WO2001065440A9 - System and method for facilitating selection of a credit card - Google Patents
System and method for facilitating selection of a credit cardInfo
- Publication number
- WO2001065440A9 WO2001065440A9 PCT/US2001/003674 US0103674W WO0165440A9 WO 2001065440 A9 WO2001065440 A9 WO 2001065440A9 US 0103674 W US0103674 W US 0103674W WO 0165440 A9 WO0165440 A9 WO 0165440A9
- Authority
- WO
- WIPO (PCT)
- Prior art keywords
- consumer
- financial transaction
- transaction cards
- subset
- credit
- Prior art date
Links
Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q30/00—Commerce
- G06Q30/02—Marketing; Price estimation or determination; Fundraising
Definitions
- This invention relates generally to the field of financial transaction cards, such as credit cards. More specifically, the invention relates to a system and method by which a consumer can narrow the choice of available credit cards to those that match certain lifestyle and credit history criteria.
- metasites have become available to consumers on the World Wide Web for obtaining information about various credit card offers. Examples of these are www.getsmart.com, www.creditland.com, www.credicardmenu.com and www.creditnet.com. These metasites allow consumers to compare the features and benefits of different credit card offers. However, most of these sites simply provide information about various credit card products. It is then up to the consumer to narrow the field to those that best suit the consumer's interests and needs. Furthermore, the consumer must actually apply for a selected credit card before receiving an indication as to whether or not he or she will qualify to receive the card.
- the present invention provides a system and method for assisting a consumer in selecting a financial transaction card.
- a database of information about various financial transaction card offers from a plurality of financial institutions is maintained.
- the information includes interest rates, membership fees, promotional incentives and the like.
- An input/output facility permits communication between the database host and a consumer, preferably via the Internet.
- the consumer provides certain information about his or her lifestyle and financial circumstances. Credit information for the consumer is also obtained.
- filters are applied to the available financial transaction cards to select those that best match the consumer's lifestyle and credit profile.
- probabilities that the consumer will qualify to receive the selected cards are estimated.
- the selected financial transaction cards are presented to the consumer so that the consumer may make a final selection and proceed with an application for one or more of the cards.
- Figure 1 is a block diagram illustrating the system of the present invention.
- Figure 2 is a functional flow diagram illustrating the method steps of the present invention.
- Figure 3 is a decision tree for classifying consumers according to credit history responses.
- Figure 4 is a table of adjustments to qualifying probabilities based on product characteristics.
- FIG. 1 illustrates a system 10 constructed in accordance with the present invention.
- a database 12 stores information concerning financial transaction cards offered by a plurality of card issuers 14.
- Card issuers 14 are typically financial institutions such as banks, but may also include co-sponsoring organizations.
- the information stored in database 12 includes, at a minimum, the annual percentage rate associated with each financial transaction card offer, the annual membership fee, if any, details of any promotional or incentive features of the card, such as airline miles, rebates, discounts, charitable contributions, etc., and information as to the targeted credit profile necessary for a consumer to be approved.
- the information also includes other features that may influence a consumer decision to apply for the card, such as exclusivity of acceptance by certain merchants, unique graphics on the card, etc.
- Database 12 is hosted by a server 16, which provides a consumer 18 with access over a global communications network, such as the Internet.
- Server 16 provides consumer 18 with a graphical user interface by which the consumer can provide certain information about his or her lifestyle and credit history as more fully described below.
- Figure 2 is a functional flow diagram of the inventive method for facilitating consumer selection of a financial transaction card.
- the method is implemented via a web site hosted on the World Wide Web.
- the invention is not limited in this regard and other methods of communicating between a consumer and a central database host may be utilized.
- the consumer begins by accessing the web site using conventional Internet browser software operating on a personal computer or other Internet connection device.
- a welcoming screen provides the consumer with an overview of the process for choosing a financial transaction card.
- the consumer is next prompted to answer a set of questions or respond to a set of statements designed to gauge the particular consumer's interests, which may then be used to make a selection from among the available transaction card products.
- Some examples of statements that the consumer may be asked to respond to are the following;
- the consumer For each statement, the consumer is asked to click a box numbered 1 through 5 where 1 indicates that the consumer strongly disagrees with the statement and 5 indicates that the consumer strongly agrees with the statement.
- the consumer may save the responses as a profile for future reference. To create the profile, the consumer is prompted to enter identifying information, such as an email address and a password.
- the consumer is given the option of bypassing the lifestyle questionnaire and directly entering certain lifestyle and interest criteria.
