System and method for redeeming rewards and incentives
AssigneeCapital One Financial Corporation
InventorsMichele Shiber Deane, Clyde Samuel Edmonds, Jr., Charles Aaron Rosenblatt
Life of this patent
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Abstract
A transaction card, including a substrate having a front face and a back face, a first magnetic stripe for storing data associated with a credit account, the first magnetic stripe being located along an edge of the back face, a second magnetic stripe for storing data associated with a rewards account, the second magnetic stripe being located along another edge of the back face, and account information located on the front face, the account information being associated with the credit account and the rewards account.
Claims23
A method for processing a transaction initiated by an individual with a merchant using a transaction card having at least two magnetic stripes, the method comprising:
- receiving information associated with the transaction, the information including account information and transaction information including a purchase amount;
- determining according to the received information whether a first magnetic stripe or a second magnetic stripe was read at the merchant, the first magnetic stripe being associated with a financial account and the second magnetic stripe being associated with a rewards account;
- converting the purchase amount to an amount of reward units, when it is determined that the second magnetic stripe was read at the merchant;
- determining whether the rewards account has a balance of reward units at least equal to the amount of converted reward units;
- authorizing the transaction if the balance of the rewards account is at least equal to the amount of converted reward units;
- and
- decreasing the balance of the rewards account by at least the amount of converted reward units.
Dependencies are inferred from the claim text.