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AssigneeAmerican Express Travel Related Services Company, Inc.
InventorsMark Ang, Boudhayan Choudhuri, Jessica Kaplan, David Lowy, Gyanesh Narayan, Eric Nielsen, Christine Vega
Estimating the term…
A method is disclosed for offering transaction account consumers with payment term options to pay a minimum amount due early, defer payment into the following payment cycle, and pay a standard amount when due. When generating a periodic billing statement, the invention determines a consumer's eligibility to elect early payment, deferred payment, and regular payment. When a consumer is eligible for early payment, a received payment is compared to a discount rate tier, then a discount amount is calculated and credited to the consumer's account. When the consumer is eligible for deferred payment, the system calculates a new current minimum payment due by multiplying the current non-deferred balance by a predetermined percentage amount and adding the result to the deferred balance. When the consumer is not eligible for deferred payment, the system calculates a new current minimum due by summing the current non-deferred balance with the deferred balance.
A computer-implemented method comprising:
A system comprising:
An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer-based system for processing early payments, cause the computer-based system to perform operations comprising:
Dependencies are inferred from the claim text.