Systems and methods for automatically providing customized financial card incentives

US12190344B2 · kind B2 · utility

Assignee

• CAPITAL ONE SERVICES, LLC · US

Inventors

• Jenny Melendez · Falls Church, US
• Joshua Peters · Charlottesville, US
• Zachary Sweeney · McLean, US
• Samuel Rapowitz · Roswell, US
• Steven Black · Tecate Mission Road, US
• Bryant Yee · Washington, US
• Alexander Lin · Arlington, US

Key dates

• Filing date: Feb 1, 2023
• Grant date: Jan 7, 2025
• Expiry date: Feb 16, 2043

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q50/20
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Disclosed embodiments may include a method for automatically providing customized financial card incentives where the system can identify if a transaction is eligible for additional bonus rewards by determining if the user is a student using a clustering algorithm with user similarity data to generate a probability. Then, if the probability is above a predetermined threshold, a machine learning model with comprehensive user data classifies the user as a student or non-student. Once the user is determined to be a student, the transaction is verified as being an educational purchase using the transaction data or by having the user provide an image of a receipt. Once the transaction is verified, the transaction or items within the transaction qualify for additional rewards that are applied to the user's account. Users who are not identified as students may qualify for a standard amount of rewards.