- the consumer may be presented with a series of boxes, any or all of which may be checked, corresponding to card features, such as airline rewards, cash rewards, hotel rewards, merchandise rewards, careers and professions, colleges and universities, etc. Responses to these card preferences may be followed up with more specific inquiries. For example, if the consumer has indicated a preference for airline rewards, the consumer may then be prompted, with pull down menus or equivalent means, to specify a particular type of reward (e.g., frequent flyer miles, ticket discounts, free companion tickets, etc.) and a particular airline.
- a particular type of reward e.g., frequent flyer miles, ticket discounts, free companion tickets, etc.
- the consumer may then be prompted to select from general categories of careers and professions and, optionally, to select a specific career or profession from within the general category. These responses may also be used to create and save a consumer profile.
- the data provided by the consumer is then processed to select, from among the various transaction card offerings maintained in database 12, those that most closely match the lifestyle and interest profile of the consumer.
- the next part of the process focuses on identifying those cards for which the consumer will most likely be approved. If the consumer agrees, a credit rating may be obtained from a third party credit rating bureau. To proceed in this way, the consumer simply provides his or her name, address and social security number. Many consumers, however, are wary about providing such information over the Internet. Therefore, the consumer is offered the alternative of completing an anonymous credit profile so that the consumer's credit rating may be approximated. While this is not as accurate as obtaining a third party credit report, the consumer's credit rating may be approximated with sufficient accuracy for the purpose of screening the available financial transaction cards.
- Each classification or "node” has associated therewith a set of probabilities, based on a sampling of actual credit card applications, that the particular consumer will qualify as a "sub-prime", “prime” or "super-prime” prospect in the eyes of a credit card issuer. For example, a consumer who has fewer than three late payments (over 90 days), whose highest credit line is less than $6,800 and who has had a late payment (over 90 days) within the last twenty months is assigned to node 1. A consumer assigned to this node has an approximately 62% chance of being classified as sub-prime, an approximately 23% chance of being classified as prime and an approximately 15% chance of being classified as super-prime.
- the consumer's actual or approximate credit rating has been obtained, the credit requirements of the various available financial transaction cards that match the consumer's lifestyle and interest profile are evaluated.
- the consumer is then presented with a selection of financial transaction cards matching his or her profile, together with an approximate probability of approval.
- Such probability may be presented as an approximate quantitative value or as a qualitative ranking, such as excellent, good, fair or poor.
- Certain key parameters of the cards may be presented, such as the annual percentage rate, introductory rate, if different, and annual fee.
- Hyperlinks may be included with which the consumer can view the complete terms and conditions of the selected cards and/or apply on-line for one or more of the selected cards.
Abstract
Description
Claims
Priority Applications (1)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
AU2001236669A AU2001236669A1 (en) | 2000-02-28 | 2001-02-05 | System and method for facilitating selection of a credit card |
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US51482900A | 2000-02-28 | 2000-02-28 | |
US09/514,829 | 2000-02-28 |
Publications (2)
Publication Number | Publication Date |
---|---|
WO2001065440A1 WO2001065440A1 (en) | 2001-09-07 |
WO2001065440A9 true WO2001065440A9 (en) | 2002-11-07 |
Family
ID=24048860
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
PCT/US2001/003674 WO2001065440A1 (en) | 2000-02-28 | 2001-02-05 | System and method for facilitating selection of a credit card |
Country Status (2)
Country | Link |
---|---|
AU (1) | AU2001236669A1 (en) |
WO (1) | WO2001065440A1 (en) |
Families Citing this family (2)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
WO2012103128A2 (en) | 2011-01-24 | 2012-08-02 | Visa International Service Association | Statement portal with receipt tagging and associated enhanced benefit messaging |
US11562355B2 (en) | 2019-01-31 | 2023-01-24 | Visa International Service Association | Method, system, and computer program product for automatically re-processing a transaction |
Family Cites Families (5)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US5611052A (en) * | 1993-11-01 | 1997-03-11 | The Golden 1 Credit Union | Lender direct credit evaluation and loan processing system |
US5706442A (en) * | 1995-12-20 | 1998-01-06 | Block Financial Corporation | System for on-line financial services using distributed objects |
US5745654A (en) * | 1996-02-13 | 1998-04-28 | Hnc Software, Inc. | Fast explanations of scored observations |
US6014645A (en) * | 1996-04-19 | 2000-01-11 | Block Financial Corporation | Real-time financial card application system |
US5966699A (en) * | 1996-10-11 | 1999-10-12 | Zandi; Richard | System and method for conducting loan auction over computer network |
-
2001
- 2001-02-05 AU AU2001236669A patent/AU2001236669A1/en not_active Abandoned
- 2001-02-05 WO PCT/US2001/003674 patent/WO2001065440A1/en active Application Filing
Also Published As
Publication number | Publication date |
---|---|
AU2001236669A1 (en) | 2001-09-12 |
WO2001065440A1 (en) | 2001-09-07 |
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