the cardholder to incur charges against the mortgage rebate transaction card account;
- means for computing a mortgage rebate amount by the transaction card provider based on an amount of charges incurred against the mortgage rebate transaction card account;
- and
- means for periodically arranging for application of the mortgage rebate amount against a mortgage loan balance for the cardholder by the transaction card provider;
- wherein the means for providing the mortgage rebate transaction card account further comprises:
- means for determining, according to pre-defined mortgage and credit card application score parameters, that an applicant qualifies for the mortgage rebate transaction card account when the applicant applies for a mortgage loan;
- means for offering the mortgage rebate transaction card account to the qualified applicant;
- means for applying mortgage loan application-related costs to a temporary transaction card account with a generic account number upon acceptance of the offer by the qualified applicant;
- means for issuing the mortgage rebate transaction card for the qualified applicant with a mortgage rebate transaction card account number to which mortgage loan application-related costs are ported;
- and
- means for including the mortgage loan application-related costs on a first mortgage rebate transaction card statement to the cardholder.
Dependencies are inferred from the claim text.